Why better tech can't kill Bitcoin - page 4.

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Quote from: serjent05 on July 12, 2016, 02:47:12 PM

Altcoin can't kill bitcoin because Altcoin price is dependent on Bitcoin price, in my opinion. New and advance tech would not and will not automatically kill the previous tech as long as the previous tech is functional and updated to catch up with the newest tech or even compete with it. Bitcoin technology in the same manner is ever advancing to cope up with advancing threat of hacks and exploitation. Another thing is Bitcoin had set it foundation as fortress that can't easily be taken down.

Although they often move in near-unison, they're not linked. Bitcoin is just the most well-known. When the value of btc rises, it raises the value of everything else too because part of the volume is based on trades between those two currencies. If Bitcoin disappeared, there would likely be another to take its place, it wouldn't be the end of crypto.

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Altcoin can't kill bitcoin because Altcoin price is dependent on Bitcoin price, in my opinion. New and advance tech would not and will not automatically kill the previous tech as long as the previous tech is functional and updated to catch up with the newest tech or even compete with it. Bitcoin technology in the same manner is ever advancing to cope up with advancing threat of hacks and exploitation. Another thing is Bitcoin had set it foundation as fortress that can't easily be taken down.

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Quote from: rekinthis on July 10, 2016, 12:15:50 PM

Quote from: martinacar on July 10, 2016, 11:50:01 AM

Quote from: Barnabe on July 10, 2016, 11:24:03 AM

Well, technology is also the key if a state wanted to destroy bitcoins (via hacks, transaction spam or even 51% attacks). Technology is only a tool, it can be used for various proposes.

This is what can kill bitcoin, but next to tech you need good marketing. Bitcoin does got a lot of believers and merchants who put trust in it.
A new coin needs to work on that big time.

i doubt that it would be possible to destroy bitcoin in that way, i think that better tech cannot destroy bitcoin because it is impossible to destroy it as this technology is the best i think

Bitcoin is gaining the popularity because it is a strong coins that has a good potential in the future, we are trusting it because it is secure as evidenced by many people trust their money in bitcoins so now better tech can kill it.

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Quote from: martinacar on July 10, 2016, 11:50:01 AM

Quote from: Barnabe on July 10, 2016, 11:24:03 AM

Well, technology is also the key if a state wanted to destroy bitcoins (via hacks, transaction spam or even 51% attacks). Technology is only a tool, it can be used for various proposes.

This is what can kill bitcoin, but next to tech you need good marketing. Bitcoin does got a lot of believers and merchants who put trust in it.
A new coin needs to work on that big time.

i doubt that it would be possible to destroy bitcoin in that way, i think that better tech cannot destroy bitcoin because it is impossible to destroy it as this technology is the best i think

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Quote from: Barnabe on July 10, 2016, 11:24:03 AM

Well, technology is also the key if a state wanted to destroy bitcoins (via hacks, transaction spam or even 51% attacks). Technology is only a tool, it can be used for various proposes.

This is what can kill bitcoin, but next to tech you need good marketing. Bitcoin does got a lot of believers and merchants who put trust in it.
A new coin needs to work on that big time.

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Well, technology is also the key if a state wanted to destroy bitcoins (via hacks, transaction spam or even 51% attacks). Technology is only a tool, it can be used for various proposes.

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Quote from: betohell on July 10, 2016, 10:20:31 AM

Quote from: bladeandsoulguide on June 08, 2016, 09:05:02 PM

bitcoins already have too much users

so they can not kill it

yeah the more users, the bitcoin will be difficult anyway to kill even someone in a large trader would be more difficult to manipulate the price when users continues to grow

technology will not be able to kill bitcoin, I think they are a very good combination. maybe in the future the better the technology used then, bitcoin will also be growing. even the Internet is part of the technology, I suppose someday there is a technology that supports the development of bitcoin

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Quote from: Fatanut on April 26, 2016, 08:03:03 AM

Speed in transactions? People are ranting about how the confirmations are taking too long. It takes an average of 20-30 mins before the block is mined. This is actually one of the weaknesses of BTCTC. There are tons of transactions going on, meaning there would be some traffic before the coins completely go into your wallet. Nevertheless, I'm pretty sure someone might resolve this issue. Maybe the traffic can't be resolved but people might find a way of coping with the situation of this. For example, after 1 confirmations in blockchain.info, that transaction is already counted as done.

You can consider that when sending bitcoins, 1 confirmation means the transaction is done because unlike with other processors, you can't cancel your transaction in BTCTC once you clicked the 'send' button. Cheesy

These are technical properties and everything you described can be 'upraded' and in fact is being worked on right now.
Early test version of SegWit is already added to the code, we still waiting for it to be accepted and introduced to the retail version of BTC.
Same with Lightning Network and other upgrades patience is a key here - we don't want to add features and risk another DAO situation here.

