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I think an encrypted currency base managed only by computers and the market is fairer than a system run by a few men. Also I like privacy.
by volts 14y ago
I think an encrypted currency base managed only by computers and the market is fairer than a system run by a few men.
Also I like privacy.
- wmf 14y agoI think it could be fairer or it could be a way to get stuck with a broken monetary policy forever.
- TazeTSchnitzel 14y agoBitcoin can easily be forked and changed though.
- wmf 14y agoI am not sure that is true. As small as the ecosystem is, I would not want to try to duplicate it.
- barmstrong 14y agoIn a very literal sense it can be forked: https://github.com/bitcoin/bitcoin https://github.com/bitcoin/bitcoin You wouldn't need to try and duplicate an ecosystem. People with nodes on the network would "vote with their CPU power" to support the version they liked the best - so the best one would naturally get the most support.
- wmf 14y agothe best one would naturally get the most support I don't think so. A "better" Bitcoin fork that has no MtGox, no BitInstant, no BitPay, no blockexplorer, etc. would probably have very low adoption.
- mkramlich 14y agoagree and disagree. if a fork is demonstrably, significantly better, then adoption will grow and eventually, in general, the better will win. this is how evolution works.
- gizmo686 14y agoNo, the most popular version will get the most support. You still have the problem that a forked chain stops being compatible, so if a node recieves coins in the new chain after the fork, the old chain won't acknowledge it. This is a big practicle barrier to implementation. You could harvest a large number of new chain coins before you go public, and offer an exchange service, but that would involve you owning alot of new-chain bitcoin, which would be a concern to people switing in.
- doublec 14y agoThere are plenty of forks running already. There's "litecoin", a fork that changes the proof of work algorithm to scrypt in an attempt to make GPU's less useful for mining. There's "PPCoin", a fork that adds "Proof of Stake" alongside "Proof of Work" in an attempt to reduce the energy consumption of the mining process. There's others as well. Some bitcoin proponents consider these "scam" coins as they have limited use other than speculation, others consider them experiments in different approaches. But they do show that forking bitcoin is fairly easy.
- TazeTSchnitzel 14y agoDon't forget Namecoin, repurposing the Bitcoin block chain for storing DNS records!
- deleted 14y ago[deleted]
- javert 14y agoThe only monetary policy that isn't broken, is one that doesn't exist.