How Could Bitcoin Evolve?

[kokojie]

pretty sure the core devs all agree, pow is the only proven secure method to achieve distributed consensus.

How could they not? since they are entrenched in the PoW mindset, and is confrontational when even someone mentions PoS. But the reality has PROVEN, that PoS is more secure and more community friendly (due to not having to transfer value out of the eco-system).

[1714882712]

1714882712

[jabo38]

Bitcoin is opening the door to crypto.

Crypto 2.0 is going to knock down the whole house. 

Crypto 2.0 = Ripple/Stellar, Ethereum, NXT, and NEM
(there are some other honorable mentions but will need to be evaluated more later)

[KentuckyFriedJesus]

Arguably, mainstream adoption is pretty important but it's hard for something so decentralized and without a marketing campaign to ever get big.

[franky1]

Because you have no clear argument for me to think about? because you are trying to spin the concept of transferring $500 million USD value out of the Bitcoin eco-system is something that doesn't matter?

you do realise that miners are not pushing $500million of coins through exchanges right???

90% of coin is traded privately away from exchanges and has no actual knock on effect of the bitcoin price.

the silly thing is that most naive people are valuing bitcoin not at the withdrawal or deposit of 3600 coins a day. as the reality is not the case.

exchanges such as btc-e and bitstamp actual bank account movements is far far far less.

the volumes to trade on an exchange are day traders moving back and forth on a mysql database, not bank account movements,. and if you have not learned yet, on places like btc-e and bitstamp it only needs 200 coins-300 coins. to make the price jump $75 (which correlates to a $5billion cap, to a $6billion cap).

so now you realise that such small amounts of 200 coins can make the naive belief that 13million coins has just jumped or dropped by $1bill cap. you will see why other people have said you need to think about it...

enjoy

[franky1]

Bitcoin is opening the door to crypto.

Crypto 2.0 is going to knock down the whole house.  

Crypto 2.0 = Ripple/Stellar, Ethereum, NXT, and NEM
(there are some other honorable mentions but will need to be evaluated more later)

ripple, stellar are not even crypto's. they are mysql database entries. and the others.. well pfft.. they still lack the benefits bitcoin has even if people do orgasm over the stories they tell

[jonald_fyookball]

pretty sure the core devs all agree, pow is the only proven secure method to achieve distributed consensus.

How could they not? since they are entrenched in the PoW mindset, and is confrontational when even someone mentions PoS. But the reality has PROVEN, that PoS is more secure and more community friendly (due to not having to transfer value out of the eco-system).

what proof do you speak of?

[franky1]

Arguably, mainstream adoption is pretty important but it's hard for something so decentralized and without a marketing campaign to ever get big.

seeing as your a noob to the forum, your solution is more noobs? who will then only want to see advertising as the solution to evolve bitcoin?

lack of people is not an issue. what is needed is more innovation, ease of use, more merchants. thus when the next onslaught of noobs come onboard. they are not simply looking at bitcoin charts looking for a quick profit to then exit. but thy are seeing bitcoins true use and using it regularly.

bitcoin is not about quick profits. bitcoin is about a new economy.

at the moment i see soo many noobs running towards bitcoin hoping for big 200% price jumps to then run away and fill up bank accounts. so i think that bitcoins usefulness as a long term constant economy needs to be solidified to give bitcoin greater potential PR, rather than shouting out about profits from deflation.

[Q7]

Sorry if this has been discussed before but I was wondering how Bitcoin could evolve over the next 10 years or so.

I guess the best thing would be if  shops would accept Bitcoin at the terminal as well as paying for things like flights online with it.
Aside from this though, what kind of things could happen to Bitcoin?

I saw that there is a 'new' wallet which is like a lite version that means you don't need to download the whole blockchain.

Thanks.

There is already such 'lite' wallet around ie. Multidoge, Electrum, android bitcoin wallet. Anyway quite difficult to imagine what would change in 10 years rather what can we see coming in the next 1 year. Probably more retail over the counter payment option

[johnyj]

Money does not need to evolve, it just need time to gain people's trust, any major change in protocol will impact that trust, it must be solid robust and secure to gain more trust over time

Every thing that increase the ease of use and purchasing will help, if there are some high-end products exclusively sold with bitcoin, it will also help

[cbeast]

Bitcoin is simple like the four chemicals (GTCA) in DNA. Nothing better has evolved even after major extinction events. Bitcoin may not need to evolve. Everything will just evolve around it.

[tss]

OP's posts are all a waste.  bct NEEDS a VTD button.. PLEASE.. it would help SOOO MUCH! 

vote for consensus

[bitkilo]

Reallisticlly i think bitcoin needs to work with current fiat money and not try to over take it like some members think will happen, maybe one day bitcoin could be world standard but not anytime soon.
Its the money of the internet just now and only used by some of us to buy goods at local shops.
Once price stability happens then it may be adopted by mainstream.

[kokojie]

pretty sure the core devs all agree, pow is the only proven secure method to achieve distributed consensus.

How could they not? since they are entrenched in the PoW mindset, and is confrontational when even someone mentions PoS. But the reality has PROVEN, that PoS is more secure and more community friendly (due to not having to transfer value out of the eco-system).

what proof do you speak of?

1. Many PoW altcoin has been 51% attacked, to the point the Dev just given up fighting back. Zero PoS altcoin has been successfully attacked so far.

2. In the altcoin competition, the PoS eco-systems has naturally risen to the top, on coinmarketcap right now, #4,#6,#7 are PoS, and #10 is a subsidiary of #4.

