Will you switch to a new technology, if it offers better features than Bitcoin? - page 3.

Vaskiy

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Quote from: Hirose UK on April 04, 2016, 09:16:27 PM

Quote from: Jhanzo on April 04, 2016, 12:27:15 PM

Quote from: Kprawn on April 04, 2016, 12:20:44 PM

We know Bitcoin was the first and is the most trusted Crypto currency out there at the moment and that it is backed by a huge network with tons of hashing power and good security, BUT would you

forget about all of that and go for a alternative technology with better features, once it is developed by all these banks? {Permissioned, private ledgers} They will obviously just copy the concept and

add some bells n whistles and then improve on scalability.

The governments will obviously make things easier for them and make it more difficult for Bitcoin, and then Bitcoin will start to lose ground and things will change in their favor. How do we stop that

what could the governments and banks create that have better features than what bitcoin already provided? no government would spend a penny to make anything that is trustless and decentralized.

yeah, what's the new feature better than bitcoin? even if governments would be able to create such new feature, I think it will need more years.

yes i agree, if government desires to create, an interesting aspect is that there could be many such currencies based on similar technology. but all doesn't become bitcoin as soon as it is created.

Kakmakr

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I see the point being made here would be that people are misguided by what they think are the best. Let's take the latest partnership between Mike Hearn's group of banks and Microsoft. Most people accept that Microsoft will chose the best technology for them, because they are a reputable and big organization. < It might even be the worst choice >

If this group put something on the table and it goes mainstream with Microsoft, most people will follow like sheep and will not know the difference if it bit them in the face.

Hirose UK

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Quote from: Jhanzo on April 04, 2016, 12:27:15 PM

Quote from: Kprawn on April 04, 2016, 12:20:44 PM

We know Bitcoin was the first and is the most trusted Crypto currency out there at the moment and that it is backed by a huge network with tons of hashing power and good security, BUT would you

forget about all of that and go for a alternative technology with better features, once it is developed by all these banks? {Permissioned, private ledgers} They will obviously just copy the concept and

add some bells n whistles and then improve on scalability.

The governments will obviously make things easier for them and make it more difficult for Bitcoin, and then Bitcoin will start to lose ground and things will change in their favor. How do we stop that

what could the governments and banks create that have better features than what bitcoin already provided? no government would spend a penny to make anything that is trustless and decentralized.

yeah, what's the new feature better than bitcoin? even if governments would be able to create such new feature, I think it will need more years.

The Sceptical Chymist

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Ehhh...it'd be tough. One good thing about bitcoin (as opposed to the hundreds of shitty shitcoins out there) is that a lot of other people are using it. That's why it's at $420 per bitcoin and that's why merchants take it. So I'd switch over if the market was pretty liquid. Again, it would be tough to switch from bitcoin. It's like asking a hardcore Coca-Cola drinker to switch to RC Cola. It's a disgusting prospect.

NorrisK

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Don't expect bank coins to be anything like bitcoin we know today.

For one, they will never allow anyone to mine their chain, it just won't happen. Secondly, the distribution will be similar to current fiat distribution, as they are the sole owners of the chain, they can fork to their likings and change anything whenever they want.

I might switch to a new technology in time, but it surely won't be a bank coin (unless it replaces normal fiat, I'd use it as I use fiat now).

btvGainer

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Quote from: LordCoder on April 04, 2016, 01:13:54 PM

Well, you can create an altcoin so you can add your own features to Bitcoin, but don't expect it to be better than Bitcoin.

There is always a room for improvement.We may not see what future has in store.Before bitcoin we all were happy with fiat,PayPal and whatever else monetary instrument we had but Bitcoin changed everything and now we believe bitcoin is best.Similarly unless something better arrives,we consider the existing one the best

chennan

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Quote from: BTCBinary on April 04, 2016, 04:44:59 PM

I probably will... If a new currency that can overcome Bitcoin appears there will be a lot of people changing to it, of course. However, I guess that there will not be any of those anytime soon!

Well, I mean in terms of "bank" coins, probably not. Big banks are thriving on what the Central Banks are doing; so I don't think they are going to propose a system that resembles "the gold standard" any time soon... I mean c'mon, charging interest to people through credit which is based on a system made out of literally nothing? I think the big banks would prefer that system which forces people to come to them for their "services" to profit on, rather than handing over a system that allows people to become their own banks.

Plus I would be highly surprised if they would/could start hiring tech experts to do such things... I know a couple of people in the banking world, and they are far from tech experts and could care less about people in general.

