It probably depends on the perceived legitimacy.
If I were to fork my own currency, my biggest problem is that probably no one would care. I couldn't spend it anywhere.
If I were the CEO of Google and did this, it might be a different story however.
Topic: Bitcoin Failure is likely - page 8. (Read 21654 times)
Now that I've caught your attention, I believe that there is one fundamental flaw with the bitcoin model, failure to be recognized by any authority.
If it is failed to be recognized, then the value cannot be guaranteed. Modern day currencies are recognized as payment by a authorities within the country of issuance, e.g the government recognizes them as payment for taxes,etc, and once upon a time the value was guaranteed by gold.
It has been brushed upon in another thread1.
Essentially the problem is this, firstly Bitcoin shows
It is possible to have a currency without a central banking authority.
That implementation is not difficult.
So why are these issues? Whats stopping a different another crypto-currency with exactly the same attributes as bitcoin? And by extension I believe that there will be competing crypto-currencies forming a "crypto-currencies market". This takes away one essential property that makes bitcoin by itself appealing.
The amount of crypto-currency in circulation is no longer pre-determined, rather it is infinite.
How is this achieved? If an entity does not want to recognize the value of a particular crypto-currency then they will simply start their own. Hence crypto-currencies will be plentiful.
There needs to be an attribute of bitcoin that mimics the same function as these authorities. Until then as long as it is easy to create a crypto-currency, I believe that bitcoin will be nothing more than an academic study. Nonetheless, I think that maybe crypto-currency systems will be adopted within companies as the company can force recognition of currency within itself and possibly governments/countries will adopt bitcoin-like currency systems, this I believe can have some real social benefits.
The technical design of bitcoin is worthy of a Nobel-prize, as I'm sure that there will be many benefits to humanity in the long run. However this isn't really about the quality of the code, imo the quality of the code and review process is proven by the use of an opensource model. It's more about properties that currently are not in the code, whether such properties can be coded, and the fact this problem is not being discussed.
Anyways I hope I'm wrong, I really do.
Please negate
https://bitcointalksearch.org/topic/what-happens-when-btc2-comes-out-3543
If it is failed to be recognized, then the value cannot be guaranteed. Modern day currencies are recognized as payment by a authorities within the country of issuance, e.g the government recognizes them as payment for taxes,etc, and once upon a time the value was guaranteed by gold.
It has been brushed upon in another thread1.
Essentially the problem is this, firstly Bitcoin shows
It is possible to have a currency without a central banking authority.
That implementation is not difficult.
So why are these issues? Whats stopping a different another crypto-currency with exactly the same attributes as bitcoin? And by extension I believe that there will be competing crypto-currencies forming a "crypto-currencies market". This takes away one essential property that makes bitcoin by itself appealing.
The amount of crypto-currency in circulation is no longer pre-determined, rather it is infinite.
How is this achieved? If an entity does not want to recognize the value of a particular crypto-currency then they will simply start their own. Hence crypto-currencies will be plentiful.
There needs to be an attribute of bitcoin that mimics the same function as these authorities. Until then as long as it is easy to create a crypto-currency, I believe that bitcoin will be nothing more than an academic study. Nonetheless, I think that maybe crypto-currency systems will be adopted within companies as the company can force recognition of currency within itself and possibly governments/countries will adopt bitcoin-like currency systems, this I believe can have some real social benefits.
The technical design of bitcoin is worthy of a Nobel-prize, as I'm sure that there will be many benefits to humanity in the long run. However this isn't really about the quality of the code, imo the quality of the code and review process is proven by the use of an opensource model. It's more about properties that currently are not in the code, whether such properties can be coded, and the fact this problem is not being discussed.
Anyways I hope I'm wrong, I really do.
Please negate
https://bitcointalksearch.org/topic/what-happens-when-btc2-comes-out-3543
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