Topic: So finally it did was not difficult to dethrone bitcoin! (Read 2207 times)

the truth is stranger than what it may seem. it may not be ethereum that might actually dethrone bitcoin, somehow bitcoin already is threatened to it but are not looking to some other else below when its marketcap rise like a lightning over a month.

never say never.
because that just makes people lazy, give up trying to grow/protect bitcoin because they feel it can never break.

nothing is too big to fail.
all it would take is barry silbert to tell coinbase and bitpay to release merchant tools to make merchants accept litecoins for instance.

then the swing and snowball effect will take place.

im not saying all 5mill+ regular bitcoiners need to jump up and do something but those that do actually care should start thinking critically at the weaknesses and make them strengths and stop thinking of the unicorn utopian dream of fluffy clouds when sitting on their hands

i am laughing at how most people talking about the dethroning, in regards to market cap.. rather than utility.. i think those kind of people should just admit they dont care about anything more then quick fiat profits. and stop pretending they care about bitcoins longevity

Bitcoin can never be dethrone as long as there is a lot of people using it and also miners that sustaining the network. Even there is a lot of altcoins you can see the domination of bitcoin in the market by looking at the price move of the altcoins now and they are mostly dumping because of the price rally of bitcoin, so i don't think bitcoin is very easy to dethrone.

How has Bitcoin been dethroned exactly? It still looks like the king of the crypto kingdom to me. Its network effect reigns supreme over all of its peasant-filled villages of ALTcoin land. The Bitcoin network is in its worst state (probably) ever with the mempool growing and the ongoing scaling debacle, but even with these issues outstanding Bitcoin is still able to garner enough new money to reach new all time highs.

The only thing that is going to be dethroned is the ALTcoin ICO bubble. Whereas Bitcoin will also suffer a correction itself, probably a large one, but seeing as though it is the king of the crypto kingdom... it will recover. Some of the peasant-filled villages of ALTcoin land will not be so lucky, and will eventually be overtaken by white walkers while sinking into the depths of page 1,000,000,000 of Coin Market Cap.

Since the original poster changed the first post it was difficult to know what this was all about, so this is about Ethereum? Ethereum has its own shares of problems, but what happens is since bitcoin and ethereum are completely different then the problems are different too, bitcoin has a problem with the decision making process, ethereum does not have that but it is centralized and to many that is even worst than the problems bitcoin may have.

The amount of 'angst' for the state of bitcoin concerns me sometimes. The alt coin fan boys treat BTC like Voldemort sometimes, bitcoin was the first mover but doesn't have to be the only one. The different coins serve various functions; although you can argue bitcoin can do alot of it with development, the others already do it, and most of the time, more efficiently. There is a place for all the coins; what's important is overall investment in the crypto sphere. If we build it, they will come

you are soo wrong

imagine it like a factory the proof of work/difficulty is just the design template of the product(block) on the production line.

its just template that pools have to create a block in a certain way.

the consensus mechanism is the quality assurance staff/network nodes that check and allow through to the network if it meets their criteria.
retailers(merchants/non-pool nodes) are part of the quality assurance process.. if they dont like a block they reject it. and thus that product(block/reward) cant be sold to the retailer(merchant)

pools learn their lesson fast that they made a mistake and wont get paid and so retreat and make things how the network wants.

please go back and take some time to research bitcoin. it seems you gave up too early and got stuck at a one dimensional view thinking nodes are helpless..

But RSK will be traded in the exchanges though. For every 1 BTC it must also be worth 1 RSK. As we have seen the price peg does not always work. USD/USDT has shown as that. So how will RSK maintain the price peg with Bitcoin knowing how crazy the traders sometimes become. RSK could be worth more than Bitcoin and BTC could be worth more RSK depending on the market sentiment.

Some people really like to LARP on this board when few people have any idea what the fuck is going on most of the time.
Either way, with the new segwit deal coming up in september I have a feeling that everything is going to end up turning out fine for Bitcoin. They'll solve the scaling issue, they're keeping most of the community on board with it, and there will be increased confidence in the technology as the transaction queue goes down and we stop having full blocks.
Good times await.

You are correct that they use a sidechain.

