Re: [ANNOUNCE] SolidCoin - new and improved block chain. Secure from pools
...are all irrelevant to Bitcoin. Only the more frequent difficulty retargeting actually defends SolidCoin from anything, and it's an attack that Bitcoin isn't even vulnerable to. In order to get Bitcoin stuck in the same difficulty trap that Namecoin and Ixcoin are currently in, you'd have to destroy miners' faith in the future value of the currency in a very short amount of time. If you can pull that off, Bitcoin would be pretty much dead anyway, so whatever.
Just wow, if you read this back and don't understand the hilarity of what you're saying then .....
"Bitcoin isn't even vulnerable to that" - "But if you can pull that off it will die"
Haha. Wow.
It's glaringly obvious that you're running on pure rhetoric. You either aren't bothering to think through what I'm saying, or don't care. I know you're desperate to stop SolidCoin from sinking, but letting it show is a bad idea.
No matter how often you retarget difficulty, the magnitude of such an attack would kill any blockchain-based currency. Getting stuck with high difficulty and a low hashrate is an afterthought.
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The scenario where SolidCoin price starts to rise and rise , encouraging more and more miners away from Bitcoin is a likely one, and it will destroy the Bitcoin network as it has no defense against such things. Unlike SolidCoin.
In order to get the price to rise that quickly, you need to win over pretty much everyone who's invested in Bitcoin. In that case, congrats, you've already won and difficulty retargeting is irrelevant.
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Bitcoin owners could wake up in 3 days and find that their confirmations are now taking 12 hours, nearly every site supporting them is taking 3 days to confirm any transfers they make. If you do not see how very vulnerable Bitcoin is then you are not worth continuing a debate with, as it is obvious to anyone with a passing understanding of the protocol.
12 hours? So you think Bitcoin's hashrate is going to drop by a factor of 72 overnight, but it would all be fine if only difficulty retargeted more often? ಠ_ಠ
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Bullshit. Bitcoin was publicly announced when the blockchain was started. It took two years to reach a price of $1. There was ample time to buy/mine plenty of bitcoins if you thought it was going to take off. Most people (myself included) didn't think it would and didn't bother. If SolidCoin were to ever take off, it'll be the same situation.
It's bullshit is it? Considering we can number the guys who mined the first million Bitcoins on a single hand how is it bullshit when SolidCoin has over 10000 individual owners of coin already?
You're just making shit up now. Care to provide citations for those claims?
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I suspect SolidCoin wil also be deemed unfair to "X" once it has global acceptance, simply because we didn't get millions of people making that first coin.
And right now, we have you making the same claim about Bitcoin. Though I doubt you'd care so much if you weren't pimping SolidCoin.
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From the price and hashrate charts, it looks more like people are jumping overboard.
LOL, yeah except did you notice we can survive a drop in half of hashrate and the network is still 3 times faster than Bitcoins? What other chain can do that? None.
And before long you'll have that nice fast network all to yourself.