Why Bitcoin and Not a better improved crypto?

[LiQio]

Good, so we don't have Bitcoin decentralized asset exchange simply because noone needs it?

We don't have that yet, because nobody created one yet. But this has nothing to with any supposed shortcoming of Bitcoin or any other altcoin, it's just something that can (and will) be created independently. So I kinda miss the point here?
 

Coinbase's CEO disagrees with your first statement : https://bitcointalk.org/index.php?topic=966084.new#new

And Coinbase's CEO opinion matters because ...
 
Because what?

Because it's true. Not because he's the CEO of whatever, but because of the content of his message. Don't shoot the messenger.
 

Why would you (personally) say it's true?
We all agree that Brian Armstrong has a huge conflict of interest and the statement per se is worthless.
Why not start our own list, right?

I'll start with a minus and a plus for Bitcoin:
- no decentralized asset exchange
+ wide adoption

[Q7]

Unless someone come with a total new idea like Satoshi did , any Alternative coin will be a total failure .
They are basically all cheap copies and Bitcoin is unique and original . that simple

~ Madness

Unless the new coin could retain all bitcoins good points and introduces something really new that solve all the current problem like volatility. There has been an altcoin called Nubits which aim to achieve just that but I don't see it making an impact for now. Eventually it will all still go back to bitcoin no matter how, just the fate like all the rest of altcoins.

[Come-from-Beyond]

We don't have that yet, because nobody created one yet. But this has nothing to with any supposed shortcoming of Bitcoin or any other altcoin, it's just something that can (and will) be created independently. So I kinda miss the point here?

The point is that decentralized asset exchanges already exist in some altcoins. This is at least one feature where Bitcoin sux.

[Kazimir]

The point is that decentralized asset exchanges already exist in some altcoins. This is at least one feature where Bitcoin sux.

Can you elaborate? I'd say the idea of an asset exchange is to trade different kinds of assets (currencies, contracts, whatever) with strangers in a trustless way. What altcoin offers this possibility, and how does it facilititate, for example, trading Bitcoins for Euros?

[Come-from-Beyond]

Can you elaborate? I'd say the idea of an asset exchange is to trade different kinds of assets (currencies, contracts, whatever) with strangers in a trustless way. What altcoin offers this possibility, and how does it facilititate, for example, trading Bitcoins for Euros?

Ripple. With help of magic.

[R2D221]

It's impossible to have a decentralized exchange that deals with dollars and euros, unless dollars and euros were implemented with a Bitcoin-style protocol. But if we got there, then I think exchanging them would be pointless.

[Come-from-Beyond]

It's impossible to have a decentralized exchange that deals with dollars and euros, unless dollars and euros were implemented with a Bitcoin-style protocol.

Why?

[tpspoons]

It's impossible to have a decentralized exchange that deals with dollars and euros, unless dollars and euros were implemented with a Bitcoin-style protocol. But if we got there, then I think exchanging them would be pointless.

Isn't that essentially what BitShares are trying to do?

[Bit_Happy]

I think that a new crypto will be developed and people will use it rather than bitcoin.

So far though.. Altcoins have been complete failures.

Bitcoin has serious challenges to overcome, but the early lead is a Huge advantage. The next few years will be really exciting...

[R2D221]

It's impossible to have a decentralized exchange that deals with dollars and euros, unless dollars and euros were implemented with a Bitcoin-style protocol. But if we got there, then I think exchanging them would be pointless.

Isn't that essentially what BitShares are trying to do?

Then it's a wasted effort. How can my physical banknotes be represented by a digital token without a central authority regulating it?

[tpspoons]

It's impossible to have a decentralized exchange that deals with dollars and euros, unless dollars and euros were implemented with a Bitcoin-style protocol. But if we got there, then I think exchanging them would be pointless.

Isn't that essentially what BitShares are trying to do?

Then it's a wasted effort. How can my physical banknotes be represented by a digital token without a central authority regulating it?

I would have to read their whitepaper to understand it, so I can't really answer you (right now) but at least they seem to claim they have managed it (in a decentralised way). By the way I'm not saying that this is necessarily the solution, like I said I don't really understand it enough to make a judgement, I just wanted to point out that there are efforts towards that exact goal.

[achimsmile]

The point is that decentralized asset exchanges already exist in some altcoins. This is at least one feature where Bitcoin sux.

Can you elaborate? I'd say the idea of an asset exchange is to trade different kinds of assets (currencies, contracts, whatever) with strangers in a trustless way. What altcoin offers this possibility

...Nxt does.

[neurotypical]

The point is that decentralized asset exchanges already exist in some altcoins. This is at least one feature where Bitcoin sux.

Can you elaborate? I'd say the idea of an asset exchange is to trade different kinds of assets (currencies, contracts, whatever) with strangers in a trustless way. What altcoin offers this possibility

...Nxt does.

But no one likes the big stakeholder %, the way its innitially distributed and so on. I dont know, i dont see any other coin out doing BTC at this point.

[Come-from-Beyond]

But no one likes the big stakeholder %, the way its innitially distributed and so on.

Right, losers who lost one in a lifetime chance don't like it.

[achimsmile]

But no one likes the big stakeholder %, the way its innitially distributed and so on. I dont know, i dont see any other coin out doing BTC at this point.

