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Author Topic: Bitcoin vs. All Other Coins, are they hurting Bitcoin?  (Read 2232 times)
vn10vn
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May 22, 2014, 06:53:52 AM
 #1

I'm a noob, I admit that. But when I get interested in something, I immerse myself into it and catch on pretty quickly.
I have a fundamental problem in theory, which I cannot work out.
When I think about the long-term success or failure of Bitcoin, it seems to me that other cryptocurrencies are hurting that possible success.
Now the mainstream is starting to accept Bitcoin. The branding is showing up everywhere. There are bitcoin ATMs, etc.
And then another coin, a better coin, maybe, in quality, but not a popular coin with the mainstream, starts to rise in value and overcome bitcoin.
Then what? Most people are just getting used to the idea of Bitcoin, then they are going to have the rug pulled from under them, when Bitcoin is beat out by another coin...with a different look, different branding, and maybe not as acceptable to the mainstream as bitcoin.
Now are the going to have redesign all their ATM machines for this new coin? Take down all the Bitcoin symbols and put up the branding for the new coin? How is that going to work exactly?

Seems that bitcoin has to stay number one to be accepted on a wide scale, or everything else is lost. Any feedback?
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Mister S
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May 22, 2014, 07:13:46 AM
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Most altcoins are just failed experiments in digital currency, Namecoin, LiteCoin and Dogecoin are the only three that have any real marketable strength.

All of those coins are not in competition with Bitcoin in any stretch of the imagination, each holding their own their own niche.

Saying "Altcoins hurt Bitcoin" is like saying the Machinists Union, Voodoo, and Football hurt the Medical profession.
devphp
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May 22, 2014, 03:48:46 PM
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You come to a supermarket and you see different brands of meat. You don't mind that, do you? Same applies here.
BurtW
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May 22, 2014, 03:54:36 PM
 #4

I wrote a poem about it:

Bitcoins are it
Shitcoins are shit

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Ron~Popeil
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May 22, 2014, 03:59:19 PM
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I think alt coins are a good thing. They are a way to innovate and experiment without messing with the bit coin protocol. If someone comes up with a great idea it can always be incorporated down the road.

devphp
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May 22, 2014, 05:20:10 PM
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If someone comes up with a great idea it can always be incorporated down the road.

Yeah, I keep hearing this. But I don't think it works in practise.

Just one example: someone came up with a good idea to run a few independent mining algos in a coin (Myriadcoin does this) to get rid of 51% attack concerns. There is no way Bitcoin miners who invested millions into ASICs will agree to switch to a hard fork even if bitcoin developers release the new bitcoin code with a few independent mining algos. So basically, miners control what they think is a good idea or not, not users.
tooil
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May 22, 2014, 06:24:59 PM
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Monopoly is bad and all coins are competing with each other.

It is still to early to say bitcoin will be the "coin" that dominate the market.
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May 22, 2014, 06:30:31 PM
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Monopoly is bad and all coins are competing with each other.

It is still to early to say bitcoin will be the "coin" that dominate the market.


Not it is not.  Watch me:  "Bitcoin is the 'coin' that is dominating the market."  See how easy that was and how true it is.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
bitsmichel
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May 22, 2014, 07:42:10 PM
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Quote
When I think about the long-term success or failure of Bitcoin, it seems to me that other cryptocurrencies are hurting that possible success.

Opinions vary inside the form. Currently, the market share of all alt coins (yes, including piggycoin and all other weird coins) together is about 10% of the bitcoin market share. Litecoin is the only other currency with a market cap of more than 100 million.

Quote
Now the mainstream is starting to accept Bitcoin. The branding is showing up everywhere. There are bitcoin ATMs, etc.
And then another coin, a better coin, maybe, in quality, but not a popular coin with the mainstream, starts to rise in value and overcome bitcoin.
Then what? Most people are just getting used to the idea of Bitcoin, then they are going to have the rug pulled from under them, when Bitcoin is beat out by another coin...

Society does not move so fast. Many people do not own bitcoin as of yet, we are early adaptors. The average joe does not have bitcoin as of yet. Anyway, this is just speculation, nobody knows the future. But at the moment, bitcoin has the biggest market share and the most 'commercial' in news etc;

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Now are the going to have redesign all their ATM machines for this new coin? Take down all the Bitcoin symbols and put up the branding for the new coin? How is that going to work exactly?
Simple, they will stick with bitcoin  Smiley

Pente
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May 22, 2014, 07:55:53 PM
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Altcoins make anonymity easier. Go to an exchange, get an altcoin, send them to another exchange, then change back to bitcoins. They will be part of the tool box of techniques to keep our privacy.

