Quote from: phillipsjk on September 01, 2011, 05:46:11 PM

Quote from: FlipPro on September 01, 2011, 12:19:24 PM

Read my post I edited. The truth is undeniable at this point... I love Bitcoin with all my heart, but it has fundamental problems that NEED to be fixed. This entire notion that beta software should NOT BE CHANGED, is cult like, and totally opposite to how software development should be conducted.

One way to sustain Bitcoins viability is for Bitcoin to adopt a fast re-adjustment algorithm that isn't effected by huge network swings.

Bitcoin is in its infancy. It is an experiment that will be a lot harder to interpret if the 'protocol' is tweaked too much before even the first drop in block-reward happens. If miners start dropping like flies, there is a solution: pay higher transaction fees. If enough people pay enough transaction fees, mining will become profitable again.

The protocol taking time to adjust to changes in network performance is a good thing. It allows miners to respond to problems on human time scales. I guards against network take-overs during localized outages. The 10 minute block interval reduces the number of stale blocks processed, while still allowing transaction to happen within a reasonable ammount of time.

Put another way: you are thinking in the extreme short term. In my opinion any crypto-currency, no matter how good, will fail in the next 20-50 years. Modern computers are simply too insecure to handle a cryptocurrency. I predict that secure, proven correct on pain of liability, computers of equivalent complexity will take generations (or about 150 years) to develop. IMO, due to the 1996 WIPO 'Copyright' and 'Performances and Phonographs' treaties*, computer security has been regressing for the past 15 years.

* Articles 11 (Copyright) and 18 (P&P) may be a symptom, rather than a cause of corruption. The fundamental issue is who controls the computer: the user or the manufacturer?

Why would people want to pay higher transaction fee's, when they can go to a competing network and get the same amount of transactions done for free?

This is my point, anyone thinking that they are going to be able to prevent anyone from competing with Bitcoin is nuts. Competition is only going to skyrocket after the first proven successful fork is established. It will only inspire even more people to spark their own idea/currency.

I picture exchanges having 100+ crypto currencys in the next 10 years, all with their own properties/values