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It's likely that if bitcoin hits some serious roadblocks and the protocol needs to change, an altcoin will have solved the problem and most people will switch.
by fragsworth 13y ago
It's likely that if bitcoin hits some serious roadblocks and the protocol needs to change, an altcoin will have solved the problem and most people will switch.
For instance, the proof-of-stake coins (peercoin, novacoin) are far more resilient to these problems.
I'm curious if they can agree on, develop, and deploy a protocol change far enough in advance to prevent a mass exodus to another altcoin.
- darkFunction 13y agoI think Proof of Stake sounds promising, but I am personally struggling to come to grips with the concepts. I spent a little while reading through Peercoin's whitepaper and plenty of time trawling the Nxtcoin forums for a decent explanation of the core concepts but my brain just hasn't managed to make it all click yet.
- mvkel 13y agoDoubtful that everyone will switch to some yet-to-be-determined altcoin. Bitcoin is open source. Nothing is preventing its flaws from being patched. That's all altcoins are anyway; Bitcoin with a patch to a perceived problem with the protocol. With a market cap of $21bn, that kind of capitalization doesn't disappear overnight, which would need to happen to counteract a massive flaw that arises from centralized mining.