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Author Topic: Altcoin that will one day replaces bitcoin  (Read 2386 times)
Q7
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October 04, 2014, 12:06:09 PM
 #1

I don't have an answer to that but looking at all the other alt coins i would say none have come close

In order to take the No 1 spot, that coin would have to be something that can solve all current btc weaknesses and with new technology. Probably fresh new codes. Only few coins that is not based entirely on btc codes like monero, ripple but i don't think that could change.

Well the possibility is there that someday that there will be one revolutionary coin that will dislogde btc spot

Your views?

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October 04, 2014, 12:12:11 PM
 #2

Nearly impossible unless bitcoin encounters fatal problems. Bitcoin is number one cryptocurrency and as a middle of exchange. The volume of every cryptocurrency are calculated as BTC.

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October 04, 2014, 12:19:52 PM
 #3

bitcoin is not the problem

its the sheeple following prices of bots and mysql database entries on crappy exchanges that limit whale buyins due to amlkyc..

if you look at localbitcoins which is $70 higher. they and places like bitcoin-otc are where the true value lays, as you cant bot trade localbitcoins.

localbitcoins is true bank account fiat <-> bitcoin. no mysql in the middle to fake numbers

bitcoins dont kill the economy, sheeple do!

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October 04, 2014, 12:24:09 PM
 #4

Why would you replace something with something that does the same thing, Bitcoin is not like GOLD it can morph , change, adjust and be programmed.  So if there is any flaws or changes that are worth the change IT WILL change.

Too much time, money , power and people are involved here. They will not push it to the side for something else which bitcoin can also be.


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October 04, 2014, 12:44:25 PM
 #5

I don't have an answer to that but looking at all the other alt coins i would say none have come close

In order to take the No 1 spot, that coin would have to be something that can solve all current btc weaknesses and with new technology. Probably fresh new codes. Only few coins that is not based entirely on btc codes like monero, ripple but i don't think that could change.

Well the possibility is there that someday that there will be one revolutionary coin that will dislogde btc spot

Your views?

So far I've yet to see any altcoin that can replace bitcoin. Not saying there aren't innovative alt currencies, seems like a majority of them are just vehicles to obtain more btc. Maybe in the future btc will be replaced but I can't see it happening for a while now at least.
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October 04, 2014, 01:28:17 PM
 #6

If a cryptocurrency will overtake Bitcoin, it will have two attributes:
- An extremely significant advantage. Bigger and different from what any current competing alt has.
- The advantage must be inherently something that the existing Bitcoin infrastructure will resist implementing, likely due to disadvantage to current holders, miners, etc.

What will this advantage be? I have no idea. In my opinion, however, these do not meet the criteria:
- Faster transactions
- Lower cost transactions
- More transaction volume
- Alternative to proof of work
- Anonymity
Q7
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October 04, 2014, 01:49:59 PM
 #7

Why would you replace something with something that does the same thing, Bitcoin is not like GOLD it can morph , change, adjust and be programmed.  So if there is any flaws or changes that are worth the change IT WILL change.

Too much time, money , power and people are involved here. They will not push it to the side for something else which bitcoin can also be.



Why would you replace something with something that does the same thing

A new altcoin with far better technologies is not considered replacing something with something that does the same thing. They are both crypto but one performs better than the other

Bitcoin is not like GOLD it can morph , change, adjust and be programmed.

Can somebody do something about the transaction confirmation time? It slow compared to most of the alts

So if there is any flaws or changes that are worth the change IT WILL change
if there is really a far superior alt coin, by all means i will adopt it quickly. Why wait for bitcoin to change?

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October 04, 2014, 02:48:40 PM
 #8

I don't see this happen, i think Litecoin will raise because its dependend on Bitcoin [if bitcoin raises litecoin raises] and Litecoin can become a good worth coin IF bitcoin does too [already is, but i mean more then currently].
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October 04, 2014, 04:14:34 PM
 #9

So if there is any flaws or changes that are worth the change IT WILL change
if there is really a far superior alt coin, by all means i will adopt it quickly. Why wait for bitcoin to change?

