Bitcoin will never be surpassed by any fork

iluvpie60

hero member

Activity: 700

Merit: 500

Quote from: aminorex on April 09, 2014, 10:02:21 AM

Network effect is fairly ambiguous. It can be taken to encompass several factors, and discriminating between them adds clarity.

1) Social network effect.

Recognition and understanding is a precondition for adoption.

2) Supply chain network effect.

Businesses can't operate in a numeraire unless their supply chain is available in that currency.

3) Protocol network effect.

The worlds most powerful supercomputer network protects bitcoin from attack.

Just like Myspace, AOL, Purevolume, and countless other before it eh?

Facebook and Twitter say hi.

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: pa on April 09, 2014, 08:49:28 PM

Adam Back and George Maxwell have invented a new way to peg altcoins to the Bitcoin blockchain: http://www.reddit.com/r/Bitcoin/comments/22m063/blockchain_20_let_a_thousand_chains_blossom/

I'm no longer worried about Bitcoin being surpassed by an alt anytime soon.

Question. Why do we need or want thousands of coins.

pa

hero member

Activity: 528

Merit: 501

Adam Back and George Maxwell have invented a new way to peg altcoins to the Bitcoin blockchain: http://www.reddit.com/r/Bitcoin/comments/22m063/blockchain_20_let_a_thousand_chains_blossom/

I'm no longer worried about Bitcoin being surpassed by an alt anytime soon.

freedomno1

legendary

Activity: 1834

Merit: 1094

Learning the troll avoidance button :)

Quote from: giantdragon on April 09, 2014, 09:21:49 AM

Besides the network effect, there are another things that altcoin proponents ignore. Bitcoin has the strongest team of developers among all cryptocurrencies, as well as security vulnerabilities being fixed at first on Bitcoin (Litecoin/Peercoin/Dogecoin/etc will receive them much later). Recent OpenSSL issue is good example: Bitcoin is already fixed, Litecoin and others still vulnerable.

Forks can offer some nice features, but when it comes to the security (and a chance to lose all your coins due to unfixed bug), large investors will make appropriate conclusions IMHO.

I agree there is always strength in numbers and having the most developers working on your project

Ibian

legendary

Activity: 2268

Merit: 1278

Still don't see how bitcoin could be meaningfully improved. Is there a coin that is a better store of value? One that's more secure? One with faster-than-internet transactions? Something that is better for investment? One that is better in all categories overall?

So many coins, so few with any foundational value.

kooke

sr. member

Activity: 448

Merit: 250

Bitcoin super-duper-mega-ultra-hyper-node

It may never be surpassed by a fork, but future crypto-currencies that will compete with Bitcoin probably won't be forked.

devphp

sr. member

Activity: 336

Merit: 260

Quote from: giantdragon on April 09, 2014, 09:21:49 AM

Besides the network effect, there are another things that altcoin proponents ignore. Bitcoin has the strongest team of developers among all cryptocurrencies, as well as security vulnerabilities being fixed at first on Bitcoin (Litecoin/Peercoin/Dogecoin/etc will receive them much later). Recent OpenSSL issue is good example: Bitcoin is already fixed, Litecoin and others still vulnerable.

Forks can offer some nice features, but when it comes to the security (and a chance to lose all your coins due to unfixed bug), large investors will make appropriate conclusions IMHO.

It's interesting that NXT is not affected by this recent OpenSSL issue, because it runs on Java. At least that's what developers claim. Oh well, it's not a fork after all, but I just thought I should mention.

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

Network effect is fairly ambiguous. It can be taken to encompass several factors, and discriminating between them adds clarity.

1) Social network effect.

Recognition and understanding is a precondition for adoption.

2) Supply chain network effect.

Businesses can't operate in a numeraire unless their supply chain is available in that currency.

3) Protocol network effect.

The worlds most powerful supercomputer network protects bitcoin from attack.

giantdragon

legendary

Activity: 1582

Merit: 1002

Besides the network effect, there are another things that altcoin proponents ignore. Bitcoin has the strongest team of developers among all cryptocurrencies, as well as security vulnerabilities being fixed at first on Bitcoin (Litecoin/Peercoin/Dogecoin/etc will receive them much later). Recent OpenSSL issue is good example: Bitcoin is already fixed, Litecoin and others still vulnerable.

Forks can offer some nice features, but when it comes to the security (and a chance to lose all your coins due to unfixed bug), large investors will make appropriate conclusions IMHO.

Topic: Bitcoin will never be surpassed by any fork (Read 857 times)