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  •  There are many candidates for replacements. (5+ / 0-)

    Yes, Bitcoin itself is only an alpha-quality proof of concept. Other cryptocurrencies with superior features will surely replace it in due time.

    CoinMarketCap.com -- list of competitors to Bitcoin.

    I'm a volunteer for SolarCoin, which incentivizes solar energy production by issuing the currency as a reward/subsidy to generators.

    Next week I will be meeting with a new nonprofit that's trying to set up a network for worker-owned businesses, co-ops and intentional communities, and I'll be briefing them on the idea of starting a cryptocurrency associated with their movement.

    There are amazing possibilities of using this technology to do good, and making huge improvements over what Bitcoin has done.

    The most serious problem in American politics today is that people with wrong ideas are uncompromising, and people with good ideas are submissive and unwilling to fight. Change that, and we might have a real democracy again.

    by Eric Stetson on Wed May 07, 2014 at 12:46:22 PM PDT

    [ Parent ]

    •  Well this competitor doesn't even exist (2+ / 0-)
      Recommended by:
      Eric Stetson, BlackSheep1

      yet.  Designing a cryptocurrency that has theft/fraud resistance better than even chip and pin cards yet is fully anonymous, even more so than cash, is not easy.

      Unfortunately all current cryptocurrencies are alpha quality at best though that will change.  Still, the fact that any of them are more stable than most third world currencies despite being backed by nothing, not even an unstable third world government, is pretty amazing.

      You have watched Faux News, now lose 2d10 SAN.

      by Throw The Bums Out on Wed May 07, 2014 at 01:21:59 PM PDT

      [ Parent ]

      •  Where can I learn more about this new one (1+ / 0-)
        Recommended by:
        Throw The Bums Out

        that has these amazing new features and doesn't exist yet? Is there a website? Or somebody I could talk to who's on the development team?

        Thanks for any info you can provide.

        The most serious problem in American politics today is that people with wrong ideas are uncompromising, and people with good ideas are submissive and unwilling to fight. Change that, and we might have a real democracy again.

        by Eric Stetson on Wed May 07, 2014 at 01:27:43 PM PDT

        [ Parent ]

        •  Sadly not much, in fact I heard about it here (0+ / 0-)

          on DKos.  Apparently it is being worked on by the developers of the original Bitcoin and for obvious reasons they wish to stay anonymous.  That goes double with the recent NDAA ruling as they could be disappeared (locked up indefinitely without trial) for "supporting terrorism".

          You have watched Faux News, now lose 2d10 SAN.

          by Throw The Bums Out on Wed May 07, 2014 at 01:33:37 PM PDT

          [ Parent ]

          •  Connection with NDAA? Please clarify. (0+ / 0-)

            Everything I've read says that cryptocurrency is legal and considered a commodity by the IRS. Why would the developers be afraid of terrorism charges for developing a new and improved version of Bitcoin? I realize that terrorists/criminals could potentially use it, but they can already use Bitcoin itself. They also use briefcases full of Benjamins.

            The most serious problem in American politics today is that people with wrong ideas are uncompromising, and people with good ideas are submissive and unwilling to fight. Change that, and we might have a real democracy again.

            by Eric Stetson on Wed May 07, 2014 at 01:53:31 PM PDT

            [ Parent ]

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