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Seems like bitcoin won't die after all, which is a pitty. It's become a centralised mess controlled by a few ASIC producers. Worst part is that it continues ea
by j-pb 11y ago
Seems like bitcoin won't die after all, which is a pitty.
It's become a centralised mess controlled by a few ASIC producers.
Worst part is that it continues eating it's own children, as long as bitcoin is there, no other crypto currency will gain widespread adoption.
- wcoenen 11y agoThere is talk that the playing field will become more level now that the ASICs have catched up with 14 nanometer process technology. Mining equipment should no longer become obsolete every few months.
- goldbrick 11y agoHardly. Obsolescence is designed into the very system.
- VMG 11y agoIt's doing pretty well actually. It's still less centralized as all viable alternatives.
- 07d046 11y agoAren't there a small group of people who essentially control all of Bitcoin with no oversight? There might be a group of 30 very wealthy early adopters, miners, main developers, people who own the communication channels, and other influencers, who have 90% of the influence in what happens with Bitcoin. Real currencies can't boast to being that centralised.
- VMG 11y agoTheir wealth depends on bitcoin keeping the properties it currently has. For instance they could try to merge a code change that doubles the balances for early adopters, but it would immediately destroy their wealth because people would stop using the currency.
- solotronics 11y agoI agree with this, game theory shows they have everything to gain by protecting and fostering Bitcoin development.
- bhaak 11y agoSome examples for viable alternatives?
- brighton36 11y agoWell there's none, which in the point. But.. Lightcoin, dash, monero, etc
- richardwhiuk 11y agoNormal currency which is both less centralized and easier to use.
- VMG 11y agoWith "normal" currencies you mean the ones issued by central banks?
- flatline 11y agoIssuance may be centralized but the payment network, not so much.
- VMG 11y agoDo you mean cash or Paypal & Co?
- flatline 11y agoCash, visa MasterCard etc. - there are many banking options. There is only one Bitcoin network, and it is currently very centralized.
- VMG 11y agoTrue, in that sense it's less centralized. But each of those payment provider you pick holds your assets and can restrict your transactions any time. With Bitcoin that is not possible.
- TazeTSchnitzel 11y agoBitcoin's governance failures might yet slowly kill it.
- brighton36 11y agoNetwork effect matters. I'm still waiting for for the mess that is qwerty to die
- wslh 11y agoBitcoin is the natural currency of the deep web not a replacement of the finance sector. It doesn't matter if it dies or not while the users of these technologies [slowly] grow and new innovations appear. Currently Bitcoin is the leader but the core concepts around cryptocurrencies/blockchain are the most important part.
- davnicwil 11y ago> no other crypto currency will gain widespread adoption Bitcoin doesn't have widespread adoption, and it is arguably the only chance for cryptocurrency to gain widespread adoption in any reasonable timeframe. Saying that bitcoin is getting in the way of the widespread adoption of cryptocurrency is somewhat like saying that the cart could go faster if only that slow horse weren't in the way.