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Old 12-16-2017, 09:54 PM
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Aaron Aaron is offline
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Join Date: Feb 2007
Location: Washington State
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Bitcoin downfalls

You're right, Bitcoin is not anonymous. But that is only the first coin with its own blockchain nature with many spinoffs. If you look at many new coins coming with their ICO's (Initial Coin Offerings) to raise money for projects, etc... the founders take up to maybe 30% max and the rest of the coin is sold off and with some, whatever coin doesn't sell by launch time - it gets destroyed. So you do make some good points about Bitcoin, but it hasn't represented what Cryptocurrency is all about for a long time now - so much has changed.

Coins based on Cryptonote are completely anonymous and the transactions cannot be tracked - these coins include Bytecoin, Monero and others. One thing about these particular coins is that they are egalitarian based - so in this context it means that they are ASIC resistant. With Bitcoin, ASIC mining technology advances, gets expensive and those without serious money can no longer mine it. With the Cryptonote coins, they will always be able to be mined with CPUs and GPUs - therefore, mining them can still be in the range of the lower income population. It is way too expensive to create dedicated mining rigs based on the CPU and GPU technology. So if not wanting to be tracked is one of your primary concerns, then coins based on the Cryptonote methodology are for you.

Coins based on ERC20, which is Ethereum are contract driven to maintain integrity between buyers and sellers.

Coins based on Ripple have virtually instantaneous transaction times. This is why the banks are going to use Ripple for international transfers - faster and cheaper. There are maybe 4-5 other coins based on the Ripple backbone. Some Bitcoin transactions can take hours to complete, some other coins like Litecoin can take a few minutes, etc.

So each of these coin technologies are based on very specific goals to address the downfalls of Bitcoin so the rest of the world is pretty much on the same page as you are in terms of what is wrong with Bitcoin. The first of any kind of game-changing, disruptive technology, will usually have a lot of things that need improvement.
Aaron Murakami

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