I don't see a coin outdoing bitcoin at this point either (only in the future), but I see some coins coexist beside bitcoin right now. It's not necessarily an either/or choice.
Hmm, so this is still the negative picture that people have of Nxt. I won't be able to change that, but would like to show three small points:

1. Distribution depends on community size. Bitcoin has a lot more users, therefore a "better" relative distribution. (what is a good distribution btw?)
Largest Nxt whale account has 5% of total supply, largest bitcoin account has 1,25%. Kind of logical if you consider that bitcoin userbase is a few magnitudes larger.

2. The IPO was open for almost two months, yet only very few were interested. Yes, BCNxt could have communicated better on the closing date of the IPO, but apart from that, I don't see anything wrong with it. Why does it matter?

3. The points you mentioned are socio-economical, but don't say anything about the protocol (the most important part)


Please compare these 2 charts:

http://nxtportal.org/forgers/
https://blockchain.info/de/pools

Which block generating process would you say is more decentralized?

[pitham1]

Unless someone come with a total new idea like Satoshi did , any Alternative coin will be a total failure .
They are basically all cheap copies and Bitcoin is unique and original . that simple

Cheap coins with much lower processing power and hence lower network society.
No wonder that the combined market cap of alts is lower than Bitcoin's market cap.

[Bizmark13]

Bitcoin should not be replaced by an altcoin. I admit it could happen, but it shouldn't.

I'm surprised to see that nobody has pointed out the fact that having a new crypto replace the old crypto every couple of years could completely destroy trust in cryptos forever. This sort of "revolving door" model where the new shit replaces the old shit might work well for car models or Windows versions but one of the qualities of money is that it should be safe, consistent, and keep its value over time.

Would you trust or keep the bulk of your savings in a currency if you knew that it will be worthless in two or three years time when "the next big thing" comes with more features and innovations under the hood and kicks it off the #1 position? Even worse, would you trust a currency if you had no clue what will actually replace it because there were dozens of possible candidates each vying to be its successor?

And even if you did the research, picked the winner, and transferred your wealth from the dying coin to the new coin before the former became completely worthless, what about those who might not have the skills to adapt in time? What about all the grandmas, housewives, little kids, and the computer illiterate who might have their savings locked up in a now-worthless coin?

[Klestin]

I think that a new crypto will be developed and people will use it rather than bitcoin.

So far though.. Altcoins have been complete failures.

Bitcoin the protocol is programmable money.  If you're looking at Bitcoin as a digital currency, you're seeing a tiny fraction of the potential.

The reason why no altcoin has taken hold is that virtually everything they can do, Bitcoin can also do.  But if you have specific ideas, give it a go and get rich.

[bitgeek]

Bitcoin should not be replaced by an altcoin. I admit it could happen, but it shouldn't.

I'm surprised to see that nobody has pointed out the fact that having a new crypto replace the old crypto every couple of years could completely destroy trust in cryptos forever. This sort of "revolving door" model where the new shit replaces the old shit might work well for car models or Windows versions but one of the qualities of money is that it should be safe, consistent, and keep its value over time.

Would you trust or keep the bulk of your savings in a currency if you knew that it will be worthless in two or three years time when "the next big thing" comes with more features and innovations under the hood and kicks it off the #1 position? Even worse, would you trust a currency if you had no clue what will actually replace it because there were dozens of possible candidates each vying to be its successor?

And even if you did the research, picked the winner, and transferred your wealth from the dying coin to the new coin before the former became completely worthless, what about those who might not have the skills to adapt in time? What about all the grandmas, housewives, little kids, and the computer illiterate who might have their savings locked up in a now-worthless coin?

Maybe Bitcoin 2.0 then? An improved version with anonymous untraceable transactions. It doesn't have to happen in 2 or 3 years, but eventually SHA256 will become obsolete and we'll be forced to upgrade. What will the new bitcoin based on another algorithm be called? Somebody could say that Internet was upgraded and the name remained the same, but the new internet surely isn't the same one people used in 1980.
I think the changes will come but they will be introduced smoothly and won't require users to sell their coins and buy something new.

[Q7]

Bitcoin should not be replaced by an altcoin. I admit it could happen, but it shouldn't.

I'm surprised to see that nobody has pointed out the fact that having a new crypto replace the old crypto every couple of years could completely destroy trust in cryptos forever. This sort of "revolving door" model where the new shit replaces the old shit might work well for car models or Windows versions but one of the qualities of money is that it should be safe, consistent, and keep its value over time.

Would you trust or keep the bulk of your savings in a currency if you knew that it will be worthless in two or three years time when "the next big thing" comes with more features and innovations under the hood and kicks it off the #1 position? Even worse, would you trust a currency if you had no clue what will actually replace it because there were dozens of possible candidates each vying to be its successor?

And even if you did the research, picked the winner, and transferred your wealth from the dying coin to the new coin before the former became completely worthless, what about those who might not have the skills to adapt in time? What about all the grandmas, housewives, little kids, and the computer illiterate who might have their savings locked up in a now-worthless coin?

What you say has a point. Even though a new crypto has the potential to replace bitcoin in case it has new technologies, far better and I mean in every aspect of the blockchain, then it is likely to happen. However, what we have seen thus far, proves otherwise, given the time of at least 5 years since litecoin appear and I mean not even single one has managed to do that shows, bitcoin is still the choice. And the main reason is the community, infrastructure and the continued support that it is getting. As years go by, it will only become stronger and stronger, and it will take mass exodus of people to actually make it happen (leaving to altcoins). As long as the community agree on one direction, bitcoin will still be there.