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Topic: Why not stıck to bıtcoın? - page 2. (Read 2843 times)

erk
hero member
Activity: 826
Merit: 500
September 01, 2013, 07:32:21 PM
#35
If you want my opinion all the asics have made bitcoin inaccessible to the masses, to the point that the easiest way to acquire btc is to pay cash for it, which in my opinion renders the entire idea of decentralized currency

you could see how altcoins could appeal to the masses that way.

A similar effect would occur if people that poured $millions into ASICs, had put the money into GPU farms. The problem is not ASICs, it's people with more money to invest in mining hardware will always take most of the BTC. An ASIC can cost way less than a GPU and they are available to anyone that wants them, eg a block erupter.



member
Activity: 70
Merit: 10
September 01, 2013, 07:29:19 PM
#34
To me alt coin mining is like "pretending"


Getting that feeling of hoarding worthless virtual coins that don't look like they will be worth anything. It's gambling!!!


Don't gamble just collect eggs and put them in baskets. Seriously guys.
sr. member
Activity: 291
Merit: 250
September 01, 2013, 07:26:45 PM
#33
If you want my opinion all the asics have made bitcoin inaccessible to the masses, to the point that the easiest way to acquire btc is to pay cash for it, which in my opinion renders the entire idea of decentralized currency

you could see how altcoins could appeal to the masses that way.
There are so many ASICs being produced right now that in a few years they will be extremely cheap.  In fact it is cheaper to get a small ASIC than it is to setup a whole computer with GPUs.  Just wait...
donator
Activity: 1218
Merit: 1079
Gerald Davis
September 01, 2013, 07:22:23 PM
#32
Say someone invents a new super ASIC that's thousands of times faster then the best ones currently on offer. They set up a farm, grab 99% of the net hash rate, attack the block chain a bit,  let the difficulty rise to a hundred times higher than it was, then switch the farm off. Bitcoin is stuck at a crazy high diff and effectively ruined, transactions grind to a halt, game over.

So someone has the ability to make hundreds of millions of dollars by obsoleting all other ASIC technology overnight.  They could make the hundreds of millions of dollars by mining coins themselves or they could make it by selling next gen tech to miners.  Instead they spend millions of dollars to develop the tech, build out a massive farm and then lose all the money by ruining the technology and coin.

Yeah that seems likely.
sr. member
Activity: 1344
Merit: 261
September 01, 2013, 07:19:07 PM
#31
If you want my opinion all the asics have made bitcoin inaccessible to the masses, to the point that the easiest way to acquire btc is to pay cash for it, which in my opinion renders the entire idea of decentralized currency

you could see how altcoins could appeal to the masses that way.
donator
Activity: 1218
Merit: 1079
Gerald Davis
September 01, 2013, 07:18:44 PM
#30
A monoculture will eventually fail, that is reason enough to keep alternatives.




If if there were some innovation with new coins, and not just a copy / paste of the old coins Smiley
Nonsense. if someone hacks SHA256 and mines all the remaining BTC in a day, the value will plummet and the scrypt coins will take over.



If someone "hacks" (as inaccurate and unrealistic as that is) then every single Crypto-currency is screwed as they use SHA-256 in the address generation.  So you could find another public key which hashes to the same address and steal all the owned coins of every coin that exists.

There is no defense in diversity if all the codebase are 99% copied from one. 
member
Activity: 70
Merit: 10
September 01, 2013, 07:14:01 PM
#29
Oh dear
You do realize I was talking about block generation!


How about something easier for you to understand.

Say someone invents a new super ASIC that's thousands of times faster then the best ones currently on offer. They set up a farm, grab 99% of the net hash rate, attack the block chain a bit,  let the difficulty rise to a hundred times higher than it was, then switch the farm off. Bitcoin is stuck at a crazy high diff and effectively ruined, transactions grind to a halt, game over.



Or someone with a lot of money can amass a huge ASIC farm and 51% BTC.
For sure, a disruption of the BTC network can come in a number of ways, a smart investors doesn't keep all their eggs in one basket, be it BTC, alt-coins, fiat, gold,  stocks, houses etc.