#1 Bitcoin, #3 Litecoin has early mover advantage, #2 Ripple is a scam that is non-PoW and non-PoS. I expect Litecoin will soon lose to a PoS eco-system in less than a year.

If Bitcoin keeps PoW, it'll be next, in 3-4 years time probably. This is because PoS re-invest in the community and eco-system, PoW transfers value out of the community and eco-system, into the pockets of hardware vendor/electric company.

[kokojie]

First end PoW mining, otherwise it might not even survive long enough to "evolve".

You certainly are on a mission, aren't you? Just fork it and let the better protocol win.

Why would I do that? I'm a stakeholder of the existing protocol, I am entitled to express my concern regarding the insane PoW expense, which is perpetually sucking value out of my stake in Bitcoin.

The change you are proposing (getting rid of PoW) is a hard fork. If the fork occurs, original stakeholders will have both original PoW bitcoins and new whatever-improvement-you-are-suggesting bitcoins. At that point, the market will most likely pick a winner. It's doubtful that both versions will coexist (although not impossible).

I know that I will be selling any new bitcoins I get from a fork and buying original PoW bitcoins with the proceeds. So, I personally can't wait for someone to fork the protocol for whatever whims strike their fancy (although I doubt the new forked coins will have much, if any, value).

So... express your concerns all you want, but I'd prefer you actually take some action other than posting in every thread about how much PoW sucks. I don't expect that, so I'll see you in the next thread which you hijack on your little crusade.

Exposing how much PoW mining sucks is me taking action. If there's a leech on my leg, sucking my blood, I'm going to try to kill it. It's a difficult fight, because the leech (pow mining) have a numbing effect, so most people (bitcoin holders) are not yet aware their blood is being sucked.

[kokojie]

Exposing how much PoW mining sucks is me taking action.

It's about as much action as me responding that you are wrong and that PoW is Bitcoin's best feature.

That is fine, I can see very well in this thread, how angry the PoW miner shills get when I try to expose their leeching scheme.

[inBitweTrust]

That is fine, I can see very well in this thread, how angry the PoW miner shills get when I try to expose their leeching scheme.

This is absurd, miners aren't making much if any profits. Most miners are taking losses. You would be more honest to suggest that ASIC manufacturers and the clouds they sell, and both green power and dirty power sources are profiting.

[inBitweTrust]

Exposing how much PoW mining sucks is me taking action. If there's a leech on my leg, sucking my blood, I'm going to try to kill it. It's a difficult fight, because the leech (pow mining) have a numbing effect, so most people (bitcoin holders) are not yet aware their blood is being sucked.

I believe that your intentions are good from talking to you and you really do genuinely believe PoW is a complete waste, but there are other ways of encouraging change within Bitcoin without directly attacking the crucial aspect which defines it. You aren't doing anyone a favor and hurting everyone in doing so. It's one thing to analyze the positive and negative aspects of PoW but you only recognize the negative aspects. There are members who are starting to notice that many people who have moved on with their investments to DPoS /PoS and given up on PoW are now cannibalizing the parent that gave birth to their currency. All Cryptos are extremely fragile and we need to participate in more coopertition than simply making smear campaigns.

[Ardenyham]

This is because PoS re-invest in the community and eco-system, PoW transfers value out of the community and eco-system, into the pockets of hardware vendor/electric company.

If I would ever buy PoS coin, I just invest to your pockets.

You are blind if you dont see how Bitcoin eco-system is growing.

[inBitweTrust]

I see a possible certain strategy with many of these PoS/DPoS advocates. They don't want to completely sell their BTC because they still believe that it has room to grow to at least 10k on momentum alone, but at the same time they made an early IPO investment in their new PoS/DPoS coin as a bet for the future and want to promote that over Bitcoin. I think they genuinely do believe PoS and DPoS is superior and thus are eating up most of the marketing from these new alts. Part of the reason they so rabidly believe PoW has no redeeming qualities is they are heavily invested in the idea that they could become the next large stakeholder like Satoshi because they have the opportunity to get in at the ground floor from an IPO. Of course this goes both ways and the same thing can be said for BTC investors, miners, and developers having a bias towards PoW.

The important thing to recognize, as a new user, is to understand that you shouldn't rely on either groups statements and weigh the facts being presented as rationally as possible.

The cost and "waste" of PoW is just one factor amongst many when analyzing the value and future potential of a currency. Think about how much momentum it has, the network effect, merchant adoption, the amount of developers, the amount of users, the amount of separate implementations, the amount of  apps/apis/programs, companies , venture capital, ect... all of these other variables are extremely important as well.

Perhaps in the future Bitcoin will make that waste a valuable product, or perhaps it will adjust its algorithm being an open source project and all, we will see with time.

[kokojie]

That is fine, I can see very well in this thread, how angry the PoW miner shills get when I try to expose their leeching scheme.

This is absurd, miners aren't making much if any profits. Most miners are taking losses. You would be more honest to suggest that ASIC manufacturers and the clouds they sell, and both green power and dirty power sources are profiting.

Who knows what interest the PoW miner shills represent, it might be pools, or ASIC hardware vendors or even electric companies.

They are a interest group, representing PoW interests. Miners are definitely part of that group, whether they are making a profit or not is irrelevant. They can be unprofitable, and still sucking value out of Bitcoin, it just means the distribution of profits within the PoW interest group is unbalanced. They are still sucking value out of Bitcoin nonetheless.