Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.
Wow, SolidCoins process themselves? No miners needed? Sign me up!
This "new algorithm" is nothing more than difficulty adjustments every 240 blocks instead of 2016 blocks. A good change for an infant currency with wild swings in hashing power. Insignificant for an established currency like Bitcoin.
Bitcoin is not established. Bitcoin is still very much in a halted Beta stage.
As another poster on top said it has dropped 75% in value from the highs we just recently saw. That does not sound like an "established currency" to me.
Bitcoin needs so many services & improvements to the main client before it can ever be called an established currency.
But with all that being said are you not terrified of a network drop off?
If the price does one final dive (This is very possible judging by the very shallow market-depth and stagnated downward price), Bitcoin will suddenly become
VERY unprofitable causing the ever so likely scenario that so many have been warning about for months.
Of course if there was pure adoption then this would not be an issue. But how can we expect businesses to adopt Bitcoin when the currency is dropping 75%? It's just not something that's to easy sell to sell at the moment, thus making a network drop off even more likely.
A network drop off means, transactions don't go through.
If transactions don't go through people will have to wait weeks for miners to sign back on, or for the difficulty to drop enough so that they can get whatever is left of their money.
Now if we can get Solidcoins algorithm coupled with a demuraging system , that is used to fuel mining
forever, we will have a true currency that I think the entire world would be able to adapt to.
Bitcoin had an amazing start, and if the developers open their minds up a bit the Bitcoin brand can still be a very viable one.