Sadly I don't have eggs they break too easily D:
erk
hero member
Activity: 826
Merit: 500
September 01, 2013, 07:10:39 PM
#28
Oh dear
You do realize I was talking about block generation!


How about something easier for you to understand.

Say someone invents a new super ASIC that's thousands of times faster then the best ones currently on offer. They set up a farm, grab 99% of the net hash rate, attack the block chain a bit,  let the difficulty rise to a hundred times higher than it was, then switch the farm off. Bitcoin is stuck at a crazy high diff and effectively ruined, transactions grind to a halt, game over.



Or someone with a lot of money can amass a huge ASIC farm and 51% BTC.
For sure, a disruption of the BTC network can come in a number of ways, a smart investors doesn't keep all their eggs in one basket, be it BTC, alt-coins, fiat, gold,  stocks, houses etc.
legendary
Activity: 944
Merit: 1026
September 01, 2013, 06:46:52 PM
#27
Those who missed out on the initial gains of bitcoin are hoping lightning will strike again.  They will probably be disappointed.  You never know.
hero member
Activity: 868
Merit: 500
CryptoTalk.Org - Get Paid for every Post!
September 01, 2013, 06:33:56 PM
#26
Nonsense. if someone hacks SHA256 and mines all the remaining BTC in a day, the value will plummet and the scrypt coins will take over.

Oh dear.

You do realise all altcoins still use SHA256 don't you?
Scrypt is only used in block generation. The addresses are still calculated in part using SHA256 to convert the ECDSA public key to the addresses you and I see.



Oh dear
You do realize I was talking about block generation!


How about something easier for you to understand.

Say someone invents a new super ASIC that's thousands of times faster then the best ones currently on offer. They set up a farm, grab 99% of the net hash rate, attack the block chain a bit,  let the difficulty rise to a hundred times higher than it was, then switch the farm off. Bitcoin is stuck at a crazy high diff and effectively ruined, transactions grind to a halt, game over.



Or someone with a lot of money can amass a huge ASIC farm and 51% BTC.
erk
hero member
Activity: 826
Merit: 500
September 01, 2013, 05:49:51 PM
#25
Nonsense. if someone hacks SHA256 and mines all the remaining BTC in a day, the value will plummet and the scrypt coins will take over.

Oh dear.

You do realise all altcoins still use SHA256 don't you?
Scrypt is only used in block generation. The addresses are still calculated in part using SHA256 to convert the ECDSA public key to the addresses you and I see.



Oh dear
You do realize I was talking about block generation!


How about something easier for you to understand.

Say someone invents a new super ASIC that's thousands of times faster then the best ones currently on offer. They set up a farm, grab 99% of the net hash rate, attack the block chain a bit,  let the difficulty rise to a hundred times higher than it was, then switch the farm off. Bitcoin is stuck at a crazy high diff and effectively ruined, transactions grind to a halt, game over.








legendary
Activity: 1652
Merit: 1016
September 01, 2013, 05:16:28 PM
#24
Nonsense. if someone hacks SHA256 and mines all the remaining BTC in a day, the value will plummet and the scrypt coins will take over.

Oh dear.

You do realise all altcoins still use SHA256 don't you?
Scrypt is only used in block generation. The addresses are still calculated in part using SHA256 to convert the ECDSA public key to the addresses you and I see.


hero member
Activity: 750
Merit: 503
September 01, 2013, 05:01:57 PM
#23
Just because it came first doesn't mean it is the best thing that can exist.

I personally feel that Bitcoin was never intended to survive, but merely start the creation of a better currency.

This.

No great power has ruled forever!
sr. member
Activity: 287
Merit: 250
September 01, 2013, 05:01:18 PM
#22
Just because it came first doesn't mean it is the best thing that can exist.

