Bitcoin vs. All Other Coins, are they hurting Bitcoin? - page 3.

Benjig

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Quote from: Pente on May 22, 2014, 02:55:53 PM

Altcoins make anonymity easier. Go to an exchange, get an altcoin, send them to another exchange, then change back to bitcoins. They will be part of the tool box of techniques to keep our privacy.

Yes but in special cases the exchange can always match the deposit / withdraw amounts from determined account.. i think you have to use an anonimizer thing to be 100% anonimous.

Pente

hero member

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Altcoins make anonymity easier. Go to an exchange, get an altcoin, send them to another exchange, then change back to bitcoins. They will be part of the tool box of techniques to keep our privacy.

bitsmichel

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Merit: 250

Quote

When I think about the long-term success or failure of Bitcoin, it seems to me that other cryptocurrencies are hurting that possible success.

Opinions vary inside the form. Currently, the market share of all alt coins (yes, including piggycoin and all other weird coins) together is about 10% of the bitcoin market share. Litecoin is the only other currency with a market cap of more than 100 million.

Quote

Now the mainstream is starting to accept Bitcoin. The branding is showing up everywhere. There are bitcoin ATMs, etc.
And then another coin, a better coin, maybe, in quality, but not a popular coin with the mainstream, starts to rise in value and overcome bitcoin.
Then what? Most people are just getting used to the idea of Bitcoin, then they are going to have the rug pulled from under them, when Bitcoin is beat out by another coin...

Society does not move so fast. Many people do not own bitcoin as of yet, we are early adaptors. The average joe does not have bitcoin as of yet. Anyway, this is just speculation, nobody knows the future. But at the moment, bitcoin has the biggest market share and the most 'commercial' in news etc;

Quote

Now are the going to have redesign all their ATM machines for this new coin? Take down all the Bitcoin symbols and put up the branding for the new coin? How is that going to work exactly?

Simple, they will stick with bitcoin

BurtW

legendary

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All paid signature campaigns should be banned.

Quote from: tooil on May 22, 2014, 01:24:59 PM

Monopoly is bad and all coins are competing with each other.

It is still to early to say bitcoin will be the "coin" that dominate the market.

Not it is not. Watch me: "Bitcoin is the 'coin' that is dominating the market." See how easy that was and how true it is.

tooil

full member

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Monopoly is bad and all coins are competing with each other.

It is still to early to say bitcoin will be the "coin" that dominate the market.

devphp

sr. member

Activity: 336

Merit: 260

Quote from: Ron~Popeil on May 22, 2014, 10:59:19 AM

If someone comes up with a great idea it can always be incorporated down the road.

Yeah, I keep hearing this. But I don't think it works in practise.

Just one example: someone came up with a good idea to run a few independent mining algos in a coin (Myriadcoin does this) to get rid of 51% attack concerns. There is no way Bitcoin miners who invested millions into ASICs will agree to switch to a hard fork even if bitcoin developers release the new bitcoin code with a few independent mining algos. So basically, miners control what they think is a good idea or not, not users.

Ron~Popeil

sr. member

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I think alt coins are a good thing. They are a way to innovate and experiment without messing with the bit coin protocol. If someone comes up with a great idea it can always be incorporated down the road.

BurtW

legendary

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All paid signature campaigns should be banned.

I wrote a poem about it:

Bitcoins are it
Shitcoins are shit

devphp

sr. member

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You come to a supermarket and you see different brands of meat. You don't mind that, do you? Same applies here.

Mister S

member

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Merit: 10

Most altcoins are just failed experiments in digital currency, Namecoin, LiteCoin and Dogecoin are the only three that have any real marketable strength.

All of those coins are not in competition with Bitcoin in any stretch of the imagination, each holding their own their own niche.

Saying "Altcoins hurt Bitcoin" is like saying the Machinists Union, Voodoo, and Football hurt the Medical profession.

vn10vn

newbie

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I'm a noob, I admit that. But when I get interested in something, I immerse myself into it and catch on pretty quickly.
I have a fundamental problem in theory, which I cannot work out.
When I think about the long-term success or failure of Bitcoin, it seems to me that other cryptocurrencies are hurting that possible success.
Now the mainstream is starting to accept Bitcoin. The branding is showing up everywhere. There are bitcoin ATMs, etc.
And then another coin, a better coin, maybe, in quality, but not a popular coin with the mainstream, starts to rise in value and overcome bitcoin.
Then what? Most people are just getting used to the idea of Bitcoin, then they are going to have the rug pulled from under them, when Bitcoin is beat out by another coin...with a different look, different branding, and maybe not as acceptable to the mainstream as bitcoin.
Now are the going to have redesign all their ATM machines for this new coin? Take down all the Bitcoin symbols and put up the branding for the new coin? How is that going to work exactly?

Seems that bitcoin has to stay number one to be accepted on a wide scale, or everything else is lost. Any feedback?

Topic: Bitcoin vs. All Other Coins, are they hurting Bitcoin? - page 3. (Read 2488 times)