Yes, but the likelihood of a far superior alt coin appearing is zero. Every alt coin with some different feature from Bitcoin has some problems with that feature. Nothing can be said is clearly avantage over Bitcoin without adding new problems.
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October 04, 2014, 04:59:55 PM
 #10

What will this advantage be? I have no idea. In my opinion, however, these do not meet the criteria:
- Faster transactions
- Lower cost transactions
- More transaction volume
- Alternative to proof of work
- Anonymity

You just listed 5 serious flaws of Bitcoin...
And then claimed that eliminating these problems is not an "advantage". Hmmmmm.

In the last 3-4 months BTC market share has dropped from 95% to high 80s...
That decline will start accelerating exponetially...
Bitcoin is well on it's way to becoming a crypto "reserve currency" not unlike gold...
But it's not clear what will blow by BTC...
Whether it's something from the Gen 2.0 platforms or the "perfect" Alt.

By perfect Alt I'm not saying "best"...
The design element that succeeds on the net is "viral"...
Both Twitter and Bitcoin are basically crap that succeeded because "designed to be viral".

The blockchain would still be obscure if it was not attached to a viral cryptocurrency.

The Alt that blows by everyone will have a new "viral" element...
It could be the 750% stake of HYP (which is working) or something else...
*** So, actually, the guy I quoted is right ***

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October 05, 2014, 02:58:14 AM
 #11

If a cryptocurrency will overtake Bitcoin, it will have two attributes:
- An extremely significant advantage. Bigger and different from what any current competing alt has.
- The advantage must be inherently something that the existing Bitcoin infrastructure will resist implementing, likely due to disadvantage to current holders, miners, etc.

What will this advantage be? I have no idea. In my opinion, however, these do not meet the criteria:
- Faster transactions
- Lower cost transactions
- More transaction volume
- Alternative to proof of work
- Anonymity
You can already be relatively certain a TX will confirm and will be resistant to a double spend in a matter of seconds with bitcoin, speeding the time it takes to get one confirmation will not change this and will actually make it take longer to know if your TX will actually make it onto the "final" blockchain

I think $.04 is already a very low cost to send a TX. Any lower then that will not be economically meaningful.

The protocol can easily be adjusted when it is necessary to have more TXs per second.

PoW is the best way to mine right now, and any mining method must spend some level of resources otherwise miners have no reason to be honest.

Bitcoin has anonymity.
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October 05, 2014, 03:01:29 AM
 #12

We need an altcoin with lots of market cap.
Even litecoin can't replace bitcoin, the rest is nowhere close.
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October 05, 2014, 03:02:25 AM
 #13

I don't have an answer to that but looking at all the other alt coins i would say none have come close

In order to take the No 1 spot, that coin would have to be something that can solve all current btc weaknesses and with new technology. Probably fresh new codes. Only few coins that is not based entirely on btc codes like monero, ripple but i don't think that could change.

Well the possibility is there that someday that there will be one revolutionary coin that will dislogde btc spot

Your views?

http://nakamotoinstitute.org/mempool/the-problem-with-altcoins/
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October 05, 2014, 03:03:55 AM
 #14

There is no replacement for Bitcoin. What this is better services on top of the Bitcoin protocol.
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October 05, 2014, 03:08:45 AM
 #15

it will happen but not yet

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October 05, 2014, 04:03:25 AM
 #16

If a cryptocurrency will overtake Bitcoin, it will have two attributes:
- An extremely significant advantage. Bigger and different from what any current competing alt has.
- The advantage must be inherently something that the existing Bitcoin infrastructure will resist implementing, likely due to disadvantage to current holders, miners, etc.

What will this advantage be? I have no idea. In my opinion, however, these do not meet the criteria:
- Faster transactions
- Lower cost transactions
- More transaction volume
- Alternative to proof of work
- Anonymity

Sounds to me like you are talking about Nxt!  That's where the majority of my money is.

