Re:A Prediction: Bitcoin Is Doomed to Fail
by waps on Wednesday November 27, 2013 @07:55PM
(#6812392)
Yes it does seem like bitcoin is lacking in a few places. You could (try to) add things like
* disconnected operation (solve the double spend problem in a disconnected setting) (this would really make something gold-equivalent)
* a provably correct, but cryptographically secure ledger (meaning real anonymity)
* proof of work based on a single crypto standard seems risky. Use 5 of them.
* provably no way to compromise the network even with overwhelming computational power
Zerocoin is trying to solve the second problem.
Combining 5 proof of work standards just gives you 1 new one. (There might be some robustness to be gained, though.)
Even if you take the assumption that bitcoin will fail, the problems/issues the protocol or something similar solves are far too beneficial to ignore.
So basically if bitcoin fails, some other similar form of digital currency will rise up in its place. I feel as though its a 'cat is out of the bag' scenario.