Does Coin swap stands a chance of solving Bitcoin's problems?

bobdk

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Quote from: LeGaulois on October 21, 2019, 03:12:54 PM

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2. High consumption of electricity in running the network etc.

What is the problem here? The banking system uses a lot more electricity, yet people never complained, not even ecologists. Most of the electricity to mine comes from renewable energies. The energy that would otherwise be lost: even if there is no demand, the sun continues to shine, it doesn't care if you need electricity.

This is exactly right. I'm sure most of the arguments are well-worn but I outlined a few in The Currencies That Are Killing Our Planet.

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Fiat not only consumes more energy in its birth than bitcoin mining (11 terawatt hours versus 8.27) but fiat is doubly damaging at its death, when it must be destroyed by burning, releasing even more CO2 into the atmosphere.

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A 2010 study by Ahlers found that the printing of the U.S. dollar alone used 3,530 tonnes of ink, over 7,100 tonnes of cotton and 2,300 tonnes of linen. Waste products from its manufacture include a total of 2,720 tonnes of pulp and ink sludge.

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....the power use of bitcoin mining expressed as a percentage of global energy consumption is only 0.13%.

The whole 'high energy consumption' meme regarding bitcoin and crypto is just another attack on BTC similar to and with the same kind of validity as 'but criminals use it'.

LeGaulois

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2. High consumption of electricity in running the network etc.

What is the problem here? The banking system uses a lot more electricity, yet people never complained, not even ecologists. Most of the electricity to mine comes from renewable energies. The energy that would otherwise be lost: even if there is no demand, the sun continues to shine, it doesn't care if you need electricity.

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1. Slow transaction rate

When you pay something with your VISA it's not a settled payment but an authorization. Visa process transactions once a day. So it's like saying it takes 24 hours to get the transaction completed. wow Bitcoin is super fast =)

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Plus there is no way we can reach Satoshi Nakamoto so that he can approve of this swap coin proposal and endorse the move.

And you think if Satoshi comes back from nowhere he will have something to say. Like "hey I decide now, you obey" Cheesy

CryptoBry

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Quote from: Mandoy on October 19, 2019, 04:44:23 AM

Quote from: joinfree on October 19, 2019, 03:20:52 AM

1. Slow transaction rate
2. High consumption of electricity in running the network etc
Just to mention but a few are some of the problems of bitcoin which almost everybody in here knows about. I have seen several blockchain network do a coin swap as a way to improve upon the security, transaction and other features of its network. Solutions using lightning network would still increase the cost of transaction in one way or another. I have been thinking about this for a while, would the crypto community support the idea of a coin swap for bitcoin even if it was spearheaded by Satoshi Nakamoto? All that needs to be done is for him to sign a transaction with the address containing the rewards from the genesis block whiles mining bitcoin. I know it's a big pill to swallow but let's look at this possibility, hopefully the "anonymous being" might spot on this thread and come up with another great idea. All he needs is the support of the cryptosphere just like any other blockchain startup.

I don't think that is a good idea. One of the reason why bitcoin is at 8k$ right now is because of the difficulty of mining it including the electricity cost. The production cost or the mining cost is contributing to the value of bitcoin right now. Bitcoin has a slow transaction rate but it is normal and it means that there are many people that are using bitcoin and it is a sign that bitcoin is alive. Also it is not a problem, here in the Philippines the slow transaction has not been a problem since most of us are using coins.ph and we are doing internal transactions of sending bitcoin and this does not need confirmation and it can be done in a click of a second except for external transactions. So if other countries will just follow this system, if each country will create their own system just like we do with coins.ph then transaction speed is no longer a problem.

Plus there is no way we can reach Satoshi Nakamoto so that he can approve of this swap coin proposal and endorse the move. I am sure this idea has been discussed before and the consensus is that this can be a dangerous path to thread on. I myself will not be supporting it. As to speeding up the transactions, I would like to think there are now many good solutions for that just waiting for full implementation and eventually scalability can be solved as part of Bitcoin's evolution.

Indeed, it is true, the cost of Bitcoin mining like electricity expense forms part of the reason why Bitcoin has good value because had it been mined at a very minimal cost then it can take a lot of decades before it can rise in price. This is one reason, among many other factors, why Bitcoin is not worthless. Still, thanks to OP for showing a lot of interest in the health of Bitcoin and for suggesting something like that here. Zooming out from the politics of cryptocurrency, we need people who are always attentive and have that desire to be a big part of the community.

Kyraishi

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Quote from: joinfree on October 19, 2019, 03:20:52 AM

1. Slow transaction rate
2. High consumption of electricity in running the network etc
Just to mention but a few are some of the problems of bitcoin which almost everybody in here knows about. I have seen several blockchain network do a coin swap as a way to improve upon the security, transaction and other features of its network. Solutions using lightning network would still increase the cost of transaction in one way or another. I have been thinking about this for a while, would the crypto community support the idea of a coin swap for bitcoin even if it was spearheaded by Satoshi Nakamoto? All that needs to be done is for him to sign a transaction with the address containing the rewards from the genesis block whiles mining bitcoin. I know it's a big pill to swallow but let's look at this possibility, hopefully the "anonymous being" might spot on this thread and come up with another great idea. All he needs is the support of the cryptosphere just like any other blockchain startup.

