Bitcoin - Part 2

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Almo said:
Having been digging around in the cryptocurrency world for a couple years now, it seems to me that some coin with superior technology will become more *useful*. I wouldn't be surprised if BTC stays around through familiarity in the same way gold is still a favored investment by some people.
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A crypto currency that only required seconds for a transaction to be comfirmed (Ripple style) instead of the minimum 10 minutes for bitcoin would be more useful. However, government opposition to crypto currency trades suggests that these media are likely to be seen mostly as a store of value only which renders the confirmation times less important.

Almo said:
My personal opinon is that one of the design goals of BTC was to attract goldbugs. Though the *reason* they wanted to attract these people is up for debate. :)
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Why this obsession with getting into the designer's mind? It was clearly a computer programmer who had an idea for a crypto currency and put the software out on the internet. Nobody could have foreseen that a big market would develop around these "coins" years after the initial release.
 
psionl0 said:
Why this obsession with getting into the designer's mind? It was clearly a computer programmer who had an idea for a crypto currency and put the software out on the internet. Nobody could have foreseen that a big market would develop around these "coins" years after the initial release.
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Because I want to know what their motivation was. Mainly out of curiosity. Sure, they couldn't forsee the market, but they could certainly hope for it.
 
Almo said:
Because I want to know what their motivation was. Mainly out of curiosity. Sure, they couldn't forsee the market, but they could certainly hope for it.
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As psionl0 says, though, why would it necessarily have been anything more than an exercise?
 
Belz... said:
It does seem as if the current stability of the product is due to the low amount of transactions, relative to a year or two ago.
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This means that it will have a highly stable value right when people no longer use it for anything.
 
Several other cryptos are up on Poloniex as well. Seems like there's more green than usual in the top volume ones.
 
I just found out about more cryptocurrencies, which leads me to ask, - what would entice one to buy one cryptocurrency over the other?
 
therival58 said:
I just found out about more cryptocurrencies, which leads me to ask, - what would entice one to buy one cryptocurrency over the other?
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Bitcoin has the largest market. Litecoin also has a following. If you want to use the http://ripple.com/ network then you will need some XRP to pay for the transactions.

The rest are mainly flashes in the pan (although dogecoin gained some respectability for a while by being a joke).
 
therival58 said:
I just found out about more cryptocurrencies, which leads me to ask, - what would entice one to buy one cryptocurrency over the other?
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The people I talk to in these circles try to pick them based on their features. Like ones that are untraceable are valued more than ones that aren't. Bitcoin is anonymous, but it is traceable. For example, if I buy $10k worth of BTC and send them to my wallet, it's possible to see that somebody bought $10k of BTC and sent it to his wallet.

With something like Dash (not to be confused with DashCoin :(), the coins get mixed with others before being sent, so you can't track coin movements very well.

Another big factor is the developer behind it. VanillaCoin has some guy who goes by the name of John Connor writing it, and the crypto-denizens seem to trust him a lot given his past work on other coins.

Some coins "stake", some are "mined". Staking coins give you some if you hold some. The rate of return varies greatly: VanillaCoin stakes at about 0.7% annual, while HyperStake does so at 750% annual (with some caveats). Clearly one of these will be subject to serious inflation while the other won't. This also figures into peoples' calculations of value.
 
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Almo said:
The people I talk to in these circles try to pick them based on their features. Like ones that are untraceable are valued more than ones that aren't. Bitcoin is anonymous, but it is traceable. For example, if I buy $10k worth of BTC and send them to my wallet, it's possible to see that somebody bought $10k of BTC and sent it to his wallet.

With something like Dash (not to be confused with DashCoin :(), the coins get mixed with others before being sent, so you can't track coin movements very well.
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Won't that make tracking thefts from your wallet much harder?
 
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