Will Bitcoin be surpassed in value by an alternate cryptocurrency and when? - page 3.

piramida

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Borsche

Quote from: KFR on December 10, 2013, 11:23:49 AM

If, for example, in the unlikely event that SHA-256 becomes compromised I for one am quite glad that there will be blockchains around based on an alternative hashing algorithm e.g. Litecoin.

Thing is, in such an unlikely event, bitcoin would change to SHA-512 or whatever would be cool then, overnight. Altcoins could serve some purpose I guess, as experimenting grounds with various chain logic parameters, or lighter coins for some lighter purposes, but I think it's a pretty solid statement that none of them would match BTC in value without some very serious investment / backing first. Any good advances in altcoins could be easily ported to bitcoin, with it's brand name recognition and infrastructure, so just "being better" in something minor won't do it.

KFR

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Per ardua ad luna

For me, that's kind of the point of supporting alt coins.

If, for example, in the unlikely event that SHA-256 becomes compromised I for one am quite glad that there will be blockchains around based on an alternative hashing algorithm e.g. Litecoin.

I see the vast majority of alt coins as pump-and-dump nonsense feeding on the scraps that Bitcoin drops from its table. But just a few of them are worth keeping a close eye on.

After all, none of us here knows the future.

olloman

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Crypto Angel

you bought a lot of zerocoins, didn't you?

piramida

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Borsche

Look at every alt currency rate against bitcoin, a yearly graph, and come to a conclusion: http://www.cryptocoincharts.info/. Short answer - no, they all are going to 0 eventually. End of story. Zerocoin stands a chance to become zero first, good name.

In reality, cloning an algo does not give you any advantage, because the value of bitcoin is not in the code or idea - these cost zero as early days of bitcoin show - but in the network, infrastructure, businesses, developers, and so on.

So every pump-and-dump in altcoins that seemingly excites lots of noobs is just that - speculative movement to get some short-term gain before returning back, to the slow decline to zero. Unless a coin with serious backing - like a billion dollar infrastructure - appears, you should bet on bitcoin.

surfer43

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Will Bitcoin be surpassed in value by an alt coin and when? The first coin is not necessarily the best in the future. Do you think zerocoin stands a chance?

Topic: Will Bitcoin be surpassed in value by an alternate cryptocurrency and when? - page 3. (Read 3264 times)