BTC India
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So, it goes like this: Say that Satoshi Nakamoto has a son, named Supertoshi Nakamoto. And Supertoshi outdoes his old man and creates Supercoin, which is a mirror image of Bitcoin except it does one single thing better. Everything with Supercoin is the EXACT same as with Bitcoin – same block sizes, same block target time of 10 minutes with difficulty adjustment every 2 weeks, halvings every 210k blocks, same immutability and decentralization, same inflation schedule, etc. etc.
The difference is, while Bitcoin can process only 7 transactions/second, Supercoin can process 7,000. That is the ONLY difference, with literally EVERYTHING ELSE being the same. Let’s say Supercoin just has a better technology, and the only way to incorporate it into Bitcoin Core, would involve a hard fork. Now let’s also say that many people are switching over to Supercoin because it is, objectively, better.
What would you do? And how would this affect our vision of a world with no central banks and with individual financial freedom and sovereignty?
Please don’t argue “well that’s not possible”, as I’m asking you to accept this premise for the sake of argument. Maybe it isn’t possible…but what if it was, and did happen? Seriously guys, I don’t know what to tell my friend, and it’s really gotten me to thinking! I love Bitcoin….but what if? You know?
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View Reddit by RonPaulWasR1ght – View Source
so some imaginary future shitcoin is going to destroy bitcoin. got it.
hate to break it to you, but they’ve been trying and failing with exactly the empty and fake promises you mention here.
shitcoins are centralized and insecure. bitcoin did it already. it’s done. anything they can implement, we can too. that is if it is really better. hint: it’s not.
we’re not saying it’s impossible because bitcoin been copied 10,000s of times. every coin out there is a clone of bitcoin with tweaked properties.
and you know what? after 14 years and faster, cheaper more transactions bell and whistles it’s clear no one who understands what bitcoin is and how important it is gives a fuck.
we don’t have to ask imaginary what if questions because reality has already answered: bitcoin is unique, it’s creation path dependence can’t be replicated and therefore it’s network effects can’t be replaced by simple “better features”. nothing is more important than decentralization, security and immutability and bitcoin’s 14year track record of nothing replacing it after 20,000 clones proves this.
There needs to be a r/BitcoinStupidQuestions for posts like this.
Well there’s been forks of btc to try and do something similar to this, but none really have gained traction like btc
Look, there will *always* be something new. Bitcoin is a new solution to a monetary system that in many ways, just doesn’t work as well as it can. Your friends argument is like being around when radio was the primary media tool and saying “what if someone invents a way to SEE and hear people in a box like our radio?!”. There will always be advancement, that’s just life. But it doesn’t mean that what we have isn’t incredible right now.
there already are other cryptos that are faster, but that doesn’t mean they are better. the longer transaction times allow bitcoin blocks to be verified and strengthen bitcoin as a final settlement layer.
the other problem with your friend’s proposal is that the concept of crypto is already well known. a new coin is not going to be widely distributed over several years. there would be a pre-mine or a focused few mining a bulk of the coins and nodes. satoshi was that early miner with a huge bulk of bitcoin, but he has left or passed away without spending or transferring his coins. how does that happen again? ask him how the new coin would gain widespread adoption of miners and nodes? with no liquidity early on, what is the incentive?
How would it process 7k trans a second with the same block size?