Topic: Will the Sidechain innovation kill all Altcoins? - page 2. (Read 21202 times)

Thanks, that article helps to explain it better, but gosh the whole idea of sidechains really adds a lot of confusion to the bitcoin game. And personally, I don't think this sidechain idea (even if it were to be implemented in full) would have much impact on all of the altcoins. All of the coins (bitcoin included) is a game of speculation/popularity. Buy the coins now that you think will become popular one day. Same with the stock market.

Sidechains are interesting still need more knowledge on their functioning but the Adam back article was helpful
Innovation without risking the system itself (Make a test bed of sorts with other coins)
http://www.cryptocoinsnews.com/news/adam-back-sidechains-can-replace-altcoins-bitcoin-2-0-platforms/2014/04/10

No, it's some of the meta coin proposals that do that from what I understand. Sidechains introduce something called "two way pegging" (thanks to gmaxwell) which allows bitcoins to flow back and forth from the side chain. That's why I see a lot of potential with them.

You know, it's probably 3% or less of the world's population that really understands Bitcoin. If you get into alt-coins those meager numbers drop further. Don't mention meta coins like Mastercoin, and now there is 'side chains'.

I first dismissed Bitcoin because I misunderstood it. When alt-coins arrived I understood them but dismissed them as unnecessary. However, I later viewed them as playing an important role for the cryptocurrency community, namely providing backup and alternative to Bitcoin. I felt this was necessary for many reasons, some technical, some economic, but above all else because it's hard to gain consensus the more people there are and Bitcoin naturally wants the largest possible userbase. That seemed inherently problematic to me, something which became fairly pronounced with the community uproar over Bitcoin Foundation, a potentially dominant force for centralizing power. That caused me to see that alt-coins could be valuable after all by easing pressure over infights with only one blockhain in which everyone had invested stake. Hard forks of course could be disastrous. Indeed I've seen various heated topics come up where people have talked of storming off to an existing or new alt-coin, like zero coin. Had alt-coins not been seen as a viable option these would have been potential Bitcoin hard forks brewing, not good.

I've listened to the LTB podcast on side chains. They are the first cryptocurrency related technology where out of the box I see the value (I'm still not there with meta coins). Whether or not side chains kill off alt-coins remains to be seen. I doubt they kill off the strongest alts, but it may clear many of the bottom of the ladder ones. I still have questions about how side chains can do all they promise on a technical level, namely in terms of scalability, while still relying on decentralized mining and record keeping, if that's indeed how they work. So I'm not entirely sure how side chains will impact our community, but I do think they hold large, potentially very large promise.

I read "sidechain alts" destroy (small) amounts of BTC.
That doesn't sound sustainable....?

I've never heard of sidechain. Do you have a better link, because that reddit link does not really explain sidechain.

Yes please. Good riddance. Litecoin etc dilute Bitcoin and the market cap. The only purpose is because they hope it pumps.

Most altcoins are pump and dump schemes by people trying to grow their btc stash. There will be alts as long as it's profitable for their developers. That said, if sidechains could take all the best features from alts and apply them to btc, there wouldn't be much incentive to use any other crypto.

A nice topic to discuss, already I posted in reddit for discussion, I bought it here too so that experts here could give their opinions.


With the upcoming sidechain technology , I really think altcoins are doomed, when you can do anything you want with bitcoin itself, need a faster transaction time then develop a fastcoin like sidechain...need an anonymous currency develop a sidechain with zerocoin like features..

I am a non technical person and i want to know about the future and how sidechains will disrupt the cryptocurrency ecosystem.

http://www.reddit.com/r/Bitcoin/comments/22v0nw/will_the_sidechain_innovation_kill_all_altcoins/