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General Chat Thread, Hashcoin - potential advanced Bitcoin replacement - thoughts? in General; Hi everyone I have been given a link to a new type of decentralized digital currency system that looks like ...
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    Hashcoin - potential advanced Bitcoin replacement - thoughts?

    Hi everyone

    I have been given a link to a new type of decentralized digital currency system that looks like it is being developed, their project funding page is below.

    My apologies if it is against the rules to post it here - but as it is the original page link I will put it here, please feel free to remove if it is against the site's terms of use :

    The Hashcoin Project - Projects - Community - Greatworth - Crowdfunding, UK fundraising platform for community, business and creative projects | Crowdfunder

    Could I get peoples opinion on the above? Do you think that digital currency is the way forward in regards to payment systems? With the growing popularity of Bitcoin do you think that this may be something we see more of in the future?

    For fairness purposes - I have pledged, but really am after a good conversation with regards to the above.

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    MordyT's Avatar
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    I'm sorry, but what is the advantage of this over bitcoin exactly?

    Seems like another clone of the concept, but why would people want this over bitcoin, etc?

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    Sdrawkcab's Avatar
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    It's deflationary so it can't work as an actual currency people use to buy things, same as most (all?) of the other cryptos. Sorry.

    It says it has real-time transactions but what does that actually mean? Payments are processed and confirmed instantly? If so, that makes it better than bitcoin (which is imo terrible and needs to die) already. However, it still has mining and transaction fees. If the transaction confirmation process works anything like bitcoin, that means large delays on transaction processing (as they're processed in blocks/batches) if you don't include large fees. Delays in payment processing means that it can't work as a currency in actual real-world situations.

    Sorry, this just looks like another libertarian play-money pump-and-dump scam to me.

    Edit: Also I love how cryptos always market themselves with "NO CHARGEBACKS!!!!" like that's a good thing..... Have the people who make them ever tried selling any electronics on ebay? Chargebacks are an absolute necessity in situations like that.
    Last edited by Sdrawkcab; 19th February 2014 at 09:09 AM.

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    AButters's Avatar
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    Bought some stuff from Scan.co.uk last night using a little bit of bitcoin I had lying around (only 0.2BTC).

    The process was utterly easy, dropping mid merchant to my wallet and copy and pasting the address and price and then back to merchant (a bit like dropping into paypal to pay and then coming back to merchant?).

    It would be even easier if I had a wallet on my phone and could just scan the QR code provided and job done.

    I don't know what the fuss is about with bitcoin - it's eminently usable as a payment method. Litecoin would be even quicker and better, dodgecoin even quicker and better again almost instant payments.

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    Quote Originally Posted by Sdrawkcab View Post
    It's deflationary so it can't work as an actual currency people use to buy things, same as most (all?) of the other cryptos.
    I don't know of any others, but Dogecoin is inflationary. It's also worth keeping in mind that even the "deflationary" coins are actually inflationary until the mining cap has been reached (and for Bitcoin that could be a very long time). There's also a lot more affecting the market price of cryptos than whether the coin is inflationary or not.

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    Unfortunately I don't know enough about currencies and how they work to comment on the inflation / deflation. However I do like the idea of being able to transfer "money" instantly, no cash points or banks required, no centralized point of failure (like banks), immediate access when required (as long as you have an internet connection and electricity, that in our current climate is nearly all the time), and the ability to "earn" extra funds by mining. (Yes I appreciate there is a point where "mining" is not profitable due to electricity payments, but it is an option).

    It is such a shame that Mt Gox has closed it's doors currently, causing a rather large issue for people with Bitcoins stored there, but as they are storing their coins in the hands of My Gox, that would be like storing your funds in a bank.

    Am i missing anything with regards to electronic currencies above? and what makes one electronic / crypto currency better than another? (other than payment times as mentioned above?)

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    nephilim's Avatar
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    The cryptocurrencies can die a death. They serve little purpose, have little intrinsic value and are done to death.

    I mined a coin in a pool. Made roughly £50 after expenses. Cashed out ASAP to pay the bills and stuff. Many places that accepted bitcoins are already pulling them from their websites so it shows they no longer have faith in them.

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    Quote Originally Posted by nephilim View Post
    The cryptocurrencies can die a death. They serve little purpose, have little intrinsic value and are done to death.

