Topic: What would a new coin need to overtake bitcoin (Read 6389 times)

It might also attract miners, who would presumably continue to get a high block reward for mining, while keeping transaction fees low. In effect, the people who hold onto their coins would be subsidising, via inflation, the people who spend them. The low transaction fees would make the altcoin attractive to users and the high block rewards would make it attractive to miners, and the inflation would make it attractive to economists who believe that inflation is good provided it is low and predictable. Everyone wins.

(Apart from savers.)

Yes, very well reasoned. I guess I'm just VERY cynical with the status quo, I've known many people over the years profess to want a better way, only to see them join the ratrace and become zombified and apathetic, maybe there's something in the water?

I still think you underestimate the userbase (subjects of the government) size that follows the yellow brick road without too much thinking going on, were talking large numbers, it makes current cryptocoin userbase look like a weekend meetup group.

But thumbs up and keep on truckin'!

Goldcoin is probably going to be THE game changer.


Warning: Off Topic

What am I listening to at the moment? http://www.youtube.com/watch?v=BBIJohYSR3g

very well reasoned

hehe

I love point 2) Satoshi-likr skills
Omg

Huston ... we have a problem

No. I'm saying there is demand for a global currency, and that regulation is inherently centralised, and therefore a global currency can't be regulated. A government may well succeed in creating a regulated crypto-currency, but that won't kill Bitcoin because it won't be accepted in parts of the world that don't trust the government that created it.

(I don't really hate regulation myself, by the way. I think it will happen to Bitcoin, but as a layer on top, not as part of the core protocol. Each government will regulate how bitcoin are converted to the local fiat, for example. Exchanges are already subject to "know your customer" laws, and they might be required to carry insurance against loss. Local regulations, different in each country, and there will always be countries that allow unregulated exchanges so it will always be optional.)

As I already explained, the more miners switch to the new currency, the more profit is made by the ones that don't switch. So profits will keep some mining Bitcoin, as long as the currency itself has value. If Bitcoin fails, miners switching will be a symptom, not a cause.

That's why I think you have this backwards. A government-backed crypto-currency would be a threat in the same way that an Amazon-backed one would be. Nothing to do with regulation or deep pockets to bribe miners with, just people believing that the new coins would be more spendable. If the users switch, the miners will follow.

Miners don't influence users much. People don't prefer Bitcoin because it has more miners. The influence goes the other way. Miners are paid in the coin they are mining, so if the currency is worthless (because no users) the miners won't bother with it. They might mine a few if they think it might become valuable later, but that's speculation. We've seen time after time that having miners is not enough to guarantee an alt-coin success, because it's not the miners who create the value. It's the users.

Marinecoin already took over Bitcoin in Market cap, and its merchant integration strategy is far more realistic and easy to apply.

from now on all Bitcoin will do is just decrease in value. ecommerce crypto does not rely on bitcoin due to exchange activity, any respected crypto
will be and can be used just like bitcoin the same way to purchase stuff on and off line.

Dethroning Bitcoin will be the media's dream come true "kumquatcoin takes bitcoins crown" cryptocurrrency will become a complete hyper inflated laughing stock including everybody involved in it.

This would set the stage that all top tier crypto's to get their 5 minutes of fame only to be replaced and forgotten. Rinse and repeat.

Bitcoin and if you want an altcoin it's litecoin supporting this foundation is critical.

ROFLMAO

the "goldcoin" you posted is the opposite of your points, lolololokl

That is so intelligent. Compare two rocks, the smaller of which isn't only a rock, and state the bigger rock is better at doing things rocks don't do. Notwithstanding that smaller rocks can do things bigger rocks can't.

This reminds me of an argument between two young siblings, where one wonders when they'll be older (and "better" at everything) than the other.

Bullshit. Bitcoin has no reliable anonymity even when used with Tor+VPN. The only way to be surely anonymous is connect to the internet in a way that the connection can not be associated with you such as a different netcafe or a new unregistered mobile device and sim card every time you transact.

Since most people aren't doing that, Bitcoin can be easily taken over by the government. End of story.

And Bitcoin can't be fixed, here is why:

https://bitcointalksearch.org/topic/m.5723957

Only three things:

1.) a great name meaning value to every human since the dawn of time.
2.) a developer with mad satoshi-like skills.
3.) a growing and peaceful community.

.. for more information go here >>> http://gldcoin.com

This is where a lot of people get it wrong in my opinion.
A currency doesn't need to be backed by a government, it's the government that needs to be backed by the currency.
Currencies have existed much longer than governments.

Here is my (biased) opinion. I state bias because I work very hard with the Litecoin community (some of you may even recognize me?) in order to uplift Litecoins to the same status as Bitcoins. Ironically though, we really want to work in tangent with BTC, not against it. I firmly believe, as well as others, that having two currencies working together will strengthen our cause.


So you listed a few things, and I would say none of them really compare to one item that any alt coin really needs in order to bring it to the forefront. And that is marketing. We saw this with Doge, where they might have had a recent spike in price than subsequent drop, they are in the news quite a bit. Ive seen a lot of people outside of our world say "I was afraid of BTC cause of the news, but I saw doge and I was like wow, this is something I can get into". Even the one girl on the BTC conf panel with Two bit, Andres, Shrem, and one other guy (sorry I forgot his name) talking about MT gox said the same thing.


What we all need to survive is wide spread adoption to the public at large, and this really isnt done with technology per say at this point. This needs to be done to market Crypto's to the general public.

The really sad part is that BTC has taken a few hits from the BTC foundation to Shrem being arrested to MT gox in the news. I hear about that stuff at work from co workers and I have to explain that its just the news looking for extra clicks on their home page instead of posting the whole story (I cant tell you how many people I had to explain that BTC wasnt dead because MT gox died).


Marketing folks, this is what we all need!

1) litecoin has been around for 2.5 years, and doesnt seem to dethrone bitcoin
2) the next bitcoin update will reduce fee's which will keep reducing if people demand it. so an altcoin wont compete here
3) bitcoin has anonymity until you want to exchange it for FIAT. same will happen with any altcoin that wants some actual purpose
4) premine helps no one but that first miner. easiest way to lose faith in an alt is to premine it.
5) if an alt wants to succeed. their needs to be a true purpose. not some story about why it was invented EG Takeicoin: because george takei endorses it. Mezacoin: not some story that one native indian pretends his whole community use it (when the dont)

actual retain usage.

so lets take an example.
imagine facebook made an altcoin and all facebook credits were the coins. or microsoft got rid of microsoft point and instead sold microsoft coins. or even the local credit union in your town that instead of holding fiat. they converted peoples deposits into an altcoin pegged at a 1:1 against the fiat.

if the only purpose is to mine coin to exchange. that coin will eventually drop to 1 satoshi price value and then be dropped off the exchange listings.

so to all of you altcoin creators. stop making sun,moon, star coins where your just thinking up random names simply to make a new coin you pre-mined and the only purpose is to swap it for btc.

use your brains and actually try making the coin have a proper real world purpose for once.

+1

Another very astute post.

Indeed we do not need so many coins anyway...

I don't disagree.

But do you really think that would cause the masses to leave their credit cards? Of course not! Credit cards protect them, let them make chargebacks, they can't lose their entire balance, they are familiar, etc..

We need a coin that has a transaction time rivaling credit card companies, such as a PoS coin.