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Author Topic: It won't be Bitcoin or any current altcoin  (Read 2053 times)
fred1111
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November 07, 2014, 08:44:39 AM
 #1

I've turned permabear Grin. Bitcoin will be replaced by a POS-coin distributed by a government or a really large organisation, here is why:

All traditional currencies have something in common: they were initially created by an authority in which a lot of people put their faith in, an authority which they didn't mind would benefit from the inflation/creation of the currency. Sure, many of said currencies were officially backed by gold, but people accepted that the backing inevitably would get fractional.

Bitcoin is mostly issued by lucky early adopters / mining-speculators, which is exactly the kind of people that society would hate to see benefit from currency issuance.

The advantages of the incoming competition will end up making bitcoin worth nothing more than collector's stamps. The fact that the competition isn't visible or even existent yet, doesn't mean than it's not coming.

We will see the benefits of cryptocurrencies for humanity, but it won't be Bitcoin, or any of todays altcoins.

The question is when does the collapse of Bitcoin start. Could be 5 years or 5 weeks from now.

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devphp
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November 07, 2014, 09:57:45 AM
 #2

Crypto is either decentralized or it's not worth switching on a computer for.

What you talk about already exists in many varieties and is centralized, any fiat currency or credits issued by a company fit what you just described.
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November 07, 2014, 11:34:37 AM
 #3

A POS-coin doesn't have to be centralized. Just because it's issued by a central authority at first, doesn't mean it can't be open-source and decentralized. Were you thinking about Ripple? It doesn't really have a recognized large authority behind it.

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November 07, 2014, 11:41:13 AM
 #4

What would be their motives to issue this currency and what are the advantages for these entities compared to what they issue now? PoS is fine, but it has to be decentralized or it's not worth it. A company or government aren't interested unless they can control most of the supply AKA centralized (not worth it, same as what we have now with fiat currencies).
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November 07, 2014, 11:44:13 AM
 #5

This can't happen. The risk to lose the control over the coin, after some years, is too big.
And they have "fiat": a system which, in their opinion is good enough.
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November 07, 2014, 12:28:13 PM
 #6

A company or government aren't interested unless they can control most of the supply
They would be interested if their coin catches on, and they get to keep 10%, while the rest is distributed "fairly". If they control most of the supply, it cannot catch on.

It's better to have 10% of the leading cryptocurrency, than to have nothing, so there is the motivation to do it first. The first one which is internationally recognized by world finance will win.

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November 07, 2014, 02:06:01 PM
 #7

Bitcoin will stay. But no one can say how many people will use it.

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spazzdla
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November 07, 2014, 02:57:18 PM
 #8

Crypto is either decentralized or it's not worth switching on a computer for.

What you talk about already exists in many varieties and is centralized, any fiat currency or credits issued by a company fit what you just described.

Countries could use the Blockchain technology to track EVERY SINGLE thing you buy via the blockchain..

The ablity to oppress people with the blockchain is a very real and horrible thing.

I have a feeling before I die there will be wars fought over this(There must be or freedom dies)... civil ones... when govs attempt to implment this on their people under the idea of "protceting you from terrorism"
devphp
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November 07, 2014, 02:59:20 PM
 #9

Crypto is either decentralized or it's not worth switching on a computer for.

What you talk about already exists in many varieties and is centralized, any fiat currency or credits issued by a company fit what you just described.

Countries could use the Blockchain technology to track EVERY SINGLE thing you buy via the blockchain..

The ablity to oppress people with the blockchain is a very real and horrible thing.

I have a feeling before I die there will be wars fought over this(There must be or freedom dies)... civil ones... when govs attempt to implment this on their people under the idea of "protceting you from terrorism"

They already track everything you buy through centralized systems (credit cards, banks), why go through all the hassle to maintain a blockchain? There is no advantage for them here.
trader001
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November 07, 2014, 03:41:31 PM
 #10

I've turned permabear Grin. Bitcoin will be replaced by a POS-coin distributed by a government or a really large organisation, here is why:

All traditional currencies have something in common: they were initially created by an authority in which a lot of people put their faith in, an authority which they didn't mind would benefit from the inflation/creation of the currency. Sure, many of said currencies were officially backed by gold, but people accepted that the backing inevitably would get fractional.

