Can Bitcoin be displaced by another mined coin? - page 2.

kjlimo

legendary

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Quote from: Vince Torres on May 14, 2013, 07:38:13 PM

Probably not, seeing as most alts are scamcoins now anyway.

false... I'd say an alt coin is one of the few reasons why bitcoins may not hit $100k each in the future.

Keep your eye on them, cuz you never know when the market will like another one better.

nameface

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...or maybe this http://money.cnn.com/2013/05/14/investing/bremmer-bitcoin/

Corporations like Amazon and Facebook dominating the currency market? While central banks and governments hoard all the gold and manipulate the stock market? Angry

Please don't ever die Bitcoin!

nameface

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Quote from: ldrgn on May 14, 2013, 07:59:46 PM

Why stick around on the old, expensive blockchain when merchants, miners and users of Bitcoin get more value out of the lower transaction fee one?

So there may be a need for Litecoin one day. Good point.

Quote from: ldrgn on May 14, 2013, 07:59:46 PM

I can't tell you the future but if Bitcoin doesn't adapt to changing economic circumstances it'll be gutted by other currencies when it becomes uneconomical. Unfortunately creating this kind of oversight to the economics of the Bitcoin network requires central planning and most users are opposed to that.

I'm not saying that Bitcoin will survive no matter what. Who knows. But what sort of new currency could crush Bitcoin? A new uber-fiat Huh

ldrgn

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What if the Bitcoin block size stays at 1 MB? Miners can be profitable in a network with few transactions and high fees or many transactions and low fees. What choice do you think is better for the growth of the Bitcoin network? Why stick around on the old, expensive blockchain when merchants, miners and users of Bitcoin get more value out of the lower transaction fee one?

I can't tell you the future but if Bitcoin doesn't adapt to changing economic circumstances it'll be gutted by other currencies when it becomes uneconomical. Unfortunately creating this kind of oversight to the economics of the Bitcoin network requires central planning and most users are opposed to that.

Vince Torres

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Probably not, seeing as most alts are scamcoins now anyway.

nameface

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I've heard this question a lot: "Couldn't another cryptocoin come along and displace Bitcoin?"

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.

When I was a newbie I didn't really understand how important miners are, and how powerful the community really is. The network is incredible! http://www.extremetech.com/extreme/155636-the-bitcoin-network-outperforms-the-top-500-supercomputers-combined

Even a tiny fraction of the Bitcoin network is capable of stopping any other mined coin in its tracks (wasn't the TRC network stalled for 48 hours by a single ASIC? https://bitcointalksearch.org/topic/51-attack-on-bytecoins-and-terracoins-169068).

It strikes me that despite good intentions, every other alt-coin billed as "a different Bitcoin" is likely to be devoid of potential.

[Other cryptography-based payment technology may emerge and change the landscape (like the Ripple protocol), and there are different application of Bitcoin technology altogether (Namecoin), but personally, I see this stuff as more helpful to Bitcoin than anything else.]

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