The peg works really easy: For every RSK token a Bitcoin is frozen on the Bitcoin blockchain (that's publicly verifiable) on an account controlled by several organizations. If you own a RSK token and want a Bitcoin for it, then all you must do is request the Bitcoin that was frozen to create it, to "un-freeze" and be transferred to you. The RSK token will then be burnt (destroyed).  In other words, every RSK token is backed by 1 frozen BTC.

Is this some kind of conspiracy theory I never heard of? That doesn’t make any sense. I don’t even understand what you are claiming that happened. Nice meme though. If the government is intervening in bitcoin it looks like their doing what we all want! Making the price skyrocket. So no one should be blaming or complaining to anyone.

As I understand it, I believe they will use a sidechain for smart contracts and RSK will be pegged to Bitcoins? I do not know how they will maintain the peg if they intend for RSK to be listed and open to market trading in the exchanges.

What are you talking about, Rootstock doesn't exist ore 'failed' to deliver? To lazy to google, ETH shill

They will test in now and release it next month.

If you are referring to market share then you might be blind and missing how fast Bitcoin is rising in regards to other altcoins.

If you are referring to the recent secret meeting of major mining companies in relation to reaching an agreement about scaling

then start your own major mining company to have a saying and be able to cast a vote and participate in decision making.

You think governments can put a leash on Bitcoin?

You are dead wrong mate, only the true believers shall win, hold on to your Bitcoins and don't listen to trolls, there is nothing wrong with this system

And is working as intended.

I wonder when will be the next unannounced hard fork for ethereum?   

I think both notions are contradictory.  An asset that is mainly "held" is highly unstable in price, because the fluid part is a small, and hence potentially very variable part of the total amount.

In Fisher's formula, this comes down to:

Q.P = M . V

with V = m1/M + 2 m2/M + 3 m3/M + ... + n mn/M

(mi = set of coins that are spent i times in a year).

If coins are mainly held, then MOST of them are in m0, which doesn't contribute to V.  As such, V is a small number, but which can quickly change, if even a small part of m0 (majority in hodl state) decides to move (into m1, m2, ...).

For instance, if 95% of M is held, in m0, and only 5% is liquid, then a 5% spending from the store m0 can halve the value of a coin ; and a 2.5% extra holding will double the value of a coin.

There's some good reading on the so-called stability of the gold standard (which is what bitcoin as a world-wide currency wants to imitate):

https://www.theatlantic.com/business/archive/2012/08/why-the-gold-standard-is-the-worlds-worst-economic-idea-in-2-charts/261552/

http://rationalwiki.org/wiki/Gold_standard_(economics)

http://www.nber.org/papers/w10171.pdf

to give a few ideas. 

Of course you can put your tin foil hat on and say that all this "research" is part of the Big Conspiration, but I don't believe that.  It is genuine research.

But that is, on the assumption that bitcoin *already became* the universal money.  Gold has been so for a while because *states decided so*.  However, there's no path for it to *become* universal money if it has to compete with close-to-ideal money (big fiat), being a fluctuating, hoarded speculative asset.

What do you mean by rootstock,if there is a much better solution for contract based solution then ETH can be replaced but to replace bitcoin it is really not that easy unless and until the scaling issue consumes it.


For those who are investing in alt coins their only choice is to make money and nothing else,every investor dreams on multiplying his assets ,bet it in bitcoin or in alts.

Which is correct in every aspect of success bitcoin really make it first we wont be able to say when or how but its every developers dream to be more successful than btc but it will only time can tell as of now lets enjoy the bitcoin party..

Bitcoin chose adopt to th users demands instead wasting 2 years of time debating for a scaling solution if the was not solved sooner then the users will all faith in bitcoin because of it's delayed transactions that takes days to confirm.
No one will ever be stupid enough to invest big amounts of money to altcoins that is good for short term and that's buggy like ETH.

Let's state that maybe bitcoin will not overthrow the state but as we all can see now is that Bitcoin's value is overthrow every currency in the FIAT world and digital currency world and it's a fact now.

It's not fully about stability, it's about safety.  The idea is that as long as people hold their coins, cryptocurrency's value stays the same or goes up.

If Bitcoin ever has a significant role in society, these "design flaws" won't matter as it won't have dramatic drops anymore.  The higher liquidity than being a speculative asset can bring can actually keep it stable, like gold has been for many years.