Bitcoin is mostly issued by lucky early adopters / mining-speculators, which is exactly the kind of people that society would hate to see benefit from currency issuance.

The advantages of the incoming competition will end up making bitcoin worth nothing more than collector's stamps. The fact that the competition isn't visible or even existent yet, doesn't mean than it's not coming.

We will see the benefits of cryptocurrencies for humanity, but it won't be Bitcoin, or any of todays altcoins.

The question is when does the collapse of Bitcoin start. Could be 5 years or 5 weeks from now.

Thinking the same way.

Government, after all, have the gun to enforce the law and protect citizens from scammers.


WestHarrison
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November 07, 2014, 03:54:46 PM
 #11

92% of the world's money supply or more already exists digitally and they are sent from one place to another with closed centralized systems. There is no incentive for them to change it into a coin because as it stands they can control the supply easily. Propietary closed system Fiat is great at what it currently does (control, inflate, propagate money), to use a SECURE Blockchain means to decentralize that control.
fred1111
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November 07, 2014, 05:08:40 PM
 #12

Propietary closed system Fiat is great at what it currently does
Things it doesn't do:
1) Garanteed scarcity
2) It's not an open system (only financial institutions have access)
3) No open internet use (credit cards)


WestHarrison
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November 07, 2014, 05:28:17 PM
 #13

Propietary closed system Fiat is great at what it currently does
Things it doesn't do:
1) Garanteed scarcity
2) It's not an open system (only financial institutions have access)
3) No open internet use (credit cards)



I totally agree, but for those in power those are features.
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November 07, 2014, 05:30:11 PM
 #14

I know I wont be using any "POS-coin distributed by a government or a really large organisation". I will be using bitcoin forever.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
fred1111
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November 07, 2014, 06:36:18 PM
 #15

I know I wont be using any "POS-coin distributed by a government or a really large organisation". I will be using bitcoin forever.
You're part of a tiny minority being dogmatic about money.

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November 07, 2014, 06:49:13 PM
 #16

I know I wont be using any "POS-coin distributed by a government or a really large organisation". I will be using bitcoin forever.
You're part of a tiny minority being dogmatic about money.
I should add that you may be right. I think many coins will come and go. However I only trust open-source decentralized currency. For me the concern is about control. Any distributed coin has it's price, distribution, and supply controlled by some entity. The temptation to manipulate such a currency is just to much for any authority to ignore. What you end up with are frequent flyer miles. I have no use for coupons.   


The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
devphp
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November 07, 2014, 06:51:09 PM
 #17

I should add that you may be right. I think many coins will come and go. However I only trust open-source decentralized currency. For me the concern is about control. Any distributed coin has it's price, distribution, and supply controlled by some entity. The temptation to manipulate such a currency is just to much for any authority to ignore. What you end up with are frequent flyer miles. I have no use for coupons.   

Perhaps you should reconsider your understanding of "decentralized" then.
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November 07, 2014, 07:06:58 PM
 #18

I should add that you may be right. I think many coins will come and go. However I only trust open-source decentralized currency. For me the concern is about control. Any distributed coin has it's price, distribution, and supply controlled by some entity. The temptation to manipulate such a currency is just to much for any authority to ignore. What you end up with are frequent flyer miles. I have no use for coupons.   

Perhaps you should reconsider your understanding of "decentralized" then.
Bitcoin has no central authority or controlling entity. That's what I mean.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
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November 07, 2014, 11:59:02 PM
 #19

Most seem to be thinking in first world terms where their currencies are relatively stable and life trundles along quite nicely, even if there are shit storms brewing underneath.

In that scenario Bitcoin is still a curio and luxury item in a way.

There are many, many places in the world where that isn't the case and probably never will be. Those are the areas it needs to reach and that's what'll make everyone realise what it was created for.

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November 08, 2014, 12:00:31 AM
 #20

Replaced by a POS coin? Naah, youre getting this wrong buddy. All alts have no longterm future if bitcoin doesn't do well.

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