Benjig
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May 22, 2014, 08:08:26 PM
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Altcoins make anonymity easier. Go to an exchange, get an altcoin, send them to another exchange, then change back to bitcoins. They will be part of the tool box of techniques to keep our privacy.

Yes but in special cases the exchange can always match the deposit / withdraw amounts from determined account.. i think you have to use an anonimizer thing to be 100% anonimous.
vn10vn
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May 22, 2014, 08:59:48 PM
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Why is anonymity (did I spell that right?) so important? If you're not doing anything illegal or some kind of perv, then why would you care if people can track your purchases?
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May 22, 2014, 10:26:33 PM
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Why is anonymity (did I spell that right?) so important? If you're not doing anything illegal or some kind of perv, then why would you care if people can track your purchases?
Privacy is critical for the proper operation of the Bitcoin system because all account balances are public.  If we cannot maintain privacy then Bitcoin will fail.  Would you keep your money in a bank where anyone in the world can simply look up your balance online?  Would anyone run a business using a bank where anyone, even competitors, can look up their current balance and see all of their income and expenses anytime they want to?

Nobody will use Bitcoin without privacy protections.

Anonymity is a different but related concept.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
Bogleg
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May 22, 2014, 11:11:38 PM
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Why is anonymity (did I spell that right?) so important? If you're not doing anything illegal or some kind of perv, then why would you care if people can track your purchases?
Privacy is critical for the proper operation of the Bitcoin system because all account balances are public.  If we cannot maintain privacy then Bitcoin will fail.  Would you keep your money in a bank where anyone in the world can simply look up your balance online?  Would anyone run a business using a bank where anyone, even competitors, can look up their current balance and see all of their income and expenses anytime they want to?

Nobody will use Bitcoin without privacy protections.

Anonymity is a different but related concept.


Yes. The new wave of coin come with anonymity.
Pente
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May 23, 2014, 04:10:41 AM
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Why is anonymity (did I spell that right?) so important? If you're not doing anything illegal or some kind of perv, then why would you care if people can track your purchases?

Taxes.

Paying taxes is immoral.

Taxes (and fiat currency) are used to support war and the murder/imprisonment of innocent civilians.

Using Bitcoin takes away part of that power.

Ron~Popeil
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May 23, 2014, 04:39:14 AM
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If someone comes up with a great idea it can always be incorporated down the road.

Yeah, I keep hearing this. But I don't think it works in practise.

Just one example: someone came up with a good idea to run a few independent mining algos in a coin (Myriadcoin does this) to get rid of 51% attack concerns. There is no way Bitcoin miners who invested millions into ASICs will agree to switch to a hard fork even if bitcoin developers release the new bitcoin code with a few independent mining algos. So basically, miners control what they think is a good idea or not, not users.

Of course not, the miners also secure the network and spend a lot of money to do it. Free people in free markets will always act in their own self interest. That is the nature of commerce. To expect a group of people to agree to destroy their own investment is not logical or rational. 

cameronpalte
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May 23, 2014, 05:48:15 AM
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I think its great because these new coins result in innovation, like Curecoin which uses the hashing power to do something useful, curing diseases.

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cameronpalte
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May 23, 2014, 05:53:11 AM
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Why is anonymity (did I spell that right?) so important? If you're not doing anything illegal or some kind of perv, then why would you care if people can track your purchases?

Taxes.

Paying taxes is immoral.

Taxes (and fiat currency) are used to support war and the murder/imprisonment of innocent civilians.

Using Bitcoin takes away part of that power.


Paying taxes is immoral - yeah - because you've never used roads before, or streetlights, or electricity, or not have to deal with terrorist attacks. What do you think your taxes go to? Taxes support war to protect YOU, and the murder/imprisonment of innocent civilians does happen but is extremely rare and is getting rarer and is much better than the alternative of keeping all criminals on the street. Please use a condom.

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devphp
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May 23, 2014, 07:35:20 AM
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If someone comes up with a great idea it can always be incorporated down the road.

Yeah, I keep hearing this. But I don't think it works in practise.

Just one example: someone came up with a good idea to run a few independent mining algos in a coin (Myriadcoin does this) to get rid of 51% attack concerns. There is no way Bitcoin miners who invested millions into ASICs will agree to switch to a hard fork even if bitcoin developers release the new bitcoin code with a few independent mining algos. So basically, miners control what they think is a good idea or not, not users.

Of course not, the miners also secure the network and spend a lot of money to do it. Free people in free markets will always act in their own self interest. That is the nature of commerce. To expect a group of people to agree to destroy their own investment is not logical or rational. 

Right. That's why I don't expect great ideas to be easily or at all incorporated into Bitcoin code.
CrystalClear
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May 23, 2014, 07:43:26 AM
 #20

I would think so they're all related whether they like it or not.
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