Is there a better direction for cryptocurrency?

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2018-6-8 20:24:10

The way I see it, for a true digital currency to be viable in the long run, it will need at least the following virtues:1) Security: One must be able to confirm that the currency belongs to them and it should be safe from accidental deletion. When I lose my hard drive, my Steam account knows I own a copy of Half-Life 2 and I can just retrieve it from Valve. If a currency can't even meet this level of safety from loss, then it's very vulnerable.2) Stability: It should have a trade value that is reliable, preferably based on an aggregate value of real life commodities, such as metals. Not just one material either, so it wouldn't risk stability issues if that one material's supply becomes threatened. Bitcoin's value is a mix of pure psychology and rarity, and it's value has been all over the place as a result.3) Accessibility: It shouldn't start like a buffet and end like the last bit of food on Earth. Bitcoin pioneers were like a special little club that was cheap to join, but now costs a fortune to get in to. Perhaps instead of increasing difficulty so exponentially, a system could be devised to limit individual contributions to the currency pool so as to avoid flooding the market while also taking away incentive for huge companies to farm it. With greater accountability regarding who owns what, it would be a lot harder for one investing party to mine a lot of small accounts. The direction Bitcoin has taken does not seem like progress to me. It might even be fun to see a currency where each coin mined for one's self also generated a coin to be put into a general pool that all miners get a share of. Get too greedy and risk devaluing the currency.... obviously this is one of the more complicated points, and a lot of thought/discussion needs to go into it.4) Scalability: Mining, trading, etc. would need to be easy to do in small portions. If one were to mine a tenth of a virtual currency unit, they'd get that much of it, rather than rewarding in blocks. exchange should be possible in partial units down to fairly small fractions(at least down to 1/1000ths). Not saying Bitcoins don't do this, but it's an important part of any digital currency.5) Simplicity: The system should be simple enough for anyone with basic math skills and literacy to participate. Not a special club for math geeks and cryptographers. Generating and trading should be extremely simple without compromising the integrity of the system. So anyway, there's my rant about Bitcoins and my hopes for a better alternative future for digital currency. I'd love to hear your thoughts on it, including those who have or still do participate in cryptocurrencies. Do you think Bitcoin is just fine as is? What's your dream for the future of digital money?

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