Topic: why not a new one? - page 2. (Read 387 times)
People are satisfied with the features to be honest. There is no need to develop additional features and launch the coins with control mechanism. People loved Bitcoins for the features it is already providing. People also loved Bitcoins for its decentralised nature of the coin. The idea you are pitching is already done by many people and hence resulted in many shitcoins. So yes, there is no need to develop more in the name of Bitcoins.
Why not a person with the same motivation and the intention to create a new enhanced Bitcoin ( ofc their alternative name ) just with the features and stuff, launch this new coin protocol, and also keep its supply limited just like the Bitcoin? let's say I as a person created the "X" coin with a new consensus mechanism like POP (proof of performance) or PoW itself and an enhanced transaction speed with more no of transactions per block by creating a set of master blocks interconnected with the traditional blocks of the same size 4Mb, with predetermined values already stored inside the master block as a cash-register and once a transaction is initiated a block records on the ledger and the master ledger already initiated the transaction, just waits for the confirmation from the block. I think this will reduce the time per transaction and make the blocks ready in less time for the next transaction initiation, and this can greatly enhance the 7 transactions --> 200+ maybe transactions. I don't know just saying, that even people who are involved with the development of Bitcoin will disagree with me in creating a new cryptocurrency like this.
So you're saying why not create an altcoin with larger blocks....yeah that's been done many many many times. The "features and stuff" that make Bitcoin so amazing have much more to do with how it was created and how its network and development and community evolved, rather than simply what you put in the code. The code made Bitcoin possible, the network and governance make Bitcoin unique and powerful. None of the altcoins that have done exactly what you suggest have ever been able to replicate the important things of Bitcoin.
And your idea of master blocks would do nothing. I'm not even sure exactly what you mean in your description of master blocks, but "just waits for the confirmation from the block" means the transactions would take exactly the same amount of time that they already do. Whether you have whatever these master blocks are, or not, you're still waiting for the confirmations so the time is the same.
Why not a person with the same motivation and the intention to create a new enhanced Bitcoin ( ofc their alternative name ) just with the features and stuff, launch this new coin protocol, and also keep its supply limited just like the Bitcoin? let's say I as a person created the "X" coin with a new consensus mechanism like POP (proof of performance) or PoW itself and an enhanced transaction speed with more no of transactions per block by creating a set of master blocks interconnected with the traditional blocks of the same size 4Mb, with predetermined values already stored inside the master block as a cash-register and once a transaction is initiated a block records on the ledger and the master ledger already initiated the transaction, just waits for the confirmation from the block. I think this will reduce the time per transaction and make the blocks ready in less time for the next transaction initiation, and this can greatly enhance the 7 transactions --> 200+ maybe transactions. I don't know just saying, that even people who are involved with the development of Bitcoin will disagree with me in creating a new cryptocurrency like this.
You should have done your own research first, there are many Bitcoin wannabe projects today, that adopts the same proof of work as Bitcoin and some even introduced new PoW algorithms but they never seen to attract the she attention as that of Bitcoin.
What you aren't adding up is that Bitcoin is not just a proof of work coin, its a digital currency that makes decentralisation works, for the first time ever, if all what others can do is proof of work, they can't even be put side by side in any way.
Nothing will ever be as good as Bitcoin, my advice to other proof of work projects is they should be something else and stop trying to be a better Bitcoin, they will keep failing if this is what they want to do, kaspa stands on its own as a blockDAG project, and that's new, if it works it can be very successful.
I keep thinking that as the bankers and financiers are investing heavily in Bitcoin, it is moving away from the "common man". The concept and software is brilliant, and doesn't really need changing. The difficulty in creating a cloned Bitcoin would be avoiding a 51% attack until it became established. I keep trying to sthink of ways to do this, and three possible methods are -
- Miners will need to have a mining account, and an account is only able to create five blocks ( say ) in any 24 hour period. I haven't thought of a way to stop banks having multiple mining accounts though.
- On finding a block, a miner is prevented from registering another block until 10 new ones have been created. Again, I don't know how to police this.
- Vary the difficulty based on a miner's combined hash rate. The lower the hash rate, the easier the difficulty. This would help small miners, as long as there was a way to prevent mining collectives taking control.
Where money is involved, then human ingenuity seems to know no bounds, so I tend to think that a people's Bitcoin is just a pipe dream.
