Topic: What if the second Satoshi appears? (Read 466 times)

I don't know why you are asking that question but as you can see when Bitcoin started noticed by people and now many people are using it but when they use it they have something they want like much faster transaction getting confirmed and that's the start of new cryptocurrency being created and it is now called altcoin or as an alternative of the current crypto called Bitcoin. Of course, that altcoin have its own blockchain.  I am sure if you make some research then you'll see that there are other crypto that have their own blockchain or doesn't depend on other blockchain just like tokens where it depends on ethereum own's blockchain.

There are already lots of blockchain networks that are faster and cheaper than bitcoin. Look at all of its hard-forked coins. Every time dev saw a problem with the bitcoin network and they couldn't change the core network they tried to create a fork that could work better than bitcoin. Are they more popular than bitcoin right now? There are some obvious reasons why bitcoin is still dominating.

What satoshi nakamoto created was unique and any upgraded version of his idea will not get the recognition that bitcoin has. Bitcoin was created to give people financial freedom. If someone comes up with a better idea that can reach this goal in a better way then there is no point in using that instead of bitcoin but it needs to be unique, not an idea copied or inspired by bitcoin. With a new technology and concept we can have a bitcoin competitor, but do we really have that technological advancement now? I don't think so.

It would also have to be a technology that Bitcoin could not implement because Bitcoin has something that many of the other contending networks lack and that is a vibrant, global and continuously growing ecosystem. This won't just be ported to a different network. So maybe this new technology pulls miners / part of the network over from Bitcoin, but for how long will the new network offer competitive profitability when whatever the rewards are to maintain the network have to be shared by a growing pool of contributors?

There is a lot of things that would have to happen in order for Bitcoin to be replaced. It would have to be something entirely new that Bitcoin itself could not integrate into its protocol and at the same time boast incentive structures that offer rewards which sustainably outcompete what Bitcoin has to offer. I think Satoshi ha worked something out that's here to stay for a while. But of course in the field of technology, many things are just a question of time.

OP asked if people would get rid of their Bitcoin if something like this happened. I think it's the worst situation for investors because just imagine, Bitcoin is already worth more than $600 billion in marketcap, and all that money could disappear if a new cryptocurrency or a better one is created.

I'm open to making changes to improve the system, but we should also be prepared for when that time comes. We're not just holding onto Bitcoin for no reason. It's important to get our investment back and maybe even make some profit before Bitcoin loses its value.

Monero is a great coin, I like it too. But imho it's, by far, less secure than Bitcoin. Monero doesn't have the huge mining businesses built around it and there used to be words here and there about botnets mining it, which have the potential of gathering too much hashing power in one organization's hands. And because of this, Monero is not a strong enough competitor to Bitcoin.



Just faster and maybe sometimes (!) more profitable is not good enough. And Bitcoin's security is harder to beat every passing day.
Ethereum came with smart contracts. Monero came with privacy. But they are not a significant (or significant enough) leap forward from Bitcoin. And they didn't gather the proper mining support for becoming bullet proof from security point of view.


Of course that this is the most straightforward way to help. Ideas like what Satoshi had don't come every decade.

Why do you consider that the worst case scenario? If that happens, we should be happy because we will get a more perfect version of bitcoin that will bring greater benefits to us. After all, Satoshi created bitcoin because he was fed up with the way governments ran the world, the devaluation of fiat currencies...so he created bitcoin to overcome those shortcomings. And if someone inherits Satoshi's thinking to create something more perfect, why do we consider that a bad thing?
But you're right, that hasn't happened yet and we only have bitcoin for now, so enjoy bitcoin while waiting for a better version of bitcoin.

Anything can happen in this free world, and the competition is fierce. If we come across a new project that's better than Bitcoin, people might invest in it, and Bitcoin could gradually lose its popularity until the market declines. But that's a worst-case scenario, my friend. Personally, I don't worry about the future because it's all uncertain. My advice is to enjoy the benefits Bitcoin offers while we can. If the time comes for it to be replaced, we'll have enough to invest in a new project.

