Topic: - - page 2. (Read 6172 times)

Pride cometh before a fall?

While MC2 is interesting, it's, sadly, barely in the whitepaper stage. Gotta work with what we have now.

Well, it is not so easy to start a new coin and definitely not for everyone. You need a very good developer, an interesting concept, a community behind it. You need to tell a good story why again a new coin is needed and get some miners behind it. Then you need supporting exchanges and services and so on and so on...

Bitcoin itself has also a increased money supply. It can not be so bad. It is just about the question how fast the money supply has to increase and who controls it. With prices growing so fast Bitcoin's money supply is not high enough for its growing economy and also not meeting the demand. Having a deterministic money supply is probably not so good as everyone thought at the beginning.

PPCoin and NovaCoin (both POS coins) are indeed interesting. I am also looking forward to MC2coin.

No, I was asking why a credible limit in money supply is not preferable, but maybe I misunderstood your statement. I see competing currencies as healthy because it is good for innovation and resilience, however increased money supply is an unfortunate side effect (excluding systems like ripple).

Yes, I agree that some differences are interesting, especially PoS. However, they are still very low level technical tweaks that are mostly irrelevant to the currency. Radically different inflation or distribution can also be of interest. Freicoin, in this regard is a worthy alternative, though I don't think it will succeed. I don't think Litecoin or other tuned-up Bitcoin clones are worth pursuing. I find PPCoin very interesting, however if it succeeds, I would want to see PoS integrated into Bitcoin rather than having an alternative with a different verification mechanism as its mere justification of existence.

Also, any early adopter of Bitcoin can easily become an early adopter of an alt, so I don't think the discussion is about greed or envy. Rather I think some are worried that competition between cryptocurrencies will be used as FUD to weaken all of them. The argument is, "If anyone can start a cryptocurrency, the limit isn't actually 21 million, it's infinite". I'll let you figure out a good argument you can use against this in the public arena.

I think in the end we will have competing systems and currencies, but they would all need to be revolutionary new concepts or have radical differences if we want to benefit from diversity. Some alts have this, some alts don't.

BTC at 140$, where is your Bitgod now?

what a pity, I've just invested in an altcoin mining rig...

There is no one alternative which is a solution for all problems. Thats why we need a ecosystem of competing cryptocurrencies.

And I agree that the new cryptocurrencies are not as revolutionary as Bitcoin was at the beginning. But still there are differences in the technology. SHA256 and scrypt, POW and POS and different inflation rates...
With multiple stable blockchains with different market caps we can use the chain which is suited the best for the transaction. For example, if I want to transfer thousands I use bitcoin. If i want to transfer a few cents I use PPC and so on. In this way we do not need to broadcast every transaction to every node in the network which is already not practical. If I want to do blockchain verifying with my phone I also can not use anymore Bitcoin. The more equal the nodes are and the more wealth is spread accross the network the more stable and resilient the system is. Don't you agree?

Why? Why it is a good thing to have multiple currencies? Why is it a good thing to have a free choice between multiple alternatives? Why shall we be locked down in a more and more centralized system? This is exactly from where we wanted to escape with bitcoin. Now we see that bitcoin is not the solution. It is only the start.

I guess the best analogy to that question is the EURO. Having 1 currency ties everything together and creates much instability, and fear because of the weak ties. Sure you can come with arguments of why comparing fiat to crypto, but that is not the point, the point is diversity makes your fate your own, not everyone else.

@human: Which alternative cryptocurrency provides a solution to any of the concerns you've stated? I'm not against an alternative to Bitcoin, but an alternative needs to be a different technology to increase the stability and resilience of the ecosystem. Multiple Bitcoin's don't provide any benefit. If you want to increase maximum possible transaction count, you can increase the block size. It's not like any of the alternative coins allow a more compact form of transaction.


Why?

we do NOT need one single blockchain as we do NOT need one single world government. only the establishment of bitcoin (the very early adopters) want to have only one blockchain. humanity needs bitcoin as a technology, not as a get-rich-quick scheme.

we need multiple blockchains in oder to have a stable ecosystem of crypto currencies. we have already witnessed a bitcoin blockchain fork (this was the point where a noticeable price increase of the alt chains happened). bitcoin is not anymore useful for microtransactions which will be the majority of transactions on the web. also is bitcoin not any more a real P2P system as it used to be in the beginning. the centralization of mining-power to a few destabilizes the system as a whole. the last days the bitcoin price grew too fast and everybody is already speaking about when the bubble will pop. this will be the time when the altcoins rise and become a viable alternative to bitcoin. once you started using crypto currencies you do not want to go back to fiat.

by the way, we need a cryptocoin payment processor...  is already anybody working on it?

remember: the amount of bitcoins is limited to 21.000.000. the amount of cryptocurrencies is unlimited and this is a good thing.

inb4 Bitcoin Megastore accepts LTC

Fuck EURO! I meant gold standard.

Oh the irony

LOL... Now you sound like the IMF... Soon you'll be telling us how good bancors are for everyone.  But hey good luck with the Euro.

Exactly. Multiple currencies affect free trade concepts and slow down the progress of our civilization.

How much time mr. wizard? Say another month like the last month of massive BTC/USD exchange rate hikes?



For those following along at home that's .0075 - .02199 in 1 month. An increase in LTC/BTC value of .01449 or 193.2% at this moment. Please consider the OP's perspective to be worth precisely what you paid for it...or possibly less.

Bitcoin has done AWESOME during that month. Definitely one of the best investments in the world. There's at least one thing that's done better however. LITECOIN HAS KICKED BTC's ASS in the last 30 days.

Holy cow the yen is like the yuan is like the dollar is like the pound.... this will only weaken money.

LTC is going to gox.  It's about time you bitcoin fanboys deal with it.

All those AltCoins only weaken the concept of cryptocurrency in a whole.

I'm really fucked up with those "silver-bronze-wooden-etc to bitcoin" alternatives.
Instead of helping to develop the original strong cryptocurrency, someone is just wasting time trying to re-invent a bicycle.

Don't you understand that single solid thing is better than number of clones fighting for existence.
Just refer to the history and you will clearly see that all significant achievements in our civilization are products of the unity.

The alternate cryptocurrency crew riding the BTC bubble.

QFT, words right out of my mouth.