- Miners will need to have a mining account, and an account is only able to create five blocks ( say ) in any 24 hour period. I haven't thought of a way to stop banks having multiple mining accounts though.
- On finding a block, a miner is prevented from registering another block until 10 new ones have been created. Again, I don't know how to police this.
- Vary the difficulty based on a miner's combined hash rate. The lower the hash rate, the easier the difficulty. This would help small miners, as long as there was a way to prevent mining collectives taking control.
Where money is involved, then human ingenuity seems to know no bounds, so I tend to think that a people's Bitcoin is just a pipe dream.
Anyone can do it and it is free. However, people make their judgment, not just about the nature of the project but it is how the project has been created. If your projects look promising and the team can be trusted, it is a plus point that makes investors become interested. And this is the reason why a lot of new projects fail and it is because people never see it as worthy, but just another useless project. Whether you like it or not, not all developers are creating projects for the good of everyone, some did for a scam.
Ok I’ve got one question for you. what unique feature you want to see in this crypto ecosystem
There are still honestly a lot of things that need further improvement in the cryptocurrency scene one would be scalability issues. Whenever a coin becomes successful, the mempool becomes congested and it makes it almost impossible to use that coin in a daily circumstance because of very high transaction fees.
It would be nice to have a coin that no matter how much the transactions are, the network does not get congested. I think we should focus on improving on this as well as security issues before thinking of “unique features”.
The idea has been tried and failed so literally, there is no substitute for bitcoin because what it fosters in our minds is not just about technology or financial isolation.
With bitcoin, the process from the beginning to the present, almost every foundation brick is very solid in my understanding of it, so don't hope too much that a new product can take its place, you should also understand why it still maintains its current position.
With bitcoin, the process from the beginning to the present, almost every foundation brick is very solid in my understanding of it, so don't hope too much that a new product can take its place, you should also understand why it still maintains its current position.
People have done this before, it's called bitcoin forks and so far, they're not that good of a substitute to bitcoin and they're even worthless now I think, so believe me and others when we say that a new bitcoin or a clone of it isn't going to be any kind of solution that would create any kind of profit for those that would invest in them. You're better off investing in bitcoin and doing DCA rather than wishing for another kind of bitcoin that's pretty much useless.
You're not afar from the saying that "It's easier to say than to be done". You're just an outsider who's more after of partaking with the profitable potentials bitcoin or other Coins portrays and not as logical and technically initiated with the Coins developers.
Bitcoin was the first crypto coin ever existed before the AltCoins was introduced, and so much bitcoin has also been up to date of enhancing advanced and flexible potentials which other coins has been unable to build.
Every other AltCoins has also been troubleshooting on how they could enhance their developments ahead of bitcoin but it has been seems impossible so Op, you might be on point with your thought but possibilities to actualize it a reality is most considerate. While at the main time, bitcoin has been of best offers and services and if need be, its developers would come to an enhancement but mustn't be considered for an individual benefit just as your thoughts but to the considering of its massive adoptors inclined.
Bitcoin was the first crypto coin ever existed before the AltCoins was introduced, and so much bitcoin has also been up to date of enhancing advanced and flexible potentials which other coins has been unable to build.
Every other AltCoins has also been troubleshooting on how they could enhance their developments ahead of bitcoin but it has been seems impossible so Op, you might be on point with your thought but possibilities to actualize it a reality is most considerate. While at the main time, bitcoin has been of best offers and services and if need be, its developers would come to an enhancement but mustn't be considered for an individual benefit just as your thoughts but to the considering of its massive adoptors inclined.
You're not afar from the saying that "It's easier to say than to be done". You're just an outsider who's more after of partaking with the profitable potentials bitcoin or other Coins portrays and not as logical and technically initiated with the Coins developers.
Bitcoin was the first crypto coin ever existed before the AltCoins was introduced, and so much bitcoin has also been up to date of enhancing advanced and flexible potentials which other coins has been unable to build.
Every other AltCoins has also been troubleshooting on how they could enhance their developments ahead of bitcoin but it has been seems impossible so Op, you might be on point with your thought but possibilities to actualize it a reality is most considerate. While at the main time, bitcoin has been of best offers and services and if need be, its developers would come to an enhancement but mustn't be considered for an individual benefit just as your thoughts but to the considering of its massive adoptors inclined.