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Quote from: bladeandsoulguide on June 08, 2016, 09:05:02 PM

bitcoins already have too much users

so they can not kill it

yeah the more users, the bitcoin will be difficult anyway to kill even someone in a large trader would be more difficult to manipulate the price when users continues to grow

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if by KILL you mean wipe if off the face of the earth then no it will never happen and bitcoin can always exist even if it is in a museum!

but a better technology, a better cryptocurrency in the far away future can in fact replace bitcoin and nothing is going to prevent that. but remember that is for the very far future and the technology needs to be new and so much better than bitcoin and bitcoin has to have no room to change or adapt with the new world like in the year 2150

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Quote from: Xester on July 10, 2016, 09:14:35 AM

It seems like that bitcoin is like an antique the older it gets the higher its value. Your comparison of bitcoin to sports cards is explained in a clear and logical manner. But there is a missing piece bitcoin is not a card and a collectible item but a currency. Sports card has no potential to be a legal tender but bitcoin as a currency does. Sports cards can ba manufactured in an unlimited way but bitcoin does a limit. Though there are similarities but their differences is great that will make their future not the same.

Bitcoin is less than half the price it was a few years ago. It does not only get more valuable with time. It's highly volatile and regularly swings up and down wildly. And secondly, Bitcoin hardly qualifies as a currency because it does not satisfy the stable store of value component of money. The fact that you don't know with any reasonable certainty how much your bitcoin's will be worth in 30 days is a pretty meaningful argument against Bitcoin being a viable currency.

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No matter how initial distribution is, after a period of time wealth always concentrates in a small number of hands.

That's how it's always been and always will be.

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I think you are on to something with bitcoin sort of being the foundation of the cryptocurrency technology. It is the most well known and oldest and it will have a limited number made. I think it will hold some value for long time.

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Quote from: cjmoles on June 26, 2016, 07:18:10 PM

While I agree that bitcoin might not be killed, I don't believe that a more advanced alternative blockchain couldn't overtake the utility and liquidity of bitcoin. I believe that bitcoin will always have a place in the digital market place but I do not know how it might be positioned in the future as a speculative investment platform. It seems to me that increased utility leads to increased valuation so those alternatives that offer more utility will also produce better investments.

Let us not forget the lessons learned with the 17th century Tulip bubble!

Exactly. There was a growing concern that Bitcoin was going to kill itself fairly recently with the blockchain capacity issues and then everyone's inability or unwillingness to address it. If Bitcoin is going to keep growing, it has to have he ability to scale transactional volumes, or it will lose out to an alt that can handle the demands placed on it. At this point, bitcoin's biggest threat is probably a failure to adapt to a fast changing crypto marketplace or refusal to innovate for risk of upsetting the status quo it has created.

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It is true that with the advent of Bitcoin, people have grown wiser. No new coin will be able to replicate the initial Bitcoin distribution because everyone is now ready to invest money to mine any new coin that comes out. However the Bitcoin distribution is far from perfect. A perfect distribution would be one where everyone has the same opportunity to accumulate an initially worthless token without requiring any special knowledge. When Bitcoin was launched only a very small group of people knew about it and while it's true that they could not have foreseen that it would get so big (and were thus probably not motivated by monetary gain), they were still the only ones who got to choose whether or not to accumulate the then worthless token/coin.

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Quote from: mirakal on June 27, 2016, 02:21:02 AM

Bitcoins cannot be killed because this is what people are looking, with the best features on decentralized transaction is all we need to make our money safe keeping it online. How can anymore beat the cheap transaction fee and with the anonymous features that others cannot imitate.

Bitcoin is the ideal money or currency. Its monetary policy is very clear. All finanacial institutions know about that.

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Bitcoins cannot be killed because this is what people are looking, with the best features on decentralized transaction is all we need to make our money safe keeping it online. How can anymore beat the cheap transaction fee and with the anonymous features that others cannot imitate.

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While I agree that bitcoin might not be killed, I don't believe that a more advanced alternative blockchain couldn't overtake the utility and liquidity of bitcoin. I believe that bitcoin will always have a place in the digital market place but I do not know how it might be positioned in the future as a speculative investment platform. It seems to me that increased utility leads to increased valuation so those alternatives that offer more utility will also produce better investments.

Let us not forget the lessons learned with the 17th century Tulip bubble!

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As long as many people are using bitcoin, Techs will never destroy the bitcoin. As now many people are using it and still adding so in the future bitcoin coudnt destroy

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