They aren't really 'problems'. For example, with the transactions rates, we've seen what the lightning network has done to us and it's been a great help in accelerating transactions and also keeping costs to a minimum. It's made micro transactions a lot more viable.

As for electricity cost, it's been getting better and it isn't really an issue to be fair.

No other coin has the community support and qualities that Bitcoin has. There's been nothing developed that has been able to be as secure as Bitcoin.

pooya87

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Quote from: joinfree on October 19, 2019, 03:20:52 AM

1. Slow transaction rate
2. High consumption of electricity in running the network etc

these are both wrong and already discussed.

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I have seen several blockchain network do a coin swap as a way to improve upon the security,

there is no other coin that has a security of even 10% of what bitcoin has which means by using them you will reduce your security by a lot.

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Solutions using lightning network would still increase the cost of transaction in one way or another.

no it doesn't.
by the way, i hope you realize that "coin swap" costs more because of the unfavorable rates, 2 additional fees and also the best way of doing it is through lightning network and atomic swaps!

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I have been thinking about this for a while, would the crypto community support the idea of a coin swap

that is not something the "community" has to support. the option is there and you can choose to use it yourself without anybody being able to prevent you as long as that other altcoin is also decentralized.

kooboat

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Generally, most people think the bitcoin's blockchain network is slow but honestly it is the best network for transactions although some transactions can take long to confirm.Coin swap would not help the course of bitcoin when it comes to transactions as most of these coin swap programs are meant for the selfish interest of the developers behind a particular coin.

Youghoor

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Quote from: joinfree on October 19, 2019, 03:20:52 AM

1. Slow transaction rate
2. High consumption of electricity in running the network etc
Just to mention but a few are some of the problems of bitcoin which almost everybody in here knows about. I have seen several blockchain network do a coin swap as a way to improve upon the security, transaction and other features of its network. Solutions using lightning network would still increase the cost of transaction in one way or another. I have been thinking about this for a while, would the crypto community support the idea of a coin swap for bitcoin even if it was spearheaded by Satoshi Nakamoto? All that needs to be done is for him to sign a transaction with the address containing the rewards from the genesis block whiles mining bitcoin. I know it's a big pill to swallow but let's look at this possibility, hopefully the "anonymous being" might spot on this thread and come up with another great idea. All he needs is the support of the cryptosphere just like any other blockchain startup.

Fisrt and foremost, how will coin swap solve the problems you claim bitcoin is having ? What you should understand is that, the nature of Bitcoin's blockchain network and its algorithm are unique a way. If you understand how the bitcoin algorithm works, you will understand why this is happening on the bitcoin blockchain network regarding slow transaction...

Mandoy

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Quote from: joinfree on October 19, 2019, 03:20:52 AM

1. Slow transaction rate
2. High consumption of electricity in running the network etc
Just to mention but a few are some of the problems of bitcoin which almost everybody in here knows about. I have seen several blockchain network do a coin swap as a way to improve upon the security, transaction and other features of its network. Solutions using lightning network would still increase the cost of transaction in one way or another. I have been thinking about this for a while, would the crypto community support the idea of a coin swap for bitcoin even if it was spearheaded by Satoshi Nakamoto? All that needs to be done is for him to sign a transaction with the address containing the rewards from the genesis block whiles mining bitcoin. I know it's a big pill to swallow but let's look at this possibility, hopefully the "anonymous being" might spot on this thread and come up with another great idea. All he needs is the support of the cryptosphere just like any other blockchain startup.

I dont think that is a good idea. One of the reason why bitcoin is at 8k$ right now is because of the difficulty of mining it including the electricity cost. The production cost or the mining cost is contributing to the value of bitcoin right now. Bitcoin has a slow transaction rate but it is normal and it means that there are many people that are using bitcoin and it is a sign that bitcoin is alive. Also it is not a problem, here in the Philippines the slow transaction has not been a problem since most of us are using coins.ph and we are doing internal transactions of sending bitcoin and this does not need confirmation and it can be done in a click of a second except for external transactions. So if other countries will just follow this system, if each country will create their own system just like we do with coins.ph then transaction speed is no longer a problem.

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

1. Slow transaction rate
2. High consumption of electricity in running the network etc
Just to mention but a few are some of the problems of bitcoin which almost everybody in here knows about. I have seen several blockchain network do a coin swap as a way to improve upon the security, transaction and other features of its network. Solutions using lightning network would still increase the cost of transaction in one way or another. I have been thinking about this for a while, would the crypto community support the idea of a coin swap for bitcoin even if it was spearheaded by Satoshi Nakamoto? All that needs to be done is for him to sign a transaction with the address containing the rewards from the genesis block whiles mining bitcoin. I know it's a big pill to swallow but let's look at this possibility, hopefully the "anonymous being" might spot on this thread and come up with another great idea. All he needs is the support of the cryptosphere just like any other blockchain startup.

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