The only reason Bitcoin is more valuable then other altcoins

[Spoetnik]

The only reason Bitcoin is more valuable then other altcoins is first mover advantage. It's the truth if you compare bitcoin to a lot of alt coins on the technical side Bitcoin is lacking heavily. If the Protocol was updated to do something more like a lot of altcoins do I feel this is what would truly make the Bitcoin price sky rocket.

the brilliance in Bitcoin lies in it's simplicity.
I think your wrong and by a long shot.

Think of it this way.. adoption is tantamount to a currency so we need something that will appeal to all demographics
such as my mom or grand mother LOL

My less PC savvy brother had his truck idling in my driveway way back
and he had to leave quick but i wanted to give him about $1,000 worth of BTC to get him started.
being able to show him a web site or two so he can make a bookmark on his laptop he brought
and then being able to grab MultiBit was perfect.
I sent him Bitcoin and he was off and said he'd Google it later.. done !

So i say it's pretty much got what it needs feature wise and Bitcoins simplicity is underrated.

Most altcoins have superficial features that in reality mean squat.
They are all features tacked on so they can claim it's not a CLONE coin.
Or they simply have flat out bad ideas.. like any coin with an IPO for example. lol

[NapoleonBonaparte]

Bitcoin is going down like every other altcoins out there.

[tspacepilot]

Bitcoin is going down like every other altcoins out there.

I don't know exactly what this is supposed to mean. If you're referring to fluctations in the market price of bitcoin, they're expected.  If you're acting like it's going down the tube long-term, I think you couldn't be more wrong.

[r3wt]

And that was all made possible because bitcoin had first mover advantage, use your head man.

It's called innovation and sooner or later an altcoin is going to make it big on innovation because bitcoin is to scared to. Some altcoins have already seen very good success, Bitcoin could increase it's worth past the point that it's already at if it just accepted this.

after 3 years of litecoin and 2 years of lots of altcoins, all i see is pump and dump coins that last 3-6 months, and a bunch of dice games.

I think your purposefully turning a blind eye to the innovation happening with altcoins.

I think he is turning an insightful eye towards the fact that most of these "innovations" are mere headlines designed to attract the attention of the easy marks.  It really is like san franscisco in 1849.  There were a few dudes who hit gold and made good money in 1848.  By the time 1849 rolled around, the scene was full of vultures and speculators and theives and the only ones making money were the ones selling picks and shovels.

You can call this the "first mover" advantage if you want.  But none of these altcoins have a large enough community to matter.  In fact, if you say btc is slow to innovate the protocol consider the fact that the bitcoin community is large enough that any changes have to be resonably consider and carefully considered because there is a lot of work that has been done and no one wants to screw that up because of an ill-thought out idea which seemed like an "improvement" untill it was realized that it wasn't one all too late.

/thread

What does it mean when you say "/thread"?  It reminds of LaTeX, but with wrong slash.

it means "End Of Thread", as in what you said was the be all end all of the subject and there was no possible rebuttal to your post

[tspacepilot]

And that was all made possible because bitcoin had first mover advantage, use your head man.

It's called innovation and sooner or later an altcoin is going to make it big on innovation because bitcoin is to scared to. Some altcoins have already seen very good success, Bitcoin could increase it's worth past the point that it's already at if it just accepted this.

after 3 years of litecoin and 2 years of lots of altcoins, all i see is pump and dump coins that last 3-6 months, and a bunch of dice games.

I think your purposefully turning a blind eye to the innovation happening with altcoins.

I think he is turning an insightful eye towards the fact that most of these "innovations" are mere headlines designed to attract the attention of the easy marks.  It really is like san franscisco in 1849.  There were a few dudes who hit gold and made good money in 1848.  By the time 1849 rolled around, the scene was full of vultures and speculators and theives and the only ones making money were the ones selling picks and shovels.

You can call this the "first mover" advantage if you want.  But none of these altcoins have a large enough community to matter.  In fact, if you say btc is slow to innovate the protocol consider the fact that the bitcoin community is large enough that any changes have to be resonably consider and carefully considered because there is a lot of work that has been done and no one wants to screw that up because of an ill-thought out idea which seemed like an "improvement" untill it was realized that it wasn't one all too late.

/thread

What does it mean when you say "/thread"?  It reminds of LaTeX, but with wrong slash.

it means "End Of Thread", as in what you said was the be all end all of the subject and there was no possible rebuttal to your post

Right on.  Cheers!

I think I would have recognized [/thread] or </thread> or \end{thread}.  lol

[onezerobit]

First mover advantage?

Nope....i believe it is the user acceptance, and the popularity BTC receive (even from ill-fated activities) thats what made BTC shine in the eyes on the world.

[BTCTIME247]

The only reason Bitcoin is more valuable then other altcoins is first mover advantage. It's the truth if you compare bitcoin to a lot of alt coins on the technical side Bitcoin is lacking heavily. If the Protocol was updated to do something more like a lot of altcoins do I feel this is what would truly make the Bitcoin price sky rocket.

Any body that would dispute this premise has their eyes closed.   All coins at risk of 51% will ultimately be replaced including bitcoin.

Just like all of those beautiful homes in southern California sitting on earthquake faults, it is just a matter of time.

