Topic: Bitcoin will inevitably Fail as Altcoins suceed - page 2. (Read 3958 times)

IIRC Gavin recently observed that a better analogy would be ethernet replacing token ring.

I don't think this comparison is valid or interesting.
Bitcoin is more like a higher layer protocol over TCP/IP, I like comparing it to UUCP that had limited applications.

I always think about ipv6 and ipv4 in this comparison.
ipv6 is vastly superior to ipv4 but few people really know anything about it or are using it.
Why should I go for ipv6 when ipv4 also works (I know there are benefits and more ip adresses)?

And to compare it with cryptocurrency makes altcoins even less interesting in my opinion because there is value involved with bitcoin.
People want their precious bitcoins to be valuable so there is even less incentive to move to alts, how brilliant they are.
ipv4 = bitcoin
ipv6 = brilliant mega super duper other unicorn coin

The quality of the people involved with the sdiechain whitepaper shows that at least some prominent knowledgeable Bitcoiners recognize that altcoins technology is pretty interesting and even superior in many aspects to Bitcoin.
Just as no one knew where bitcoin would be a couple of years ago, no one knows where altcoins will be over the horizon. And the horizon is not that far away

MtGox, man! Still haunting us up till today. It's like that STI that you can't get rid off no matter what you try.

Why do you want to be terrorist giving this type of news? Relax, no one know future and no one know what will happen.

Anything after the first, is derivative or copying some aspect of the first.  Don't tell me you have some stake in some of those crappy alts?

Some are (copycat), some are far from it. Homework not done.

How so?  Isn't Bitcoin the first and original coin created by Satoshi Nakamoto based on the old Hashcash.  Yea, I read the white paper.   

Aren't Altcoins derivative from this first coin?  Homework done.

You obviously haven't done your homework.

It's funny the OP make all these untrue points, but the fact of the matter is all Altcoins are copycat, gimmicky pump and dump schemes.

I mean Dogecoin was the biggest Alt for awhile based on an Internet Meme, and we're supposed to take Altcoins seriously?

Centralized currency is issued by some entity and nobody else can control it, no matter what. It can be argued Bitcoin cannot be centralized, because anybody can put as much hashpower as he likes and have own fee per transaction policy for his blocks. Obviously many have expensive electricity so they cannot be much competetive, but this is not Bitcoin fault.

The thing is that if you create an altcoin that resembles everything that bitcoin has or even better, from name, coin specs, that altcoin will still fail. Bitcoin is there and is currently there by virtue because it is the first. And if bitcoin fails, no other altcoin will ever reach the level bitcoin has gained. People will lose confidence in crypto *completely* and that is that.

The question on whether bitcoin will fail remains to be answered. 4 years back they say it was going to fail but it didn't. The signs are there, the vulnerability is there, the word decentralization makes no sense, however that doesn't mean that it is going to fail and flop completely tomorrow. We'll just have to see...

Even if satoshi have 1 mil coins and he decides to dump it, market will eat them all up, just like it ate those 30K some weeks ago. There are just too many ppl trusting and invested in btc.

Bitcoin will never fall, you know why? Because it will always have criticism like this making it last even more. Many altcoins came and gone, but bitcoin is still here. So as far as those who follows bitcoin remains loyal, bitcoin will survive.

1) Pure speculation. No one knows what he has, not for sure so 1million is assumed. Since you speculated I'll speculate. You can believe those coins are part of the overall plan and are safe with instructions left in case something happened to him. And NO it doesn't bother me.

2) The Bitcoin Foundation does not own or represent Bitcoin. Most of those idiots are gone anyway. I hate Gavin getting paid by them, but it's better than the government paying the lowest bidder to try to do the job. Remember we still have people like Andreas and gmaxwell on our side.

3) Mining is not centralized, I own a small farm and that's first hand knowledge. There are solutions for the 51% attack situation. When the fix needs to be implimented it will be. Gavin and others have had the solution(s) ready for awhile now. There are also permanent solutions out there they just haven't been implemented yet. Peter Todd is nobody. He was trying to get his way and at the same time saw a chance to sell half his coins without people raising a brow. The whole 51% thing just makes good press, it's all about selling fear, thats why you never hear that a 51% attack would be noticed immediately and the fix would shut the attack down almost immediately making all the attackers blocks invalid. To the normal citizen Bitcoin user it would be a small "hiccup" and banks have big "hiccups" all the time and no one really complains. Banks even close on the weekends and are getting hacked/fraud/ID thefts daily. The public knows about the 51% issue and watches for it and they know there is a quick fix if it would happen before a permanent solution is in place. The reason they won't is because Bitcoin is not a "Scamcoin".
http://gavintech.blogspot.com/2012/05/neutralizing-51-attack.html?m=1
https://bitcoinfoundation.org/2014/07/mining-decentralisation-the-low-hanging-fruit/
https://bitcointalksearch.org/topic/multi-pps-281180

4) Your talking about MtGox in 2012. Every aspect of that operation was a scam from the day they opened. No body cares about MtGox. Exchanges don't operate like that anymore, there's too many eyes watching now. That's ancient history of the start up phase of Bitcoin. That place was ran by kids. Most of us knew that at least a year before they shut down. That's called growing pains. Exchanges today have insured accounts. That's called stability. I myself have four bots trading Btc-e and Circle wallets with MY coins insured 100%. I still keep most in Armory offline. As the person above me stated "All markets are manipulated".

No. Wold love them to own them myself

They are a bunch of people who do not represent me. I did not choose them, neither did they chose me.

But who controls the hashing? The miners! There are a lot of them.

All markets are manipulated.
Alt-coins even more.

No offense, but to me your story really sounds like trolling.
I suggest you sell all your bitcoins and trade them for your beloved alts.
I will happily buy the bitcoin from you.
Now that I think of it, I should buy some extra bitcoins right now.

Interesting... you bought BTC in 2012, yet registered new here today?
Where did you first learn about BTC if it wasn't here?
I have to agree with you on the Bitcoin Foundation and the fact that Gavin is paid by them.
The wordpress article on the bot was quite excellent - are you the author of that research?

Yes, this is a bit of a problem, but it's not guaranteed it will turn out badly. It even can turn out good, read what I think Satoshi would do with his enormous wealth: https://bitcointalksearch.org/topic/m.8840162

Also, fact Satoshi has so much coins does not make Bitcoin a ponzi scheme.


I don't have problem with Charlie Shrem, I believe many other don't have too, even if he goes to jail. Fact Brock Pierce is accused pedophile has not much to do with Bitcoin.


I don't believe that will happen in the future, network hash rate is already much bigger, besides, one owning more than 51% of hashrate does not have much incentive bringing the Bitcoin down.


Given how tiny Bitcoin is, compared to world economy, I say 1k USD is ridiculously cheap Bitcoin. See you in few years. Those are not good enough reasons to be that bearish. You're bearish primarily because desperation level is at ATH right now. Do you see all that investments, do you see queues in front of Bitcoin ATMs in next bullrun? Infrastructure is built right to support all of that. You haven't missed the train, but don't miss another one. Bull run will happen 2 years from now, the most.