I personally feel that Bitcoin was never intended to survive, but merely start the creation of a better currency.
hero member
Activity: 750
Merit: 503
September 01, 2013, 04:56:59 PM
#21
Don't have any Bıtcoins, I only hold alts and only use Bıtcoin to turn ınto cash.
member
Activity: 70
Merit: 10
September 01, 2013, 04:52:27 PM
#20
ı dont know guys just dont feel lıke alt coıns are that great.


thınk about ıt , ıf people see all these random coıns poppıng up on the medıa after bıtcoın what wıll they thınk?


"oh shıt man thıs shıts to complıcated better go play my playstatıon"

or

"oh no man , they saıd ıt would be one currency, one currency to rule them all!"


ı thınk ıf you push all these shıtocurrencıes out the door ıt wıll gıve bıtcoın a bıt more strength.


but ı dont know who knows.

wouldnt ıt be better to take the dev from the new coıns and put them ınto bıtcoın ınstead of havıng all these scattered ants runnıng around? what about the fat mutant ant that got fed too much green radıoactıve spınnach? what about popeye ant?

Tell me your secret. How do I do 'i's without the dot?



ıt ıs awesome, was the only thıng ı was thınkıng about whıle readıng thıs post aswell

as to the OPs question, alt coins are for normal people who cant mine bitcoin anymore



ım ın turkey rıght now. the keyboards are shıt here. shıt. wıth the dotless ı.


ı can do a normal i but ıts on the other sıde of the keyboard ı cbf adjustıng my typıng hand for that. nobody got tıme fo dat

I'm ordering a TurkIsh keyboard rIght now


ıll sell you turkısh keyboards for bıtcoın?  Tongue
hero member
Activity: 750
Merit: 503
September 01, 2013, 04:50:06 PM
#19
Peter Pıper pıcked a peck of pıckled peppers
hero member
Activity: 750
Merit: 503
September 01, 2013, 04:47:55 PM
#18
Please tell, maybe if we can all remove that dot, these alts will disappear too  Wink

Copy and paste the character "ı" and put ıt everywhere, when you need ıt.

Yessss ı ı ı ı ı       ı
hero member
Activity: 750
Merit: 503
September 01, 2013, 04:46:05 PM
#17
ı dont know guys just dont feel lıke alt coıns are that great.


thınk about ıt , ıf people see all these random coıns poppıng up on the medıa after bıtcoın what wıll they thınk?


"oh shıt man thıs shıts to complıcated better go play my playstatıon"

or

"oh no man , they saıd ıt would be one currency, one currency to rule them all!"


ı thınk ıf you push all these shıtocurrencıes out the door ıt wıll gıve bıtcoın a bıt more strength.


but ı dont know who knows.

wouldnt ıt be better to take the dev from the new coıns and put them ınto bıtcoın ınstead of havıng all these scattered ants runnıng around? what about the fat mutant ant that got fed too much green radıoactıve spınnach? what about popeye ant?

Tell me your secret. How do I do 'i's without the dot?



ıt ıs awesome, was the only thıng ı was thınkıng about whıle readıng thıs post aswell

as to the OPs question, alt coins are for normal people who cant mine bitcoin anymore



ım ın turkey rıght now. the keyboards are shıt here. shıt. wıth the dotless ı.


ı can do a normal i but ıts on the other sıde of the keyboard ı cbf adjustıng my typıng hand for that. nobody got tıme fo dat

I'm ordering a TurkIsh keyboard rIght now
sr. member
Activity: 420
Merit: 250
September 01, 2013, 04:45:56 PM
#16
A monoculture will eventually fail, that is reason enough to keep alternatives.




If if there were some innovation with new coins, and not just a copy / paste of the old coins Smiley


well thats the thıng. theres all these copycats.


but ı suppose ıt ıs somewhat good because ıt wıll be lıke gold and sılver. you can use them both seperately sıde by sıde. you would use one for long term ınvestment and one for mıcro transactıons (bıtcoın ısnt great for small transactıons)

More like gold, silver, beads, pebbles, kernels of corn, acorns etc. It has value if people allow it to have value. Trade you my ZET for a new cow.
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