What will be the next currency? - page 2.

jtimon

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Quote from: zby on July 18, 2011, 03:58:21 PM

I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.

Have you heard about Ripple, the generalization of LETS?
I wouldn't say that Ripple is a currency because it uses many denominations and each user issues its own currency, but I would say is money. Of course that depends on your definition of money. The USD and BTC aren't money for some people.

Anyway, when distributed Ripple is implemented, it will be more decentralized than bitcoin (the block chain is an "issuing center" in some sense) and is cheaper (operational costs) than bitcoin if costs are your concern.
I don't think bitcoin is proportionally more expensive than gold or the USD though.

GideonGono

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★Bitvest.io★ Play Plinko or Invest!

Quote from: zby on July 20, 2011, 11:19:00 AM

Quote from: marcus_of_augustus on July 18, 2011, 09:10:45 PM

Quote from: zby on July 18, 2011, 03:58:21 PM

I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.

If bitcoin was not paying for itself, in terms of the services it is providing, value information transfers, storage, etc, then it would not be profitable.

Money costs. (Gold digging, fiat confidence defending, etc)

I am pretty sure that bitcoin is not paying for itself and it will not for a very long time. Silk Road transactions cannot support even the half a million dollars a month electricity bill (a very rough estimate - but the only one so far - see http://forum.bitcoin.org/index.php?topic=28780.0) - what else there is to pay that bill? And this is now - what will be the cost of it when the security of the system will be much more important?

Quote from: zby on July 14, 2011, 07:01:46 AM

Quote from: Jack of Diamonds on July 14, 2011, 06:49:11 AM

Converted to a common denominator (Radeon 6990) the total hash rate equals about 28,000 of those GPUs.

In that scenario the total power usage of the entire network is 10,500,000 watts at any given moment

(There are very many diverse GPUs, CPUs and maybe even some ASICS the network too so that's just a very rough estimate)

Thanks! Continuing this rough estimate - if we take the price of MegaWattHour to be about $100 (from http://en.wikipedia.org/wiki/Cost_of_electricity_by_source) - that means about $1000 per hour.

I don't get it. You say in your own post that the cost is about $1,000/hr. But at the same time there are 300BTC produced every hour, with a current market value of $4109.88. Since the price is stable right now (demand = supply) seems like there is profit to me. Infact it should be profitable right down to a price of $3.33

imperi

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Quote from: zby on July 20, 2011, 12:51:49 PM

Quote from: imperi on July 20, 2011, 11:49:21 AM

The 'electricity bill' is voluntary. It's almost like short-circuiting a wall socket. Bitcoin would run fine on a couple dozen mining machines. We don't need 20 - 30k, except to prevent theoretical attacks on the block chain.

Have you just said that security of the bitcoin system is optional?

It might be. If it is actually necessary, then the cost scales with the size of the Bitcoin economy.

zby

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Quote from: imperi on July 20, 2011, 11:49:21 AM

The 'electricity bill' is voluntary. It's almost like short-circuiting a wall socket. Bitcoin would run fine on a couple dozen mining machines. We don't need 20 - 30k, except to prevent theoretical attacks on the block chain.

Have you just said that security of the bitcoin system is optional?

imperi

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Quote from: zby on July 20, 2011, 11:19:00 AM

Quote from: marcus_of_augustus on July 18, 2011, 09:10:45 PM

Quote from: zby on July 18, 2011, 03:58:21 PM

I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.

If bitcoin was not paying for itself, in terms of the services it is providing, value information transfers, storage, etc, then it would not be profitable.

Money costs. (Gold digging, fiat confidence defending, etc)

I am pretty sure that bitcoin is not paying for itself and it will not for a very long time. Silk Road transactions cannot support even the half a million dollars a month electricity bill (a very rough estimate - but the only one so far - see http://forum.bitcoin.org/index.php?topic=28780.0) - what else there is to pay that bill? And this is now - what will be the cost of it when the security of the system will be much more important?

The 'electricity bill' is voluntary. It's almost like short-circuiting a wall socket. Bitcoin would run fine on a couple dozen mining machines. We don't need 20 - 30k, except to prevent theoretical attacks on the block chain.

zby

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Quote from: marcus_of_augustus on July 18, 2011, 09:10:45 PM

Quote from: zby on July 18, 2011, 03:58:21 PM

I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.

If bitcoin was not paying for itself, in terms of the services it is providing, value information transfers, storage, etc, then it would not be profitable.

Money costs. (Gold digging, fiat confidence defending, etc)

I am pretty sure that bitcoin is not paying for itself and it will not for a very long time. Silk Road transactions cannot support even the half a million dollars a month electricity bill (a very rough estimate - but the only one so far - see http://forum.bitcoin.org/index.php?topic=28780.0) - what else there is to pay that bill? And this is now - what will be the cost of it when the security of the system will be much more important?

deuxmill

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Non limited Bitcoin Grin

BTConomist

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Here are a few possibilities:
- BitcoinMG (for MtGox crowd)
- BitcoinTH (for TradeHill crowd)
- ... (fill in the blank)

The best part is that Bitcoin will power them all.

hugolp

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Radix-The Decentralized Finance Protocol

Quote from: zby on July 18, 2011, 03:58:21 PM

I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.

Decentralization is very important. Without it Bitcoin would not had even taken off.

marcus_of_augustus

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Eadem mutata resurgo

Quote from: zby on July 18, 2011, 03:58:21 PM

I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.

If bitcoin was not paying for itself, in terms of the services it is providing, value information transfers, storage, etc, then it would not be profitable.

Money costs. (Gold digging, fiat confidence defending, etc)

zby

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I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.

phatsphere

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north & south sudan need one, urgently.

imperi

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Sea shells.

Cluster2k

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Quote from: HonestAbe on July 17, 2011, 11:15:13 PM

3 years ago bitcoin did not exist. What about three years from now? What will the next one be? Has it already been born?

The next new currency is likely to be the new Drachma, when Greece gets kicked out of the Euro. We're likely to see new pesetas and new liras soon too :-)

HonestAbe

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3 years ago bitcoin did not exist. What about three years from now? What will the next one be? Has it already been born?

Topic: What will be the next currency? - page 2. (Read 6749 times)