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Author Topic: It won't be Bitcoin or any current altcoin  (Read 2053 times)
YinShuiSiYuan
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November 08, 2014, 06:18:05 AM
 #21

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.   


He may be correct, however people will not use any kind of PoS coin above bitcoin in any large number. Bitcoin already offers many more features then any other altcoin can offer and is much more secure so there is no real reason to use any altcoin

.BITWIN.

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November 08, 2014, 06:45:57 AM
 #22

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.
Gold, silver, copper, diamonds, emeralds, gems, rocks, pebbles and dust have never been created by an authority and are "decentralized". Bitcoin is a commodity not a currency because as you've already stated currencies are "issued". You should be worried about paper, stocks, fiat etc collapsing to zero but not commodities whatsoever.

What is "it" exactly?
fred1111
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November 08, 2014, 08:44:32 AM
 #23

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.
Gold, silver, copper, diamonds, emeralds, gems, rocks, pebbles and dust have never been created by an authority and are "decentralized".
True, but they're not cryptocurrencies, so, they require a trusted third party in order to be programmable, be sent over the Internet, etc... These third parties tend not to survive the regulatory pressure (see E-gold).

Bitcoin is a commodity not a currency
It's both. Currencies are merely commodities used for the exchange of value. Their scarcity is ensured through physics (metals), mathematics (crypto), or trust (fiat).
because as you've already stated currencies are "issued". You should be worried about paper, stocks, fiat etc collapsing to zero but not commodities whatsoever.
The scarcity of fiat is alway temporary, so yes, it will collapse eventually. But it will take a lot longer than most doomsday prophets say.
What is "it" exactly?
"it", is the cryptocurrency (as in decentralized and open-source) which will reach critical mass and, in a hundred years or less, replace the USD. "it" is what many hope Bitcoin to be (myself included), but unfortunately won't happen.

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November 08, 2014, 09:37:57 AM
 #24

FUD thread. All points previously debunked, especially about distribution. Just because you're late to class doesn't mean you don't have to do your homework.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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November 08, 2014, 05:15:00 PM
 #25

FUD thread. All points previously debunked, especially about distribution. Just because you're late to class doesn't mean you don't have to do your homework.
Actually, I'm still a holder from march 2013 (though I have sold some along the way). Read my post history, I've mostly been a permabull on Bitcoin.

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November 08, 2014, 05:21:54 PM
 #26

Litecoin will take over and kill all others....or stay no. 2 , silver style :-)

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November 08, 2014, 05:37:26 PM
 #27

Litecoin will take over and kill all others....or stay no. 2 , silver style :-)

If people decide Bitcoin is worth it, they will go for Bitcoin. Litecoin I hope it takes over but I don't see a real use for more than Bitcoin. Why more than one coin really? Unless speculation wise, I dont see whats the point of being a merchant accepting more than one coin.
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November 09, 2014, 08:01:36 AM
 #28

FUD thread. All points previously debunked, especially about distribution. Just because you're late to class doesn't mean you don't have to do your homework.
Actually, I'm still a holder from march 2013 (though I have sold some along the way). Read my post history, I've mostly been a permabull on Bitcoin.
I agree that some governments will create their own local premined or PoS cryptofiat, they will still use Bitcoin as the reserve currency. It's already demonstrated that using a nation's local currency as the reserve currency doesn't work and I doubt any nation wants to do what America had to do to protect its central banks. But that all won't happen until another coin is battle tested like Bitcoin. So someone is going to have to sink a whole lot of money into testing one because most people don't care about experimental cryptocurrency.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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