Bitcoin was the first crypto coin ever existed before the AltCoins was introduced, and so much bitcoin has also been up to date of enhancing advanced and flexible potentials which other coins has been unable to build.
Every other AltCoins has also been troubleshooting on how they could enhance their developments ahead of bitcoin but it has been seems impossible so Op, you might be on point with your thought but possibilities to actualize it a reality is most considerate. While at the main time, bitcoin has been of best offers and services and if need be, its developers would come to an enhancement but mustn't be considered for an individual benefit just as your thoughts but to the considering of its massive adoptors inclined.
Why do you think we need another Bitcoin?
This was my first thought. The "bicycle" has already been invented. Unfortunately, we don’t see anything new other than a parody, although we periodically see statements about the creation of a new and great coin. OP, all you see on the market is the repetition of an idea being repeated. It’s difficult to say that this will always be the case, but so far, time shows that Bitcoin is unique and confirms this more and more every year.
I believe you must have gotten all the information and responses rightly met for this post and mine wouldn’t be anything very specific or new and I’m sure just as others have already said , there have been projects which have been built to take over bitcoin but they failed and one major reason for that is because, people already fixed their trust in bitcoin because if it’s decentralized natures and how it will be very difficult to manipulate it, on like any other project that would be launched now, which will end up being a pump and dump project with no actual substantial back off.
Many cryptocurrencies have come out that have declared that they are more than bitcoin, but in the end, what happened? They didn't prove it, and then the day and time passed and it wasn't talked about anymore; instead, at the beginning, it was noisy and talked about, and after that, it was just like a display here in the crypto field that most people don't pay much attention to.
And that's because there are many new cryptocurrencies appearing in the market that have good use cases and are adapted to the time we have now, and this is the reason why the community immediately enjoys them because they are hyped.
And that's because there are many new cryptocurrencies appearing in the market that have good use cases and are adapted to the time we have now, and this is the reason why the community immediately enjoys them because they are hyped.
Why do you think we need another Bitcoin? Whatever will be created will be called altcoin or shitcoin. No one can compete with Bitcoin anyway. A lot of shitcoins circulating on the market aren't performing like Bitcoin. There are many Bitcoin forks also, but they have failed to compete with Bitcoin. All the new coins coming out are centralised somehow. No one can create a second Bitcoin. We are happy with Bitcoin and its technology. You can still accumulate bitcoin for whatever you want. So why seek out another? It doesn't make any sense at all.
Why not a person with the same motivation and the intention to create a new enhanced Bitcoin ( ofc their alternative name ) just with the features and stuff, launch this new coin protocol, and also keep its supply limited just like the Bitcoin? let's say I as a person created the "X" coin with a new consensus mechanism like POP (proof of performance) or PoW itself and an enhanced transaction speed with more no of transactions per block by creating a set of master blocks interconnected with the traditional blocks of the same size 4Mb, with predetermined values already stored inside the master block as a cash-register and once a transaction is initiated a block records on the ledger and the master ledger already initiated the transaction, just waits for the confirmation from the block. I think this will reduce the time per transaction and make the blocks ready in less time for the next transaction initiation, and this can greatly enhance the 7 transactions --> 200+ maybe transactions. I don't know just saying, that even people who are involved with the development of Bitcoin will disagree with me in creating a new cryptocurrency like this.
It's because it's not that original and we have seen a lot of Bitcoin fork that didn't succeed isn't it? So it's not about the same motivation or what not, it's about Bitcoin becoming the prime mover in crypto that it become so successful. So in any competition, if you are the first, chances are you will be supported, but if you say copy the concept and just put some improvement on it, still people are going to see that as just a copy cat of the original and will be frown upon.
You can say that to Ethereum as well, there are a lot of it's competition, but they still remain as the top altcoin despite so many projects that are better than them in the space right now, faster, better layering solution and others. But still in the second best crypto behind Bitcoin.
Several coin has been created but wasn't able to achieved their dreams along the line they were dead that is why you see many other altcoin existing now since they can't function as bitcoin they came up with a different concepts.
Bitcoincash has same usecase but can't be compared as bitcoin itself, bitcoin just make a research about it you would get it or you can look over exchange as few already suggested.
