...MegaUpload2/BitCache and Yours.
I had already detailed why Yours.network has the wrong model, so they don't concern me:
https://bitcointalksearch.org/topic/m.15753046https://bitcointalksearch.org/topic/m.16861040https://bitcointalksearch.org/topic/m.17048740Whereas, MU2/BitCache is a serious threat to my coming altcoin offering in the microtransaction+social networking arena:
https://cointelegraph.com/news/kim-dotcom-megaupload2bitcache-will-take-bitcoin-mainstreamhttps://bnktothefuture.com/pitches/megaupload-2-0-bitcachehttp://insidebitcoins.com/news/thoughts-kim-dotcoms-bitcache/36379Essentially BitCache will be an effectively centralized, optimization of Lightning Networks, because
that is the only way to make LN work. Don't forget that decentralized is not the same meaning as distributed! I do expect BitCache to be distributed:
https://z.cash/blog/bolt-private-payment-channels.htmlhttp://www.coindesk.com/anonymous-blockchain-micropayments-bolt/https://eprint.iacr.org/2016/701I don't think users will really care that the microtransaction network is actually highly centralized. Whereas, I have a design which is decentralized, but will anyone care?
One challenge for KimDotCom's plan is how to onboard users and get BTC into their wallets? My plan mints coins to onboard users. His plan can't mint BTC. So I presume he is going to try to have some easy way to buy a $5 of BTC for $10 using a credit card and eat the fraud. Onboarding is a huge issue, for example why most Indians can't just suddenly adopt Bitcoin.
Over time, I think it will become clear that my design scales better and is more trustless, permissionless. Thus I think ecosystem adoption of mine will eventually win against KimDotCom's. But I admit this is going to be serious threat to my plans.
I think what is likely to happen is we will capture different market subsets. Mine will include (not exclusively) the developing world who don't have credit cards and my coverage will be more widespread in terms of ecosystem diversity because of less potential for centralized chokepoints. The risk of those in the ecosystem embracing KimDotCom's system is association with illegality. Whereas, KimDotCom's plan will likely be successful amongst the pirate community.
Thus I see my plan targeting legal, mainstream, and onboarding the billions. And KimDotCom's once again blazing a path that ultimately flames out again.
We'll see... I will need more help asap...
(ICO and open sourcing will come as soon as I have enough code to reach testnet)
People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
Indeed! Why will people flock to MU2 and go out their way to obtain BTC when they can get the same shit for free without any hassles elsewhere. Onboarding and compelling need are huge obstacles.
My plan addresses this both by providing a more compelling mainstream need which isn't associated with illegality, and which requires absolutely no perceived effort on the part of the users (which is radical improvement on Steemit's awespiring, exciting, but failed experiment).
The comments I read in the first two pages of this thread seemed to agree with my appraisal of it being unlikely that people will go out of their way to obtain BTC for spending on activities they can get for free on other sites.
That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
The investment aspect, as well as the store of value aspect, will be the main points of Bitcoin that people will be interested in.
Indeed. That is why I tentatively plan to name the token 'shares' in my planned altcoin system. The word has a dual meaning, "to share" (social networking) and "a share of the growing pie".
We certainly need a new wave of adoption. We seem to have hit a wall, a bit of a plateau. I hope something can draw lots of people in & we see the price rise significantly.
I recently wrote about this:
The circulating currency unit-of-exchange form of "money" (as differentiated from the Gresham's law hoarded higher quality store-of-value form of "money", e.g. pre-1965 U.S. silver dimes) is always subject to a power-vacuum on who is in control of the legality of legal tender.
Satoshi's PoW (and best-of-breed alternatives thus far such as DPoS) is also a winner-take-all power vacuum.
The world is not going to entrust the control of money to some cartel of mining farms in China, nor the whales who control 80% of the stake (money supply) of Steem(it).
This (along with user issues such as security, ease-of-use, and applicability to mainstream commerce) is why crypto-currency is stagnating. We haven't improved on the problem of money yet. The world will instead rather turn to a political power-sharing monetary reset wherein the IMF SDRs will be valued by weighted basket of national currencies, precious metals, and perhaps some key commodities.
If we are going to offer an alternative to the coming SDRs system (where national currencies will be backed by SDR reserves and all the nation-states will be destroyed by borrowing in SDRs with wages paid in depreciated national currencies, which is what destroyed the PIIGS especially Greece), then we need a crypto-currency that has an equilibrium which isn't a winner-take-all power vacuum disequilibria.
I have a whitepaper coming which proposes a radical new design for crypto-currency which is posited to be a solution. I also propose solutions for the other items holding back crypto-currencies (and blockchains) such as a solution to end exchanges fraud, a solution to eliminate theft of private keys, and a solution to making crypto mainstream (virtual) commerce.