Yes that's right. Altcoins still never disappear, in fact there are many technologies that are better than Bitcoin if you look at transaction speed, or you can see from ETH's approach to finance that it is very good. Plus the LSDfi and LSTfi boom with upcoming projects built on eth is crazy. Just look at the ethene laboratory for example. but altcoins still cannot compete with bitcoin. Because bitcoin was created by satoshi with unique technology, no one can imitate the sophistication of bitcoin technology and bitcoin was also created with sincerity at a time when the world economy was not doing well.

Actually that happened already with the founders of Grin. They used pseudonyms based on the Harry Potter series to launch their whitepaper, code & blockchain. At least one of them is still active here on the forum, from time to time.

Even though it was based on some novel tech (mimble-wimble) that offered a greater degree of both anonymity and simplicity than Bitcoin, it never really caught on as a cryptocurrency (some blame their choice of tail emission model). Perhaps the most important thing it did was allow Litecoin to integrate Mweb which gives certain LTC transactions more privacy.

Thank you for this reply. But the truth is that there are other Blockchain technologies that are likely to be faster than the Bitcoin technology and probably even more profitable to small investments, but unlike you say, that does not take a way the technology built by the founder of such invention as any other genius building a similar digital currency will have to tap those ideas from Satoshi's Bitcoin.

And I think that solution to such problems and issues have been created by Satoshi since you do not have to create a new technology outside of Bitcoin with the open source software that Bitcoin was built on. All you just need to do is to contribute to the already existing system through the open source and Bitcoin can be better by your contributions.

All current altcoins cannot replace or outperform bitcoin, but it would be stubborn to say that in the future there will be nothing better than bitcoin created while the technology world is developing rapidly. Just like governments believed that their fiat currency would never have a rival, or that anyone could not threaten it until bitcoin was created. I am very passionate about bitcoin and have faith in its future, but developments are happening in our world and if something better than bitcoin is created we should not be surprised. But I don't think that will happen anytime soon.

The main problem with this idea is the problem that all cryptocurrencies have faced since Bitcoin.

Bitcoin has a HUGE advantage being the first. Because the mining industry grew up around Bitcoin that made sure Bitcoin was always by far the most secure cryptocurrency. It's not THAT hard to 51% attack the other large PoW chains, because they aren't really that large. That's a main reason we've seen a complete switch away from PoW, because only Bitcoin was really secure using that method.

PoS isn't nearly as good for decentralization and security. So, considering we already have Bitcoin, how would a brand new cryptocurrency rise up to overcome this problem? We already know simply having a faster blockchain is meaningless because most cryptos are faster than Bitcoin. And since security and decentralization of this sort of network comes from its size, there's no way to bootstrap a new cryptocurrency to have that security to start. So even if a fast potentially really secure and decentralized blockchain made altruistically without the goal of controlling it by the founder were to be made, it would have to go through a long period of time of not being decentralized and secure. There just is not really a way to compete with Bitcoin unless a blockchain is already really large, which obviously it can't be because like Bitcoin it would have to grow to be very large. Any creation that could bootstrap itself would by definition have to be coming from a company or govt rather than growing on its own, which of course would then not be decentralized at all.


This is the reason that Bitcoin is likely a "one and done" situation. By which I mean we are never going to get a "second Bitcoin" or a Bitcoin competitor of any sort. Because we already have Bitcoin and there is unlikely any incentive that would allow a later solution to be able to grow to the size at which it could realistically compete with Bitcoin. Anytime someone tries to do this the overriding question would be: "why go with this new thing when we already have Bitcoin?"

By the time the idea of Bitcoin and cryptocurrency is accepted by the masses enough for some small new cryptocurrency to be seen as anything other than a gamble Bitcoin will be so entrenched in society that there will be no reason for anyone to switch. Bitcoin is currently not very accepted by society, most people are very uneducated about it and antagonistic towards it. So certainly some random new crypto is not going to gain acceptance before Bitcoin. But by the time Bitcion is accepted enough for there to be a possibility of some random new crypto to be highly accepted, Bitcoin's acceptance is going to be complete so there will be no reason for people to accept some other much smaller cryptocurrency.