Instant Transactions are still in progress though and going to take a little while to finish implementing.  My project Smiley

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October 05, 2014, 04:10:54 AM
 #17

for now i can't see one of altcoin can replaces bitcoin
but give it at least 1 or 2 year to altcoin to prove it that  it can be the rival for bitcoin
no one can tell about this, but time will Smiley
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October 05, 2014, 04:27:40 AM
 #18

Right now it doesn't really matter if bitcoins are technologically inferior or wasteful.
Bitcoin network effect is too large.

Minidiscs were much more sophisticated than the cassette and even CDs, and yet they failed.
Bluray quality is also way better than DVD, and yet it never replaced it.

The currency that will win is the one that is not just technically advanced, but the one that wins the people's heart. User adoption is the key... in that aspect bitcoins have the not insignificant first time mover advantage.
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October 05, 2014, 04:32:22 AM
 #19

I'll re-post this from July as my answer to OP:



...It should be somewhat clear that 99% of existing alts will lose 99% of their value over the next few years. Most alt "innovations" either aren't innovations (like tweaking blocktime or supply), don't work, don't scale, or don't matter. Furthermore, ninja-mining, pre-mining, ugly emission curves, 51%s, NaS attacks, etc, can all kill coins even if there *were* actual innovation. And further still, it's probably the case that if any meaningful, viable innovation ever gets done in the alt-space, bitcoin could eventually incorporate it, making the separate chain irrelevant.

You have to understand that bitcoin's innovation was 30yrs in the making. Solving distributed global consensus was a breakthrough in computer science. There has not been a single innovation in the alt space that even sorta compares to that. Not one. Which is why bitcoin is highly likely to remain dominant.

Furthermore, it's been well understood for the past 20-30yrs that if you could solve distributed global consensus, you could do digital cash, and it would be a big deal. It's just that no one had figured out how to solve double-spending (global consensus) prior to Satoshi. There is no similar known problem being attacked in the alt-space for which a solution would be a breakthrough of similar magnitude. So an alt would have to luckbox into some completely unforeseen yet incredible innovation.

So bitcoin likely remains the primary crypto-coin. That said, there *are* potential niches to be filled by alt-coins. The only one I can clearly identify is anonymity. It's clear that bitcoin does not offer meaningful anonymity unless the user is technically skilled enough and motivated enough to obfuscate their transaction chains sufficiently. Furthermore, bitcoin is becoming a global asset class, fit for corporate balance sheets and HNW portfolios. It's also obviously seeing high-profile merchant adoption, and tacit acceptance/approval by various governments and regulatory bodies. If bitcoin offered technically pure anonymity that required zero user effort, governments would probably be a lot more directly hostile towards it. Thus, it seems unlikely that the bitcoin community would embrace full-anon tech in bitcoin core; lest governments react harshly and reduce existing ecosystem investment value dramatically.

So that leaves the anonymity niche open to an alt. As I've previously noted, ever since Zerocoin was published, I thought that when it came out as a functional implementation, it'd be the first actually interesting alt-coin. Well, it looks like these CryptoNote coins have beaten it to the punch of functional anonymity. Which CN coin will win is a different matter. XMR seems out in front, but the waters are muddy still.

I don't see any other obvious niches for alts. Turing completeness is interesting in theory, but I wouldn't trust the security of such a chain for a quite a while, and much of the benefits may be possible in bitcoin anyway. Other than that.... ?

Now that's not to say you couldn't make a killing if you play the alt market perfectly, and jump from coin to coin as they fall in and out of favor. But good luck not losing your shirt.



tl;dr: Alts suck, with very few even theoretical exceptions.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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October 05, 2014, 04:35:49 AM
 #20

Why would you replace something with something that does the same thing, Bitcoin is not like GOLD it can morph , change, adjust and be programmed.  So if there is any flaws or changes that are worth the change IT WILL change.

Too much time, money , power and people are involved here. They will not push it to the side for something else which bitcoin can also be.



Who is changing the code or adjusting it. Its decentralized
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