BTCBinary

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I probably will... If a new currency that can overcome Bitcoin appears there will be a lot of people changing to it, of course. However, I guess that there will not be any of those anytime soon!

chennan

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I'm not going to sit here and go on about altcoins, but I think a few of them (with one in particular) solve big problems with what's going on with Bitcoin and the scalability issue. I like seeing what other coins have to offer (most of them are complete junk), but out of all of them I believe that having a dynamic block size proposed by the monero cryptonote whitepaper offers a proposal that could solve a lot of these issues... most obviously the scalability issue, but as well as fungibility and with Ring CT coming along complete obfuscation and anonymity on the blockchain. Not only that, I think that governments will learn to love it because of the view key function which allows auditors to track business transactions for taxing purposes in the future. There will be a lot of push back at first obviously, but I feel that this relates to what you are talking about.

The thing is, is that ideas that people have are hard to change. So when it comes to bitcoin maximalists deciding to change over to something that is not bitcoin is going to be an all out brawl, philosophically speaking... I mean look at the block size debates.

Bestwishes745

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these struggles are going on by a number of oter crypto-currency but they are unable to compete bitcoin and people are more attracted to bitcoin rather than any other technology.

BitHodler

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I will stay on Bitcoin's side as long as it is the top digital currency.

If I see the majority of the community supports some thing other than Bitcoin because it's getting surpassed, then I will most likely follow them.

hv_

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Average Joe will chose by price. I suppose he will not see the banking blockchain at all since this will be fully covered by a new shiny Visa app.

The issue comes if Joe sees that the buying power of his $ gets worse and worse that is the point when he might buy BTC.

ATguy

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Better features often have drawbacks as well, and if there are not any drawbacks, Bitcoin can implement such feature sonner or later. For example trully anonymous altcoins drawback is their transactions are bigger in size, thus much harder to scale such anonymous altcoins to more people.

traderbit

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I doubt that a new technology will be better than bitcoin, even if it happens i don't think to leave bitcoin, many people accept the bitcoin as the payment and since i can trade through bitcoin then i will not leave it.

bigs21024

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that would be touchy it would have to be around and prove itself for a while there is so many scams out there no days.

spazzdla

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I would use it, I wouldn't switch.

IMO BTC will become the new gold.

shorena

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Quote from: Jhanzo on April 04, 2016, 01:25:34 PM

Quote from: Kprawn on April 04, 2016, 12:44:37 PM

Well, they will not develop something trustless, but they can make it decentralized. { Implementing nodes for example on all computers within all their bank branches } The only difference will be,

that it will be permissioned and private and they will control the development and what changes will be pushed on these clients/nodes. There are many Alt coins with some better features than

Bitcoin, but they do not have the main advantage... which in my opinion is the network affect and also the backing of a strong and secure network {hashing power provided by miners} that they do

not have to pay for. { In Bitcoin, miners give their resources and they get rewarded by the protocol } So for the users, this network is virtually free... but banks will have to pay for that resources.

I think you're misunderstanding what a full decentralization is. what you described are still centralized because it have a central authority (the banks). they can still change anything without consensus.

Which is exactly what would make this alternative problematic. One of the key features bitcoin offers is that it is difficult to change. If a couple of people could change what is understood as bitcoin, it would have failed. What would you say if these few people decided that the halving does not happen and we will have a 25 BTC block reward forever (or until they changed their mood)? Would you think also those that see bitcoin as a long term investment would still hodl their coins? I dont think so.

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Quote from: fravia on April 04, 2016, 02:10:17 PM

uhmm and how about that currency called ethereum that everyone says is better than bitcoin at a lot of points and might have a way better future than bitcoin might possibly have?

Only the people who have money in it 'say it is better', the others laugh at them. ETH is something different, a platform for applications.

Quote from: fravia on April 04, 2016, 02:10:17 PM

i think i wouldnt move from bitcoin anywhere else as people wouldnt be that interested in any new currencies than bitcoin

They already are, that's why we have altcoins.

Quote from: tyz on April 04, 2016, 02:07:16 PM

Bitcoin can be extended by features that "technology 2.0" coins offer by using Factom or Counterparty for instance.

Why would one want to use either?

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Quote from: Amph on April 04, 2016, 01:49:00 PM

at this point every thing that will be created with slighlty better features than bitcoin and based on a decentralized system(because otherwise it would rubbish and i would not even consider it) it would be a clone of bitcoin

i can not even imagine something that truly offer something revolutionary as bitcoin for the money payment system

uhmm and how about that currency called ethereum that everyone says is better than bitcoin at a lot of points and might have a way better future than bitcoin might possibly have?

i think i wouldnt move from bitcoin anywhere else as people wouldnt be that interested in any new currencies than bitcoin, i hope that there will never be any other popular currencies than bitcoin

tyz

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You actually do not need to fully switch to different technology. Bitcoin can be extended by features that "technology 2.0" coins offer by using Factom or Counterparty for instance.

Topic: Will you switch to a new technology, if it offers better features than Bitcoin? - page 3. (Read 2443 times)