What's your percent chance that Bitcoin will be the "Myspace" of cryptos?

barbarousrelic

hero member

Activity: 675

Merit: 502

Quote from: jubalix on June 15, 2014, 06:50:59 PM

a 100% (or at least =>) BTC

secure
anon
and well distributed POS

would kill BTC as it would avoid the whole mining tax/drama which is like flying into the head wind.

Its sorta like figuring out flight, and BTC is about a 3rd generation Flyer. NXT is a prop plane ww1 but it has a tether attached to a crane, and the fuel supply is a bit suspect.

I agree with this. Primarily the issue of anonymization - if someone had a Bitcoin clone that was completely anonymous (perhaps integrated Tor, along with making it impossible to track the flow of money from one address to another via the blockchain) it would take over. Even more so if mining of that currency was most efficiently performed on a standard computer processor, which would avoid mining centralization.

spinf

newbie

Activity: 27

Merit: 0

25%
bitcoin has such an advance in term of support, it won't happen in the coming two years.
Design and front end is also not part of bitcoin and can be adjusted, so it wont be the cause of demise.
For BTC be MySpaced, we would need to see some real breakthrough, not just altcoins...

zimmah

legendary

Activity: 1106

Merit: 1005

the difference is that with myspace no one really had anything to lose by leaving myspace.

With bitcoin many parties will lose a lot when they ignore bitcoin and join an altcoin.

there has to be a VERY good reason for people to leave bitcoin for something else.

dkblueman

member

Activity: 62

Merit: 10

Very unlikely. There would need to be a new cryptocurrency which is a lot better than bitcoin, and I don't think that will happen. How exactly could it? I think the myspace example doesn't fit here, cryptocurrency as with any currency is a functional thing. There is little room for style or anything like that.

deadwood

newbie

Activity: 31

Merit: 0

I do believe there's a need for a crypto currency, but perhaps bitcoin is just the first. Maybe there will be better ones.
I'm not talking about alts that bring nothing new to the table, I'm talking about a different protocol alltogether. Bitcoin 2.0 if you will.

bigasic

hero member

Activity: 924

Merit: 1000

Theres always a chance that bitcoin wont be "the one" but Im betting the farm that it will be. Myspace may have been the first, but they werent the best, where as bitcoin was built very well from the get go, not perfect, but good enough..

Harley997

sr. member

Activity: 266

Merit: 250

Quote from: devphp on June 23, 2014, 06:51:06 AM

Quote from: Velkro on June 21, 2014, 01:31:14 PM

Bitcoin don't have competition

its one of a kind

Another voice from under the rock, you guys really should learn new things from time to time not to make such stupid statements.

I acknowledge LTC and NMC which are two crypto currencies that have bigger market caps then most/all other alt coins.

With that being said I would still agree with the statement that bitcoin does not have any real competition.

For the most part there is not even a way to trade other alt's into fiat without first going through bitcoin.

LAMarcellus

full member

Activity: 180

Merit: 100

I would suggest you wait until you know the answer for yourself, to convert your fiat money into btc.

To me, your question suggests you do not understand bitcoin yet.
From which I further deduce and assume that you probably wouldn't know how to safe guard them against loss.

I suggest you read this;
http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-introduction.html
Note the date it was written.

Read that and you won't need to ask whether bitcoin will be "myspace".

And for when you finally have the answer for yourself....

Welcome to the fold & HODL!!!

Zuminest

full member

Activity: 169

Merit: 100

less than 25%

devphp

sr. member

Activity: 336

Merit: 260

Quote from: Velkro on June 21, 2014, 01:31:14 PM

Bitcoin don't have competition

its one of a kind

Another voice from under the rock, you guys really should learn new things from time to time not to make such stupid statements.

cccarnation

member

Activity: 146

Merit: 10

One Token to Move Anything Anywhere

People call Myspace a failure, but they made a shitload of money before they became irrelevant. No business lasts forever.

Velkro

legendary

Activity: 2296

Merit: 1014

Thats simply impossible, because MySpace got competition from Facebook
Bitcoin don't have competition

its one of a kind

devphp

sr. member

Activity: 336

Merit: 260

Quote from: ljudotina on June 20, 2014, 06:32:29 AM

First coin that comes out with solution to preventing 51% attacks and better network decentralization will become Facebook and BTC will become MySpace if it doesnt adapt. But, as far as i know solution is not as easy as everyone thinks so we might wait for some time untill that happens. It's possible that BTC devs find solution like that which would set BTC's no1 place in stone and noone could touch it for quiet some time.

If you've been under the rock recently, there are at least 2 such coins more or less known and with a few months of track record:

PoW: Myriadcoin
PoS: NXT

Catmoonglow

full member

Activity: 147

Merit: 100

Oh, no! Bitcoin will lead to a deflationary spiral! If only someone could've thought of this before!
SELL ALL YOUR BITCOINS!!!

Gimmelfarb

hero member

Activity: 658

Merit: 500

it's going to be hard to build a community that competes with BTC in terms of merchants, infrastructure, dedicated miners and developers. it's possible, but unlikely.

galbros

legendary

Activity: 1022

Merit: 1000

Up until a few weeks ago I would have been in the under 25% group, but the recent success of Ghash.io in getting such a large hashing share and the resulting mischief they can cause suggests there is room for real improvement in the bitcoin protocol.

Harley997

sr. member

Activity: 266

Merit: 250

Quote from: ljudotina on June 20, 2014, 06:32:29 AM

First coin that comes out with solution to preventing 51% attacks and better network decentralization will become Facebook and BTC will become MySpace if it doesnt adapt. But, as far as i know solution is not as easy as everyone thinks so we might wait for some time untill that happens. It's possible that BTC devs find solution like that which would set BTC's no1 place in stone and noone could touch it for quiet some time.

What prevents 51% attacks from taking place today are the block subsidies. By giving miners 25 BTC (as of today) the miners have little to no incentive to execute a 51% attack as they would likely earn more by simply continuing to mine as usual even if they had 51% of the network.

devphp

sr. member

Activity: 336

Merit: 260

If you're worried, diversify into altcoins.

Hippie Tech

legendary

Activity: 1624

Merit: 1001

All cryptos are FIAT digital currency. Do not use.

100% ! ... When cryptos and 3D printers merge. Shocked

DooMAD

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

I tend to be of the view that something would have to go seriously wrong with Bitcoin before a competitor even comes close to surpassing it. We've had hundreds of alts come along and none of them have done anything drastically amazing that allows it to start gaining ground on Bitcoin's head start. In fact, the vast number of indistinguishable clone-coins is likely a contributing factor that helps secure BTC in the top spot. An alt would have to break the mold from it's contemporaries before it can take on Bitcoin and most of them can't even manage that.

If it does happen, it's either going to take something truly impressive and groundbreaking from some incredibly talented developers, or Bitcoin taking a wrong turn and imploding in upon itself.

Topic: What's your percent chance that Bitcoin will be the "Myspace" of cryptos? (Read 3476 times)