And of our kids will say, "You mean you used to mine virtual currencies??!"

[onezerobit]

Bitcoin is the 'iPad' of cryptoworld: it will be first as long as it will have something more to offer then competitors.

Right now, the way i see it...the user acceptance is the "something more"

[BurtW]

There is a laundry list of features that could be safely added to Bitcoin which would make it usable in numerous financial industries.  And the items on that list simply aren't being added.  This is my biggest and only concern about the long term viability of Bitcoin.

Can you list five from your long laundry list that can safely be added with no fork?

[BurtW]

And of our kids will say, "You mean you used to mine virtual currencies??!"

Are you suggesting there is a decentralized alt crypto currency out there that does not use some sort of mining?  I do not believe you.  Post a reference/link.

[zedicus]

IMHO main reason for the high value is MtGox "losing" loads of coins.
basically demand is higher than supply, if there were more coins in circulation, then supply would be higher compared to what it is now, hence the lower price.

If anything this would actually make demand to be less then it otherwise would be (supply is actually higher but the net effect is the same). When MtGox gave out coins that people did not pay for, the people who received them now would either want to sell more then they otherwise would or would buy less then they otherwise would.

The people who kept their coins on the exchange that did not actually "have" the coins they thought they owed did not buy coins that they otherwise would (they thought they already had them).

[jonald_fyookball]

The only reason Bitcoin is more valuable then other altcoins is first mover advantage. It's the truth if you compare bitcoin to a lot of alt coins on the technical side Bitcoin is lacking heavily. If the Protocol was updated to do something more like a lot of altcoins do I feel this is what would truly make the Bitcoin price sky rocket.

Any body that would dispute this premise has their eyes closed.   All coins at risk of 51% will ultimately be replaced including bitcoin.

Just like all of those beautiful homes in southern California sitting on earthquake faults, it is just a matter of time.

And of our kids will say, "You mean you used to mine virtual currencies??!"

If there was good solution to 51% problem, dont you think Bitcoin would use it already?

[SomethingElse]

Bitcoin has a network and that makes it valuable.  When another altcoin gets a bigger network because it is serving some function, then it will be worth something.  Right now most alts don't really bring that much innovation though they claim they do.  I think NXT is doing okay.  They have a semi-trustless exchange, digital goods store, messaging, as well as fast block times and a smooth client. 

I am also fond of what NEM will bring.  It just released its code and it hasn't even had its official release.  As far as I know this is a first in the alt world. 

[zhinkk]

I think it's more about actually putting its features to the test. A lot of these new altcoins have tons of awesome and cool features but they are just so new and untested.

[BurtW]

I think it's more about actually putting its features to the test. A lot of these new altcoins have tons of awesome and cool features but they are just so new and untested.

Please describe in detail your "top 10 list" of these "awesome and cool features" from among the "tons" of new features "a lot of these new altcoins have".  Thanks.

[lynn_402]

The only reason Bitcoin is more valuable then other altcoins is first mover advantage. It's the truth if you compare bitcoin to a lot of alt coins on the technical side Bitcoin is lacking heavily. If the Protocol was updated to do something more like a lot of altcoins do I feel this is what would truly make the Bitcoin price sky rocket.

Any body that would dispute this premise has their eyes closed.   All coins at risk of 51% will ultimately be replaced including bitcoin.

Just like all of those beautiful homes in southern California sitting on earthquake faults, it is just a matter of time.

And of our kids will say, "You mean you used to mine virtual currencies??!"

If there was good solution to 51% problem, dont you think Bitcoin would use it already?

PoS has been proven to be quite secure by now. The only reason Bitcoin doesn't change, is because miners would not agree since it would make their hundred of millions of dollars worth of equipment obsolete.

[R2D221]

PoS has been proven to be quite secure by now. The only reason Bitcoin doesn't change, is because miners would not agree since it would make their hundred of millions of dollars worth of equipment obsolete.

Doesn't PoS just make the rich richer?

[lynn_402]

PoS has been proven to be quite secure by now. The only reason Bitcoin doesn't change, is because miners would not agree since it would make their hundred of millions of dollars worth of equipment obsolete.

Doesn't PoS just make the rich richer?

Everybody gets the same amount of interest on their coins, so it's false to say that only the rich get richer.

Plus, the same criticism could be made about Bitcoin because of deflation.

[justusranvier]

PoS has been proven to be quite secure by now. The only reason Bitcoin doesn't change, is because miners would not agree since it would make their hundred of millions of dollars worth of equipment obsolete.

Security is not the goal of proof of work, and anyone who talks about it is missing the point.

Proof of work is a method for a network of independent nodes can arrive at a consensus without any privileged decision maker, a.k.a "distributed consensus."

Distributed consensus is impossible in proof of stake systems.

[labsbitforum]

A few people have responded more or less "the bitcoin core is fine" implying that concerns such as increasing decentralization, TPS limitations, and blockchain size are nothing to worry about.

I'm sorry those three are all really significant.  Worse, they have been understood for sometime and yet there does not appear to be a consensus on how or when they will be addressed.  Show me the core development road map that lays out in broad strokes the next 12 months...

Core development is not happening.  Bitcoin has some amount of critical mass but if they don't shore up the foundation(pun intended) this momentum will be lost.