Bitcoincash has same usecase but can't be compared as bitcoin itself, bitcoin just make a research about it you would get it or you can look over exchange as few already suggested.
Bitcoin has the advantage of being the first and its almost perfect in terms of acceptance
with a global network of miners, nodes and developers, a track record of never been hacked
and totally decentralised with no one person or entity in control. Satoshi knew that "he" had
to "disappear" in order for it to fully become what it is today - thats vision right from the
start and before the Genesis Block.
So any serious Bitcoiner is not going to abandon a proven entity like Bitcoin for something
else designed by a known entity with no history or track record.
Its pretty much impossible to replicate what Satoshi created and how "he" went about
and get everyone to jump ship over to it.
with a global network of miners, nodes and developers, a track record of never been hacked
and totally decentralised with no one person or entity in control. Satoshi knew that "he" had
to "disappear" in order for it to fully become what it is today - thats vision right from the
start and before the Genesis Block.
So any serious Bitcoiner is not going to abandon a proven entity like Bitcoin for something
else designed by a known entity with no history or track record.
Its pretty much impossible to replicate what Satoshi created and how "he" went about
and get everyone to jump ship over to it.
If a developer actually succeeds in improving on Bitcoin and develops a superior technology which fills all the gaps Bitcoin currently has, their creation will be accepted and with time thrive in the market.
Bitcoins were created to solve some of the problems that the normal money has, and it has been accepted. If there is another innovation that improves on the unexpected flaws that bitcoin has, it may take time but it will be accepted. Some creators of altcoins have this in their mind when they were creating their coins, but they have not been able to create something that is more accepted than bitcoin, that it is why bitcoin still has all the recommendations and people investing more in it. 
Why not a person with the same motivation and the intention to create a new enhanced Bitcoin ( ofc their alternative name ) just with the features and stuff, launch this new coin protocol, and also keep its supply limited just like the Bitcoin? let's say I as a person created the "X" coin with a new consensus mechanism like POP (proof of performance) or PoW itself and an enhanced transaction speed with more no of transactions per block by creating a set of master blocks interconnected with the traditional blocks of the same size 4Mb, with predetermined values already stored inside the master block as a cash-register and once a transaction is initiated a block records on the ledger and the master ledger already initiated the transaction, just waits for the confirmation from the block. I think this will reduce the time per transaction and make the blocks ready in less time for the next transaction initiation, and this can greatly enhance the 7 transactions --> 200+ maybe transactions. I don't know just saying, that even people who are involved with the development of Bitcoin will disagree with me in creating a new cryptocurrency like this.
In all your idea, you didn't mention about decentralization. Bitcoin is the only coin that is 100% decentralized. Most developers have created what you described in OP but they all faded away. It will therefore be nice if you join the bitcoin blockchain maintainers and implement these your ideas as a means to scale bitcoin. Just like LN, SigWit, Taproot etc. This will make our dear bitcoin more sustainable than creating thousands duplicate bitcoin-likes. 
Tranthidung has said it all, there are hundreds of coins with the same characteristics that you have aforementioned. I suggest you to read the history of BTC and its forks. Why some of the forks are active and why most are dead? Why BTC is most famous. I suggest you read the history of the initiation of alts, like when did they started to be made. And why as well.
The answers to these questions will give you the whole idea that many coins already exist with some characteristics. The main question is why we need another BTC, while its use cases are lesser than most of the coins already in the market. I know BTC has its own reputation and its not mainly made for other use-cases it served its purpose. So why do you think we need another BTC? I think these alts that have been made are known as alts or under the influence of BTC because they are also made with the same idea that a coin must exist that should have more characteristics than BTC.
The answers to these questions will give you the whole idea that many coins already exist with some characteristics. The main question is why we need another BTC, while its use cases are lesser than most of the coins already in the market. I know BTC has its own reputation and its not mainly made for other use-cases it served its purpose. So why do you think we need another BTC? I think these alts that have been made are known as alts or under the influence of BTC because they are also made with the same idea that a coin must exist that should have more characteristics than BTC.
What? Do you want to be tagged?
He has edited the post, after reading the post I was a little impressed even didn't understand some of his points in the first go. Well, dear tranthidung I think this person is near to a scammer person no proof, just read this thread and you will understand what I mean. Jump to: