Topic: Could Monero replace Bitcoin soon? - page 9. (Read 33659 times)

Scrutiny can control Bitcoin if a state coerces businesses to blacklist/flag certain tainted bitcoins (yes it's happened).

Quote Goldman Sachs all you like. They didn’t invent cryptocurrencies and no-doubt make exactly the same mistake as people in this therad are doing - of projecting a banking model where a person is sysnonymous with an account onto a public blockchain, which is nothing like a bank.

“Your money” is not stored on a blockchain. “Your money” is stored in a bank account with your name on it. On the other hand a blockchain is a public resource that may or may not have some value. By obscuring the outputs, all you’re doing is diminishing that value.

Bitcoin has people crawling all over it day in day out, scrutinising every last address and dialoging over it. The fact that thats possible is about the only thing that actually turns such an unbacked resource into “money” because although every nook and cranny can be scrutinised, it can’t be controlled. That fact is what makes your private key have some power - and therefore value.

With blockchain based unbacked “money”, you do not endorse the value - everyone else does. So turn that into a little “private club” where you need a private key to even see it, let alone touch it and you can have your provacy but forget it being worth anything

A lot of dreaming going on in here.

Well, dream on but sorry to tell you that an obscured blockchain does not ever have a snowball's hope in h*ll of becoming more valuable than a transparent one - not where unbacked "money" is concerned at least.

All they are good for is being a decentralised private bookkeeper, or transporting something that already has value (such as fiat or bitcoin   ).

You do not support "privacy" in a blockchain by obscuring the very thing that endorses its value. See if you can get a look-in on the steady drip of business development that goes on in transparent blockchain - until then I'd say that exchange-based pumping & dumping remains the best hope

[...]

To wit, the firm sees blockchain technology as nothing more than a “fundamentally new type of database technology.” And as far as Goldman’s interests are concerned such as high-volume commercial transactions and sharing data between partners, it expects private blockchains to reign supreme.

[...]

The report further explains
Private or ‘permissioned’ blockchains behave in the same way as the public blockchain, except that the identity of anyone who attempts to access the blockchain must be validated against a list of pre-validated market IDs. We believe that the vast majority of commercial blockchain applications – particularly in capital markets – are likely to use private or permissioned blockchains.

Well we dont know but i heard that bitcoin is the only one can stay remain.. and monero is just alternative.. or other altcoin is just alternative that can never replace bitcoins.

I have been following the recent block size debates through the mailing list.  I had hoped the debate would resolve and that a fork proposal would achieve widespread consensus.  However with the formal release of Bitcoin XT 0.11A, this looks unlikely to happen, and so I am forced to share my concerns about this very dangerous fork.

The developers of this pretender-Bitcoin claim to be following my original vision, but nothing could be further from the truth.  When I designed Bitcoin, I designed it in such a way as to make future modifications to the consensus rules difficult without near unanimous agreement.  Bitcoin was designed to be protected from the influence of charismatic leaders, even if their name is Gavin Andresen, Barack Obama, or Satoshi Nakamoto.  Nearly everyone has to agree on a change, and they have to do it without being forced or pressured into it.  By doing a fork in this way, these developers are violating the "original vision" they claim to honour.

They use my old writings to make claims about what Bitcoin was supposed to be.  However I acknowledge that a lot has changed since that time, and new knowledge has been gained that contradicts some of my early opinions.  For example I didn't anticipate pooled mining and its effects on the security of the network.  Making Bitcoin a competitive monetary system while also preserving its security properties is not a trivial problem, and we should take more time to come up with a robust solution.  I suspect we need a better incentive for users to run nodes instead of relying solely on altruism.

If two developers can fork Bitcoin and succeed in redefining what "Bitcoin" is, in the face of widespread technical criticism and through the use of populist tactics, then I will have no choice but to declare Bitcoin a failed project.  Bitcoin was meant to be both technically and socially robust.  This present situation has been very disappointing to watch unfold.

Satoshi Nakamoto

Network effect is the only advantage BTC has pretty much. And if the price of Monero keeps growing faster than the price of btc people certainly has not even one reasson to dump their bitcoins  into Monero and that transfers the network effect to XMR.

The ideal happening is Bitcoin getting to 1 Trillion USD MC and Monero where Bitcoin is now (10 billion USD). I think Bitcoin earned its status as digital gold but its not enough to be used as cash as it can't scale, gold is heavy and slow to move and so is Bitcoin. Monero is private, fungible and light like cash.

Jap, same here, not saying it WILL happen, but there's a chance...

XMR is better technologically and 'monetarilly'...
BTC has the network-effect though...

let's see what's more important in the long run...

Jap, same here, not saying it WILL happen, but there's a chance...

XMR is better technologically and 'monetarilly'...
BTC has the network-effect though...

let's see what's more important in the long run...

I really think it could. Its superior in so many ways.

Monero will not go anywhere until it is easy to use. Anonymous coins will not become immensely popular until a significantly large amount of people are concerned enough about their privacy. I never understood what monero has that isn't in the other crypto note coins (with all respect to monero devs). All they have is more publicity and therefore a larger community.

I can care less about proving myself to you or the other low rollers here in the forums.  I just feel bad for people getting scammed and cant bring myself to allow people to peddle scams and take peoples money. Just want newbs to WAKE UP and be aware of these scams in the altcoin world.