5 ms·

Another cryptocurrency similar to BitCoin

9 points by otoburb 15y ago

motters 15y ago
This doesn't seem like much of an improvement over Bitcoin. The main problem with Bitcoin as I see it is its inflation curve and fixed maximum circulation. This has a pyramid scheme-like effect where early adopters are disproportionately favoured, so that the accusation can be made that these systems are set up simply as a way of enriching their founders.
- llambda 15y ago
  This is by design. I'm not sure early adopters are favored at all because their "investments" will gradually lose value as the number of Bitcoins increases. If anything it's the opposite, as I understand it. I've read varying opinions on the matter but it seems that the idea of a fixed currency that inflates at a predictable rate was a design decision meant to keep Bitcoin usable for certain kinds of transactions, i.e. exchanging money between currencies at low rates or giving money to your friend or favorite cause without an intermediary such as a bank. It isn't meant to wholly replace the dollar or euro or yen as far as I can tell.
  - DennisP 15y ago
    They only lose money if the number of bitcoins increases more than the demand for bitcoins. So far, the exact opposite has been the case, and the coins' value has increased by several orders of magnitude. Bitcoins will max out at about three times their current number. If they were to scale to, say, VISA size, they would be far more valuable than today.
- nazgulnarsil 15y ago
  are stock options enriching early startup employees a pyramid scheme?
- noagendamarket 15y ago
  It opened 2 seconds ago and youre already angry at early adopters ?
ars 15y ago
Seriously? The market can barely support one of these, much less multiple.
- BasDirks 15y ago
  Seriously? If there's one thing this particular market needs, it's competition.
- doublec 15y ago
  I look at these extra chains as more like experiments, iterating on different ideas that are too dangerous to try on the actual bitcoin chain. At some point someone will hit on some good ideas and they might be fed back into bitcoin, or form the basis of a better currency.
nazgulnarsil 15y ago
fixed transaction fees? you've just crippled your entire operation from day one. your currency will never rise beyond a value where the transaction fees make sense.
jasonzemos 15y ago
Denial of service by malicious pool owners is not an issue AFAIK. Pool owners are encouraged to package outstanding transactions in a mined block to claim the associated transaction fees. The only reason a pool owner would deny service is if the transaction has no fee -- which is generally spam. The real problem with bitcoin if anything is transaction scaling. With each transaction broadcast and saved by every node, it's questionable if the network could (or would be willing) to tolerate the load equal to, say, the Visa network. du -hs .bitcoin/ 870M .bitcoin/
- DennisP 15y ago
  Scaling is exactly the reason I failed to buy bitcoins a year ago. However, here's an argument that they could in fact scale up to VISA levels: https://en.bitcoin.it/wiki/Scalability https://en.bitcoin.it/wiki/Scalability
scotty79 15y ago
How much time do I have to dedicate to solo mine any solidcoin with Radeon HD 6850 ? UPDATE: Seems like few hours are sufficient.

9 points by otoburb 15y ago

This doesn't seem like much of an improvement over Bitcoin. The main problem with Bitcoin as I see it is its inflation curve and fixed maximum circulation. This has a pyramid scheme-like effect where early adopters are disproportionately favoured, so that the accusation can be made that these systems are set up simply as a way of enriching their founders.

llambda 15y ago
This is by design. I'm not sure early adopters are favored at all because their "investments" will gradually lose value as the number of Bitcoins increases. If anything it's the opposite, as I understand it. I've read varying opinions on the matter but it seems that the idea of a fixed currency that inflates at a predictable rate was a design decision meant to keep Bitcoin usable for certain kinds of transactions, i.e. exchanging money between currencies at low rates or giving money to your friend or favorite cause without an intermediary such as a bank. It isn't meant to wholly replace the dollar or euro or yen as far as I can tell.
- DennisP 15y ago
  They only lose money if the number of bitcoins increases more than the demand for bitcoins. So far, the exact opposite has been the case, and the coins' value has increased by several orders of magnitude. Bitcoins will max out at about three times their current number. If they were to scale to, say, VISA size, they would be far more valuable than today.
nazgulnarsil 15y ago
are stock options enriching early startup employees a pyramid scheme?
noagendamarket 15y ago
It opened 2 seconds ago and youre already angry at early adopters ?

ars 15y ago

Seriously? The market can barely support one of these, much less multiple.

BasDirks 15y ago
Seriously? If there's one thing this particular market needs, it's competition.
doublec 15y ago
I look at these extra chains as more like experiments, iterating on different ideas that are too dangerous to try on the actual bitcoin chain. At some point someone will hit on some good ideas and they might be fed back into bitcoin, or form the basis of a better currency.

nazgulnarsil 15y ago

fixed transaction fees? you've just crippled your entire operation from day one. your currency will never rise beyond a value where the transaction fees make sense.

jasonzemos 15y ago

Denial of service by malicious pool owners is not an issue AFAIK. Pool owners are encouraged to package outstanding transactions in a mined block to claim the associated transaction fees. The only reason a pool owner would deny service is if the transaction has no fee -- which is generally spam. The real problem with bitcoin if anything is transaction scaling. With each transaction broadcast and saved by every node, it's questionable if the network could (or would be willing) to tolerate the load equal to, say, the Visa network. du -hs .bitcoin/ 870M .bitcoin/

DennisP 15y ago
Scaling is exactly the reason I failed to buy bitcoins a year ago. However, here's an argument that they could in fact scale up to VISA levels: https://en.bitcoin.it/wiki/Scalability https://en.bitcoin.it/wiki/Scalability

scotty79 15y ago

How much time do I have to dedicate to solo mine any solidcoin with Radeon HD 6850 ? UPDATE: Seems like few hours are sufficient.