Topic: Why 2.0 Cryptocurrency is like Windows 95 at best... in all seriousness. (Read 1056 times)

Not much to see at this website. Is there also a btt thread?

If that makes Bitcoin like DOS, then it's a break-through for Crypto 2.0 technologies.
I guess the main point to understand about all this is crypto currencies have to stay in permanent development mode, because they are software. Or die. No long term status quo is possible if development stops. Not even for first movers.

I agree with the OP to a large degree, but CoinHoarder brings up good points.

In eMunie EVERYTHING happens in ~15-20 seconds or less, including transaction confirmations (which are more secure than anything else), mail, asset transfers, marketplace purchases, trading on the DEX etc etc....other systems are instant, like chat, IM.

All this has been VERY hard to do and is a large factor of why eMunie isn't released yet, because it has to be right.  More so than that, we made the absolute requirement to be able to clear transactions in < 15 seconds for the purposes of merchant roll out later on.  These merchants if running a dedicated Hatcher, can actually clear and verify transactions in sub 5 seconds and be 100% confident they are valid.

Satoshi based currencies just can't handle < 1 minute confirmations efficiently, because the load of the orphan blocks in the network becomes too large.  About the fastest you'll get in terms of general stability is LTC, BTC in my opinion is a bit longer than needed at 10 mins, but that does make it pretty secure.

I think bitshares confirmation time is 10 secs, I dont know if there was a change from 10 secs to 15secs or from 15 to 10. In any case its SUPER fast and one block confirmation is more secure than 6 bitcoin confirmations. Most altcoins that have faster confirmation times than bitcoin are not as secure.

I agree minutes are too slow for confirmation times, but you over-generalize cryptocoin 2.0s are all as slow as this, as some of them are not. For instance a Bitshares confirmation is 15 seconds with a lot more security per confirmation than Bitcoin. Nxt is also in the process of improving their PoS implementation for much quicker confirmations and more protection versus attacks via transparent forging.

You also don't seem to understand how difficult of a problem it is to make a secure decentralized cryptocurrencies whose confirmations are quicker than Bitcoins. When you start getting faster than 1 minute or so confirmation times with the older PoW models, there are a lot of issues that pop up such as stale/orphan blocks and a greater likelihood of being forked. So, these systems need to be redesigned from the ground up for quicker confirmations to be possible. If this was easy to do it would have been done a long time ago, but we are just now seeing quicker and redesigned algorithms hitting the market.

I'd venture to say we may NEVER see instant confirmations/transactions that have the same amount of security as current Cryptocurrency confirmations... at least not one that is a purely decentralized solution. The
legitly (without forks, stales, etc) fastest Cryptocurrency in development I've seen has just 5 second block times with 25 seconds to only have a 0.01% probability of a reversal. That in itself is a huge innovation compared to current cryptocoins and it is far from instant. I'm talking about Nimblecoin by the way. http://nimblecoin.com/


+1

Also if a better solution ever pops up.. It doesn't make old cryptos obsolete since they can adopt the better technology and implement it themselves.

boy  , it was YOU who said they are useless cause they "produce a lot of orphan blocks". youre bringing this up to challenge credit cards used by billions of people every day (bitcoin has 1m users)? ouch. yawn. tiring.

this whole fucking crypto coins game ~> its a little joke to make money.. hyped be the idea that it could somehow challenge the government (this is top notch entertainment even better than your posts boy).

do you really believe this?  love it guys make a movie, PLEASE! bring it on

https://i.imgur.com/7nLkbyl.jpg

Windows 95 was a masterpiece for its time.

Did you not read your post? I contered what you said about altcoins taking minutes to get confirmed, and as shown by altcoins that have less than 10 second confirmation times, you're horribly wrong. That's all.

take a deep breath then lean back and look how long it takes to receive a transaction and get it confirmed.  Come on LOL. This is 2014? This is Windows 95, oh my gosh. It's not even funny to be honest. yaaaaaaaaawwwwwwnnnn (im not even going to mention Bitcoin waiting hours).

in a fast paced world who has the time to wait MINUTES for transactions to confirm?

yeah boy, sounds like a legitimate 2014 globalized world technology ready to be used by the masses. breathtaking, marvelous, sheer amazingness!

rolling on the floor in laughter  I vouch master clown status to be added to your account, thanks!

How is that a quadruple facepalm, when the 2nd pair of hands is on the top of the man's head, not his face?

Again, your post makes no sense.

https://i.imgur.com/Q3aajxd.jpg

Funny...because there are altcoins that confirm in under 10 seconds(as fast as a credit card), though they produce a Lot of orphan blocks.

Your post makes no sense.

Seriously.  Watch this video: https://www.youtube.com/watch?v=3dFQxBLrIW0#t=303 (note:nothing against the video, nice guy well done)

take a deep breath then lean back and look how long it takes to receive a transaction and get it confirmed.  Come on LOL. This is 2014? This is Windows 95, oh my gosh. It's not even funny to be honest. yaaaaaaaaawwwwwwnnnn (im not even going to mention Bitcoin waiting hours).

in a fast paced world who has the time to wait MINUTES for transactions to confirm? a fricking joke at best. clear thumbs down sorry and not just the NXT in the video. I'ma talking all so-called "2.0"... it is 0.001 alpha in reality if put in an extremely optimistic manner.

see yall in the future when the government does the instant digital transactions 2.0 technology and Bitcoin plus its offsprings is a relic of the past. that's how it's all probably going to turn out, thumbs down 99,99%.