The use of Bitcoin has now doubled from what it was before. Many other coins came before Bitcoin, maybe those coins were traded then and those coins are gone. But as long as Bitcoin is growing, people's interest in trading it seems to be increasing. I think Bitcoin will become much more popular in the future. Developed countries are now introducing Bitcoin transactions. A restaurant in a big country like Germany has launched transactions with Bitcoin. The use of Bitcoin will increase manifold in the future.

We are all here to tend to seek ways to benefit ourselves, we are not here to adore and worship someone or something. Bitcoin is just one of many financial tools for us to leverage for our benefit and it is not god or deity for us to worship. So if in the future there is a project that is superior to bitcoin and brings more benefits and profits than bitcoin, people will definitely flock to it instead of bitcoin. It's obvious, you don't need to ask anyone.

No, no crypto coin will ever replace Bitcoin. There have been attempts for this for years, but the result is a big disappointment. If you think that alternative crypto coins will replace Bitcoin based only on transaction speed, then you don't understand Bitcoin. We can also solve the speed problem with the Lightning Network. The Lightning Network is in its infancy and still in development. Developers are trying to figure out if it will work as they imagine. If it does, the benefits of Lightning Network technology will make Bitcoin indispensable.

When it comes to the reason for using Lightning Network technology, the answer is actually very simple: scalability. If the network really does solve Bitcoin's main problem, it is likely to be adopted by other cryptocurrencies. In this case, there is the possibility of further development of cross chain exchange technology. This would be the first step towards the creation of truly decentralized cryptocurrency exchanges.

The first thing is that there have been many crypto-currencies that imagined themselves in comparison to Bitcoin, but so far no coin has shown its performance better than Bitcoin.However it is possible we cannot say that it cannot happen at all. If this happens and there is a coin that performs better than Bitcoin, I don't think it will have much impact on Bitcoin,because each has its own characteristics, even with the presence of Bitcoin, you will find many people investing in altcoins.

Although Bitcoin is currently the safe and best investment option in the entire cryptocurrency market.If someone outperforms Bitcoin, people will prefer to invest in it, but that doesn't necessarily mean people will leave Bitcoin,but these are all fictitious things and assumptions made by us. It will be known at that time if the situation really arises like this.

It's not only about features to my mind. Bitcoin is so popular that no coin is going to easily replace it, bitcoin is just the king of the jungle named cryptocurrency.

I don't think it's that simplier. Why hasn't Monero changed bitcoin? Monero has absolutely everything that Bitcoin lacks, Monero fulfills every demand of bitcoin users: privacy, security, decentralization, asice resistance. Because of these features, I thought Monero was the best investment option and would become more popular and expensive than Bitcoin but I was wrong. Maybe I am blind but I would love to hear what makes bitcoin a better than Monero?

But it's not impossible for BTC to have a successor in the future. It's true that thousands of altcoins have emerged, aiming to be better than Bitcoin, but it's the insincere developers who create their own downfall. We can even witness many attempts driven by greed from new developers. This means that there's still nothing that can surpass the stability of Bitcoin so far.

I've also had thoughts about a new coin that could be widely adopted by people all around the world and regulated fairly. However, it seems challenging for a fully decentralized coin, unless each country shares the same view on cryptocurrency and has a positive mindset about the presence of blockchain technology and cryptocurrency.

If someone develops anything better then it will definitely create an impact. I mean everyone wants the latest and the best thing possible for any object or asset. So people will definitely move from Bitcoins to that new invention. But the most challenging part will be the promotion of the new invention, as if people won’t be able to know about it, then how they gonna use it. But practically creating something better than blockchain or Bitcoins is very hard. But yes it’s a good topic to keep our opinions.

I think what the OP means is that there will be a coin or a solution that is perfect and superior to bitcoin, he is not referring to current altcoin blockchains. That is also possible because the world is constantly evolving and bitcoins are also created from that process. So I wouldn't be surprised if in the future a more perfect solution than bitcoin is born. But we won't know when it will happen just like how bitcoin was born, no one knew until it appeared. So instead of thinking about things that haven't happened yet, we should focus on the reality and the present, which is bitcoin.