God forbid bitcoin gets widely adopted, it struggled to keep up with the amount of transactions when satoshidice was launched, anything larger than a technological niche and it'd be an unmitigated nightmare to do business with.
[QUOTE=Lonestriper;43599326]God forbid bitcoin gets widely adopted, it struggled to keep up with the amount of transactions when satoshidice was launched, anything larger than a technological niche and it'd be an unmitigated nightmare to do business with.[/QUOTE]
Yeah the blockchain is already increasing at nearly 1GB per month, which is insane, even with this low amount of people using it. I want it to die so something better is created. I really don't think it's sustainable with a large userbase.
[QUOTE=Shadaez;43599353]Yeah the blockchain is already increasing at nearly 1GB per month, which is insane, even with this low amount of people using it. I want it to die so something better is created. I really don't think it's sustainable with a large userbase.[/QUOTE]
Better things [I]have[/I] been created - they're called altcoins. We just never hear about them because people think that altcoins "dilute the cryptocoin economy" or are completely pointless. Doesn't help that some of them (like Nxtcoin) have some shady business behind them, or tha tsome of them (iXcoin or tons of other altcoins) were premined so the creators can get rich from them.
[QUOTE=supersnail11;43599689]Better things [I]have[/I] been created - they're called altcoins. We just never hear about them because people think that altcoins "dilute the cryptocoin economy" or are completely pointless. Doesn't help that some of them (like Nxtcoin) have some shady business behind them, or tha tsome of them (iXcoin or tons of other altcoins) were premined so the creators can get rich from them.[/QUOTE]
We are hearing about them actually, scrypt has become popular (different type of blockchain afaik than SHA256)
Litecoin uses it, Doge uses it.
[QUOTE=katbug;43600024]We are hearing about them actually, scrypt has become popular (different type of blockchain afaik than SHA256)
Litecoin uses it, Doge uses it.[/QUOTE]
What about PoS altcoins, like Peercoin, or non-hash based PoW coins, like Primecoin? Or colored coins, or fully anonymous coins like Zerocoin?
Or how about fuck all these coins?
[QUOTE=supersnail11;43600367]What about PoS altcoins, like Peercoin, or non-hash based PoW coins, like Prime coin? Or colored coins, or fully anonymous coins like Zerocoin?[/QUOTE]
Zerocoin is actually only for use alongside bitcoin as far as I know.
And I wasn't aware of those other coins, I'll have to look into them.
[editline]20th January 2014[/editline]
[QUOTE=Swilly;43601256]Or how about fuck all these coins?[/QUOTE]
Nah I'd rather make money.
See, you have personally invested in them. You're extremely biased here.
[QUOTE=Swilly;43605287]See, you have personally invested in them. You're extremely biased here.[/QUOTE]
I personally don't use the coins, I merely follow how they evolved and can see the benefits of them. You are more blind of the situation than he is.
[QUOTE=deadoon;43592556]It isn't regulated by a central authority, but it is self regulated due to the limitations of currency production and of transactions being confirmed by a majority along with transactions decreasing the value of the coin via a transaction fee that goes back into the pool for mining.[/quote]
Nice try. I'm talking about financial regulation. Currencies need to be regulated, otherwise they are incredibly vulnerable to financial attacks, shocks, panics, and other corrupt business.
[quote]Direct transactions without a middleman. Financial attacks are difficult to create due to all coins are accounted for in some way, everyone has the transaction records.[/quote]
Do you know anything about the real financial world? (Like, not bitcoin trading).
[quote]And bitcoins can be cut into smaller portions for use and payment, you can't cut a penny in half in anything by a computer system for calculating interest. IF dollars stayed as gold certificates at a set value, there would be an issue of gold increasing in value as people traded more, thus smaller denominations would be needed, bitcoins already accounted for that with reasonable levels.[/quote]
No, deflation causes people to hoard money. That's bad. Bitcoin is inherently deflationary.
[quote]Weren't you just saying that the reason the fiat currencies were valuable were because governments accept them as taxes and use them? Isn't this statement contradictory to that then?[/quote]
No. Fiat currencies are usually accepted because you can pay taxes with them. In a country where the currency is unstable, it's because people can't even use the money in day to day life. You can still pay taxes, but then you have the problem of too much (or little) money chasing the same goods.
[quote]The reason they aren't stable is because of people trading just for the sake of trading and speculation.[/quote]
What will stop this? What will stop deflation of the currency? How do you actually prevent fraudsters and other dubious persons messing with the currency? How do you maintain the stability of it so that the average person will accept it in wages, confident in the knowledge he can spend his wages without realizing prices have changed rapidly and making him unable to pay his rent or bills or taxes or food?
How will bitcoins be accepted for taxation? Will civil servants be paid in it?
On another note, I've been seeing more and more random website accept bitcoin, I was just browsing around researching nootropics when I found a site that accepts btc [url]https://modup.net/[/url]
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