Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: Penn State Scholar Predicts Altcoins Will Surpass Bitcoin  (Read 306 times)

0 Members and 1 Guest are viewing this topic.

Offline Akado

  • Hero Member
  • *****
  • Posts: 2760
    • View Profile
  • BTS: akado
Penn State Scholar Predicts Altcoins Will Surpass Bitcoin
« on: May 27, 2015, 11:01:15 AM »

http://www.newsbtc.com/2015/05/25/penn-state-scholar-predicts-altcoins-will-surpass-bitcoin/

Whoever agrees with that will be chased down by bitcoiners like the Inquisition did in the past lol

But right or wrong, it touches an interesting point, the fact that reaching consensus on bitcoin seems a bit harder than expected and that "Bitcoin will be the victim of some “pioneer’s penalty” if it fails to add anything more to the table. In simple words, who will use an acoustic string telephone when he could access a mobile phone."

Meaning in the future it might fail to adapt if needed to be. Honestly that has been concerning me for quite a while.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12280
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Re: Penn State Scholar Predicts Altcoins Will Surpass Bitcoin
« Reply #1 on: May 27, 2015, 11:05:46 AM »
Just take a look at all the discussion about increasing the block size limits ... a community just can't come to a consensus (ours included) .. you need voting by stake which inevitably makes a blockchain a DAC .. IMHO
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline Akado

  • Hero Member
  • *****
  • Posts: 2760
    • View Profile
  • BTS: akado
Re: Penn State Scholar Predicts Altcoins Will Surpass Bitcoin
« Reply #2 on: May 27, 2015, 11:12:34 AM »
Just take a look at all the discussion about increasing the block size limits ... a community just can't come to a consensus (ours included) .. you need voting by stake which inevitably makes a blockchain a DAC .. IMHO

Indeed, that is essential for the system health. However since Bitcoin has a userbase too big compared to other communities, that problem naturally scales too.

And I would see Bitcoiners completely against that because exchanges and mining operations would have the biggest voting power and manipulate it at will. Thing is, they already do.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12280
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Re: Penn State Scholar Predicts Altcoins Will Surpass Bitcoin
« Reply #3 on: May 27, 2015, 11:26:43 AM »
You should read through this:
https://www.darkwallet.is/bip16-17.html
in particular the "viewpoint" paragraph which tells us how they (the miners) decided for which multisig implementation to standardize:
Quote
Gavin Andresen is the author of a new standard P2SH (BIP 0016). Miners have been asked to place the value of /P2SH/ in their blocks. On the 1st February if 55% of the blocks contain /P2SH/, the change will become live in the Satoshi client. Otherwise the voting date will be pushed back and the blockchain re-checked again later.

Luke Dashjr is the author of a competing proposal CHV (BIP 0017). Miners voting in favour of CHV, should place p2sh/CHV in their blocks.
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline svk

Re: Penn State Scholar Predicts Altcoins Will Surpass Bitcoin
« Reply #4 on: May 27, 2015, 11:28:14 AM »
You should read through this:
https://www.darkwallet.is/bip16-17.html
in particular the "viewpoint" paragraph which tells us how they (the miners) decided for which multisig implementation to standardize:
Quote
Gavin Andresen is the author of a new standard P2SH (BIP 0016). Miners have been asked to place the value of /P2SH/ in their blocks. On the 1st February if 55% of the blocks contain /P2SH/, the change will become live in the Satoshi client. Otherwise the voting date will be pushed back and the blockchain re-checked again later.

Luke Dashjr is the author of a competing proposal CHV (BIP 0017). Miners voting in favour of CHV, should place p2sh/CHV in their blocks.

So the 4 people controlling the biggest mining pools will decide which standard to adopt basically?
Worker: dev.bitsharesblocks

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12280
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Re: Penn State Scholar Predicts Altcoins Will Surpass Bitcoin
« Reply #5 on: May 27, 2015, 11:37:01 AM »
Historically, in order to survive, a species must adapt to changing conditions by changing themselves.  bitcoin is revolutionary but rigid.

BitShares is a crypto that embraces and encourages change at its very core.

Ethereum, XCP, and NXT are attempting to make changing their ecosystem easy and intuitive also.

This is not news, but nature and history.

bitcoin and T-Rex both had a great run, but when bitcoiners see what else you can accomplish inside of a trustworthy robotic blockchain (and at a much larger potential scale than bitcoin itself), then they will realize that history is repeating again (and then they will follow Gavin blindly)
In that sense .. Bitcoin in deed compares well to gold :)
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

 

Google+