AMD destroys Nvidia at Bitcoin mining, can the gap ever be bridged?

[Silverforce11]

Altcoins will only be an alternative when its as readily accepted as bitcoins worldwide. As it is, hard to see others taking over and replacing btc as an alternative anytime soon given how long its taken btc to reach its wide market, which isnt even that wide currently. Long way to go.

In the meantime, new altcoins will take off, but they will only be regarded as exchanged into btc in their value. Since the supply of btc is limited..

 

[Chiropteran]

There is another small but important difference. If you really want to you could create a competing digital currency today. You cannot do that with FIAT currencies.

Sure you can. If we wanted to release the USD2.0 we just need to convince our government to do so, possibly by convincing the majority of voting Americans to support such a currency. Difficult?

Well, it's similar when you talk about switching to an altcoin. In order for an altcoin to take over and really compete with bitcoin, you need to convince more than the majority of bitcoin users to switch. I don't see it happening quickly.

 

[Rikard]

Altcoins will only be an alternative when its as readily accepted as bitcoins worldwide. As it is, hard to see others taking over and replacing btc as an alternative anytime soon given how long its taken btc to reach its wide market, which isnt even that wide currently. Long way to go.

The thing is that I do not think BTC has reached critical mass as a currency yet. It is 23 times as large as LTC, so if BTC is not reaching critical mass even more so for LTC and any altcoin. Hence, I think the "threat" from bit coin clones is small and BTC value will increase with time, but I do not like when people are saying that prices are guaranteed to increase, because there is no such guarantee.

If we wanted to release the USD2.0 we just need to convince our government to do so, possibly by convincing the majority of voting Americans to support such a currency.

The "you" I used was singular, it did not involve Federal Reserve, Senate, IMF and what not. Anything created by humans is possible to change, but I think comparing to USD2.0 is taking the comparison into a rather absurd corner of reality.

Well, it's similar when you talk about switching to an altcoin. In order for an altcoin to take over and really compete with bitcoin, you need to convince more than the majority of bitcoin users to switch. I don't see it happening quickly.

Me neither. I think you would need some major scandal timed well with the PR of an altcoin for it to happen. It is a small chance, but something to keep in mind.

 

[Chiropteran]

The thing is that I do not think BTC has reached critical mass as a currency yet. It is 23 times as large as LTC, so if BTC is not reaching critical mass even more so for LTC and any altcoin. Hence, I think the "threat" from bit coin clones is small and BTC value will increase with time, but I do not like when people are saying that prices are guaranteed to increase, because there is no such guarantee.
The "you" I used was singular, it did not involve Federal Reserve, Senate, IMF and what not. Anything created by humans is possible to change, but I think comparing to USD2.0 is taking the comparison into a rather absurd corner of reality.
Me neither. I think you would need some major scandal timed well with the PR of an altcoin for it to happen. It is a small chance, but something to keep in mind.

Also, you know how bitcoin is vulnerable to a 51% attack? Well, so is any altcoin. If an altcoin began to threaten bitcoin, any bitcoin pool could turn it's hashing power to mining the altcoin, and instead of including transactions in blocks it could reject all transactions. If the pool is large enough to overpower the altcoin's normal mining base, it can basically kill the currency by making it completely unusable.

Legal? Morale? Maybe not, but it can be done, and it has been done, and probably will be done again.

https://bitcointalk.org/index.php?topic=56675.0

"coiledcoin"