Why would i still invest in bitcoin? - page 2.

Fraxinus

legendary

Activity: 1274

Merit: 1000

Quote from: markm on January 02, 2014, 07:41:04 AM

Remember that the same hashing power that secures the bitcoin blockchain can also secure various others at the same time at near zero additional cost.

There are various different speeds of coin merged-mined alongside bitcoin, including one (GeistGeld) that is so crazy fast that some pools think it is too fast to be effectively merged mined, thus too darn fast to be secured.

DOGE recently showed us that almost all the GPU-mined coins could be PWNed overnight just by some stupid internet meme. DOGE itself only has as much hashing power as a stupid internet meme can, almost overnight, conjure up. So it and all those that have less GPUs dedicated to securing them are all just garbage, toys, sitting there waiting for anon or some internet meme or who-ever or whatever to PWN the lot of them.

So if you want really crazy fast, help determine whether GeistGeld is too fast to work, and if so maybe push to have it slowed down to whatever is the fastest that can actually practically be secured. Meanwhile check out the other merged coins, some more of them are much faster than Bitcoin but not so stupidly fast as to be impractical to secure...

-MarkM-

From when on does the security becomes impractical?

markm

legendary

Activity: 2940

Merit: 1090

Worse, actually. Most are saying not to use copper coins but instead of buy ponzi stamps and try to convince merchants to accept their ponzi stamps, knowing full well they could all be blown away at any time by the next internet meme that happens along.

-MarkM-

BunworthBanshee

member

Activity: 82

Merit: 10

bitcoin I think will always be the coin of choice for storing wealth. while one of the alts may be used more in day to day stuff.

but the main reason, IMO is the same reasons why anybody would invest in gold.

what your saying is like why buy gold when I can just use my copper coins everyday. Wink

markm

legendary

Activity: 2940

Merit: 1090

Remember that the same hashing power that secures the bitcoin blockchain can also secure various others at the same time at near zero additional cost.

There are various different speeds of coin merged-mined alongside bitcoin, including one (GeistGeld) that is so crazy fast that some pools think it is too fast to be effectively merged mined, thus too darn fast to be secured.

DOGE recently showed us that almost all the GPU-mined coins could be PWNed overnight just by some stupid internet meme. DOGE itself only has as much hashing power as a stupid internet meme can, almost overnight, conjure up. So it and all those that have less GPUs dedicated to securing them are all just garbage, toys, sitting there waiting for anon or some internet meme or who-ever or whatever to PWN the lot of them.

So if you want really crazy fast, help determine whether GeistGeld is too fast to work, and if so maybe push to have it slowed down to whatever is the fastest that can actually practically be secured. Meanwhile check out the other merged coins, some more of them are much faster than Bitcoin but not so stupidly fast as to be impractical to secure...

-MarkM-

Nullu

hero member

Activity: 532

Merit: 500

Bitcoin by altcoin standards is a lot more stable. Most posts I've seen by other users who advise investing in Bitcoin suggest it as a long term investment. Years. Altcoins are highly volatile in comparison. If you can afford it, investing in Bitcoin when the price takes a dip, and then investing in altcoins at the same time gives you two different forms of investment opportunity. If I had a few thousand, I would feel safer putting it into bitcoin and cold storage than the meagre pennies I get in interest from my bank. At the same time I'd also want to be making shorter term investments in new crypto currencies and knowing when to hold and when to fold.

nocoin

full member

Activity: 168

Merit: 100

Quote from: Fraxinus on January 02, 2014, 07:32:08 AM

Most important in my eyes: speed

There was always the trouble of the long confirmations with btc, so i can't imagine the use of it in daily life will be so easy.
Like buying your bread with btc if you need to wait 5 minutes before its comfirmed.

Seller don't need to wait for confirmations if you buying something like bread. Check this: http://www.coindesk.com/subway-bitcoin-purchase/

Quote

I hit send and within seconds she received confirmation on the iPad that her account had received the bitcoin. It took no longer than a credit card transaction, and it didn’t require my signature.

_gnasher_

newbie

Activity: 46

Merit: 0

As it's the original. For now, everything is traded in terms of Bitcoins. Almost like gold.

I can't see that changing, but can see other cryptos playing a major role.

DolanDuck

full member

Activity: 196

Merit: 101

I asked the same question on another forum a couple of days ago but had no answers...
btw why they don't modify bitcoin to get faster transactions?

Fraxinus

legendary

Activity: 1274

Merit: 1000

There are coins comming out that are better on many things.
Most important in my eyes: speed

There was always the trouble of the long confirmations with btc, so i can't imagine the use of it in daily life will be so easy.
Like buying your bread with btc if you need to wait 5 minutes before its comfirmed.
I never bought anything with btc so i don't have experience with it.

But there are coins with practically instant transaction times, aren't these the coins of the future?
And isn't bitcoin a bit outdated?

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