Topic: Crypto-currencies in 10 years - page 6. (Read 5762 times)

How many of you people go out and buy Bitcoins and then use those Bitcoins to make a purchase? I'd be willing to bet none of you do because it's too difficult to make it worthwhile and if you do you just increased the cost of your purchase. Too many people are mining Bitcoins and all altcoins and then need to exchange them for product or sell them for fiat. That and speculation is what's creating the current economy and that won't last forever.

In order for any crypto coin to remain more than a popular generational fad it needs to be more simple to use than just directly using your countries fiat and have a zero exchange fee. Would you rather go to the store and buy a stereo or go to a gold dealer, buy just the right amount of gold bars, pay a fee for the gold purchase, then find a store that takes gold bars and then buy the stereo. How many average joes are going to take the extra steps necessary? I stopped mining because the reward dropped to 25. How many more individuals will stop at the next reward drop? How many more professional mining farms will spring up and take away the little guys ability to mine Bitcoin? It's tough to build a robust economy with that recipe. Between the difficulty of use, the scumbags running the businesses and professional organizations, the massive crime and theft and the growing political hurdles I'm not seeing this as capable of lasting forever. Sorry.

What? How is the mining 'asinine'? The mining is the most beautiful thing to date of all the coins. 5 algorithms can mine. Total coins split evenly between the 5 algorithms. How is this asinine?

Please, elaborate!

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as·i·nine
ˈasəˌnīn/Submit
adjective
extremely stupid or foolish.
"Lydia ignored his asinine remark"
synonyms:   stupid, foolish, brainless, mindless, senseless, idiotic, imbecilic, ridiculous, ludicrous, absurd, nonsensical, fatuous, silly, inane, witless, empty-headed;
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so your point is that mining it is foolish therefore no long term viability.

looked into it, mining is asinine, so i would have to say that this isn't a long-term viability

The last time I gave my opinion on this subject my post was deleted. lol

I'll think Andreas hits the nail on the head in this video: http://altcoinpress.com/2014/04/andreas-antonopoulos-cryptocurrency-is-a-language/

heres one that has the highest probability of long-term viability

(whatever your definition of long term may be after a little research you may feel the same way too)

http://myriad.theblockexplorer.com/

Watch the movie "In Time"...that will be cryptos.

I think you can go even further.  Bitcoin is both a payment system (nodes, miners, protocol) and a ledger of stored value (distribution of wealth encoded in the blockchain).  Even in the unlikely event that something was found lacking in the payment system at some point in the future, people wouldn't tear up the ledger at the same time.  They would instead use this ledger to boot-strap the new payment system / currency.  The average user would only be lightly inconvenienced.  

The blockchain is an unforgeable global ledger with 21 trillion "spots" on it.  Each spot is 1 bit.  You can prove ownership of these spots by producing an ECDSA signature with your private key, and you can reassign these spots to different people the same way.  People are willing to trade real goods in exchange for spots on this ledger because they know someone else will trade them goods at a later date in return for those spots.  So these "spots" on the big global ledger are a universal tool that makes bartering easier (they solve the double coincidence-of-wants problem).  

When viewed from this perspective it becomes more clear that the "newness" of the blockchain is actually a negative.  In fact, as it becomes more "boring" it actually becomes more legitimate and harder to tear apart or abandon.  When we finally stop even thinking about what those spots on that unforgeable global ledger are, and we just accept it as "money," then it will be as entrenched as it can be.  

The only reason the economic majority would want to abandon the dominant global ledger is if it was no longer perceived as legitimate.  If it becomes clear to the people of the world that the distribution of wealth encoded by the blockchain is hurting rather than helping mankind, then they will abandon it for a new ledger.  This would be a sort-of jubilee mechanism.  Since bitcoin can still grow by at least 3 orders of magnitude and there is very little bitcoin-denominated debt, something like this would be a long long ways away.    

In this case, "something" may be replaced by a better version, whereas the bitcoin is a concept and not a "product".

The internet (WWW) and P2P are not the same thing? If not, the second is better than the first.

The electricity: First came the Direct Current, which was replaced by the Alternate Current.

The wheel already exist trains that rely on magnetism.



This site can tell http://bitcoinrichlist.com/top100

I apologize for putting so little time in explaining that 1. Put it together in a retarded way. THe knowledege is there to pick up though, at least if you're a cryptographer 

Actually WAMU wasn't replaced it was absorbed into chase.

Bitcoin is a peer2peer network that has a protocol, just like the internet is a network that has a protocol. These are organization and their protocol is their governing structure, in the same way that governments and companies have their own constitutions.

For you to say that nothing similar to the internet preceded it is fundamentally wrong, it simple produces more value than any of its antecedents.

Also you clearly are not aware of the tech behind the infrastructure of bitcoin. It is trivial to replace bitcoin with an alternative. There is nothing costly about it. What is not trivial is updating the bitcoin protocol... not because of the coding required but because of politics.

Doesn't matter. People are fickle. The newness will wear off and something else will come along or something will happen that makes people want to move on. The infrastructure for WAMU and many other banks was too big to be replaced too. Except they're gone.

MySpace is a company, Bitcoin is a protocol

The internet is a protocol, nothing similar to the internet preceded it and nothing similar will replace it. The protocol will simply be updated.

Same will happen with bitcoin, the protocol will be updated where necessary and nothing needs to replace it.

The infrastructure around bitcoin is too large to just be replaced every few years, it took years to build and it's far from complete. No way merchants, banks, exchanges etc. will change to the newest altcoin all the time just for some random functionality that bitcoin doesn't have but the altcoin does or claims to have, it will be far too costly, it's far easier to just update the bitcoin protocol and no infrastructure needs to be changed drastically.

Not really sure what an accounting system is, sorry

It really doesn't have to stay at 10 dollars or any fixed value, most likely it wouldnt. If it's a group of 1000 working people their collective value should rise every day, if they put in 1 extra hour of work every day on top of being self-sustained.

I don't deal with details I'm afraid, I'm a Guru not a scientist. Imagine if for example Auroracoin would start being used by all people on Iceland. That would make it possible for them to start putting their savings in their own e-currency, right? That would lead to a "bubble" as soon as it started, ofcourse. Even without outsiders interfering. Anyway, why would they want outsiders to be able to withdraw holdings of Auroracoins when the value rises? And, why would they want to let outsiders be able to manipulate the price and sucking out value?

edit:
just look at todays currencies and economys. They are being protected in many many countries. Just not USA and EU(All rich countries basically).

/Guru

only Litecoin exists. Charles Lee will be the president of china and we will all look like dogs.

everyone uses decentralized banks so that crypto currencies have the purchsing power of whatever asset you want. every store accepts crypto currencies.

Which one, the wheel? 

It most likely won't in the near future. At least I think so. You (and we all) will see that. Technology and innovation is not moving as fast as it should be.

+1