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Author Topic: Bitcoin clone with new block chain - what would happen?  (Read 1852 times)
phelix
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April 30, 2011, 01:13:32 PM
 #1

Somebody will try it sooner or later.

I think some people will jump in and mine, to be early, just in case. Then, will it fade out because it is less popular than the main chain and nobody will believe in its worth?

What if some big corporate bank group tries it, with heavy advertising?

Could miners form some kind of alliance and somehow harm/fight the clone?

I know there is testnet, those coins are not worth anything, are they?

If anyone is starting a clone let me know, I would get some coins just out of curiosity.


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MoonShadow
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April 30, 2011, 01:16:56 PM
 #2

A competing chain has a chance only if it offers a distinction from Bitcoin that is an obvious advantage over the Bitcoin network, and one that the running network is incapable of adopting.

I find that unlikely.  Even if such an advantage is discovered, the first to market advantage is huge.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
kiba
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April 30, 2011, 01:19:20 PM
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I know there is testnet, those coins are not worth anything, are they?


Sure they are. I brought 100 testcoins for 1 BTC. Now it's even worth less.
* kiba needs it for testing purpose.

phelix
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April 30, 2011, 01:45:01 PM
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A competing chain has a chance only if it offers a distinction from Bitcoin that is an obvious advantage over the Bitcoin network, and one that the running network is incapable of adopting.

I find that unlikely.  Even if such an advantage is discovered, the first to market advantage is huge.

What about early adoption and being able to pile a big amount of the new coins? That might be enough for a lot of people who are angry they heard of bitcoin late.

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April 30, 2011, 09:22:32 PM
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I have about 700 generated testnet coins available.

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ByteCoin
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April 30, 2011, 10:18:45 PM
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Even if such an advantage is discovered, the first to market advantage is huge.

Except when being well established becomes a liability. It's already difficult or virtually impossible to make large changes to Bitcoin to introduce new functionality because it would jeopardize the existing functionality which is now worth a lot of money.

A newcomer with better features which learned the lessons from bitcoin's problems would have a chance.
Facebook was a late arrival to the social network software after Friendster and Myspace.

ByteCoin
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