Topic: Goodbye, Bitcoin (Read 2321 times)

Yea, it has "headers-first synchronization" and "parallel block downloading" since a couple of versions back, and it's quite fast now considering the sheer size of the blockchain.

I know Peercoin's POS system uses centralized checkpoints. Does NXT also use them?


Like Datacoin, Monero is a bit of a special case since the CryptoNote technology results in a much larger blockchain than you'd expect for a coin of its size.

Last time I checked, the Bitcoin blockchain was roughly 30 GB in size while NXT's was slightly over 400 MB. Has the syncing speed improved in the latest version of the Bitcoin-Qt client? Because I remember I could never get my Internet connection to sync with the Bitcoin blockchain no matter how long I waited whereas syncing with NXT's was always fairly quick in comparison.

Actually it syncs pretty fast from scratch, in a couple of hours or so. Whereas something like Monero for example takes weeks.

I also synced NXT from scratch last week, it took way longer than Bitcoin-QT core 0.10.2 wallet.

This. The Qt client and the Bitcoin core protocol are meant to be conservative. There are still new developments happening of course (e.g. sidechains) but most of the cool stuff is now done by teams that aim to build on top of the core protocol (e.g. projects such as Mastercoin, Colored Coins, Counterparty, etc.).


It's not really clear what is meant by "web wallet" and "downloading the entire blockchain". There are online wallet services where you don't need to download the blockchain but you also don't control your own private keys. These are highly unsafe and are only recommended for storing very small amounts. Then there are online wallet services like Blockchain.info where you do have control over your own private keys. These are significantly more secure compared with the other type of online wallet. Then there are lightweight wallets like Electrum and MultiBit where you don't need to download the blockchain and you do have control over your own private keys but these aren't web wallets.

And of course, there is the default Qt client too.

Each type of wallet has a different level of security associated with it. The default client is probably the safest and most secure, followed by lightweight wallets such as Electrum, web wallets like Blockchain.info, and finally web wallets like Inputs.io and MyBitcoin (in that order).


Other than a few hardcore NXT fans, most people don't believe NXT will overtake Bitcoin. But that doesn't mean it's not a coin worth considering. Remember that Litecoin reached a >1 billion dollar market cap during Bitcoin's peak. If Bitcoin ever surpasses its November 2013 ATH, a >1 billion market cap for some of the major altcoins isn't too far far-fetched. NXT has held onto the top of the altcoin market cap rankings for months now and there will only ever be 1 billion NXT coins. At a price of $1 per NXT, the potential rewards of investing today would still be enormous.

Which POS?

Proof of Work is the only known rock solid consensus mechanism that does not require external "fiddling" such as checkpoints, oracles, etc. I wouldn¡'t touch PoS with a stick.
If QT is too heave, get Electrum.

Bitcoin will always be on top as the coin to the fiat world.

but i feel nxt and etherum will be the runners up as they are tackling the apps space. ethereum has it going for them is the ability to market better to devs even tho they are in testing still. nxt has the first mover advantage but lacking on the marketing front.

i think nxt is strategically waiting for ethereum to come out first with smart contracts and see how that plays out before moving into that space and then possible leap frog it.

having that nxt is a bad name for the system due to the fact that when u google it, u get wrestling and lego results. in hind sight it might have been done on purpose to obsure itself to slow the adoption rate in order for the devs to build a robust platform and let it break and fix it without much intervention like btc forks. maybe this is the great crypto conspiracy. i also believe some of the devs on nxt are from the same cypherpunks group that satoshi joined.

bitcoin's ecosystem is most complete in crypto world and it was accepted by most ppl. NXT, claimed to be next generation coins, has great potential! If I were him, I would keep both of them!

With all the tears and whinings the bitcoin is the coin, and all rest is minor to garbage, like it or not, this is the fact. NXT will never become the bitcoin, similar dreams existed before in each and every other coin, only dreams.

Proof of work is the base of existence of Bictcoin, for it give trust to its users, the work itself is valuable. The idea is born of Bitcoin, so its place is hard to replaced. Maybe this can be called a kind of user experience for its history.That is to say, the users of Bitcoin have an historical feeling.

I don't agree ... 100 btc is a small fortune now, and will be a large one soon. Web wallet should be like a real wallet, just day-to-day cash. Who carries 20K usd in their wallet?

if you are dealing with under 100 BTC then a webwallet will work sufficiently well for keeping your money in, however those with larger balances are more likely to not mind needing to download the entrie blockchain.

There's a lot of compression possible that the client hasn't bothered with yet. The community expects this to eventually be a solved problem.

Hello Vertcoin

I have always used Multibit and I got the link on the Bitcoin web page (they advised using it)
I think they recommended a bunch of Alternative wallets rather than their own QT wallet
so they can work on more important things and leave the UI front end to others etc.
I might add too that the Multibit guys has huge plans for a radically designed new wallet they demo'd way back.

But yeah your experience does sound pretty damn bad LOL
Ya gotta be able to use the tech with relative ease or it's not going to get used..

That may have been the intention....I can't keep track of which lunatic sockpuppet is on which side anymore.

Back to the topic: right now BTC is king, and as the pioneer of serious crypto-currency, I reckon it's gong to be around for a long time yet, barring any disasters.
But Nxt is a frigging amazing system, with a value based on utility. Simply put, you can do a lot more with the basic Nxt core software than with any other crypto.
I'd like to see everyone take a really good look at Nxt, not as a replacement for BTC, but on it's own merits as a system that allows you to do more with your crypto.

BTW: I don't think that any alt is going to replace BTC in the short to medium term (1-5 years), there is simply too much investment in and infrastructure created for BTC.
And BTC works, lets not forget....
I do think that we are going to see increasing adoption of 2nd generation crypto (especially Nxt  ), for a lot of user-facing applications, with BTC increasingly becoming a reserve currency (like big lumps of gold) for the entire crypto-currency eco-system.  
  

fyi: U actually make NXT look stupid with your constant shilling.

Bitcoin has a lot interesting of backround development going on. Aside of updates that come only to fix bugs, everything else contains something new and you're not going to see this by a shiny GUI. Sad truth is that the foundation isn't funding development, but this doesn't stop a small army of contributors to assist development. And you could be one of them if you weren't abandoning bitcoin for altcoins with shiny wallets.

Warning: This guy is making shit altcoin marketing.




GUI is still same :/

Bitcoin's been going strong for years and never really been hacked. No alt has proved itself over the same length of time. People won't trust alts enough to let them take over from bitcoin unless they can prove they are unhackable over a period of five years. Bitcon will remain king for the foreseeable future.