    I mined a coin in a pool. Made roughly £50 after expenses. Cashed out ASAP to pay the bills and stuff. Many places that accepted bitcoins are already pulling them from their websites so it shows they no longer have faith in them.
    May I ask why you have this point of view nephilim? Does the concept of a decentralized currency not reliant on a central authority not appeal as a safer solution than central banking systems? Please share your views if you wish

  9. Thanks to koryo from:

    Skytower (25th February 2014)

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    nephilim's Avatar
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    Quote Originally Posted by koryo View Post
    May I ask why you have this point of view nephilim? Does the concept of a decentralized currency not reliant on a central authority not appeal as a safer solution than central banking systems? Please share your views if you wish
    Not that it doesn't appeal to me. I would happily have a global currency if we could get it too work properly. The trouble I have with it is the severe lack of financial transparency and the lack of regulation. Without the latter hyperinflation will start (already did with bitcoins) and people invest heavily. Then a crash where the inflation has gotten ridiculous and untenable and people pull out and complain. I can think of a couple of places where this happened in real life also. Zimbabwe in recent years (people invested heavily because of the diamond exports and precious gems and mineral exports, currency hyper inflated and people pulled out making it worthless) and Germany in the mid to late 1920s.
    Last edited by nephilim; 25th February 2014 at 08:40 AM.

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    Sdrawkcab's Avatar
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    Quote Originally Posted by koryo View Post
    Does the concept of a decentralized currency not reliant on a central authority not appeal as a safer solution than central banking systems? Please share your views if you wish
    Ahahahahaha are you actually serious? An unregulated market is a terrible idea, Bitcoin has proven that time and time again. Our problem is that we don't have enough regulation on the banking industry, not that we have too much.

    None of these cryptocurrencies will ever be anything more than libertarian play money.

    Also does anybody else think it looks a bit suspicious that Skytower seems to have registered on here specifically to shill hashcoin?
    Last edited by Sdrawkcab; 25th February 2014 at 08:43 AM.

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    Quote Originally Posted by nephilim View Post
    Not that it doesn't appeal to me. I would happily have a global currency if we could get it too work properly. The trouble I have with it is the severe lack of financial transparency and the lack of regulation. Without the latter hyperinflation will start (already did with bitcoins) and people invest heavily. Then a crash where the inflation has gotten ridiculous and untenable and people pull out and complain. I can think of a couple of places where this happened in real life also. Zimbabwe in recent years (people invested heavily because of the diamond exports and precious gems and mineral exports, currency hyper inflated and people pulled out making it worthless) and Germany in the mid to late 1920s.
    I thought that every transaction in the original bitcoin network had to be verified and replicated to every bitcoin miner as part of the verification process? is that not transparent finances? or am i misunderstanding you?

    with regards to hyper inflation it seems that every currency in any location will have one form of problem or another occur, from a recession to a hyper inflation, is this not the norm for currencies in general?

    Can you give me an example of the regulations your mentioning?

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    flyinghaggis's Avatar
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    Well, if Bitcoin is the future of currency you'd best buckle up cause it's gonna be a bumpy and volatile ride!

    The failure of Mt. Gox could be a mortal wound for bitcoin – Quartz

    Regardless of the maths and logic involved I still have doubts about whether a currency that isn't backed by a government/nation or some kind of commodity is really sustainable in the long term.

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    nephilim's Avatar
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    Quote Originally Posted by koryo View Post
    I thought that every transaction in the original bitcoin network had to be verified and replicated to every bitcoin miner as part of the verification process? is that not transparent finances? or am i misunderstanding you?

    with regards to hyper inflation it seems that every currency in any location will have one form of problem or another occur, from a recession to a hyper inflation, is this not the norm for currencies in general?

    Can you give me an example of the regulations your mentioning?


    By transparency I mean actual traceability. Every financial transaction that is done via a bank is traceable. It is for tax and regulation reasons. Recessions and hyperinflation are rare to the extent we have today. The last recession that had this effect was in the 30's. Before that I am not sure. And even fewer countries have had hyperinflation. Bitcoins are going through a hyperinflation right now. Their value was at $1000 per btc less than a month ago. Now (at time of posting) it is $435 and still declining. MtGox was primary bank if you will. It's gone balls up due to no regulations and now the entire btc community is feeling it.

    As for regulations I am on about, feel free to look up UK banking regulations or EU banking regulations or us bank regulations. Whichever takes your pick.

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    Sdrawkcab's Avatar
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    Quote Originally Posted by koryo View Post
    I thought that every transaction in the original bitcoin network had to be verified and replicated to every bitcoin miner as part of the verification process? is that not transparent finances? or am i misunderstanding you?
    Who is actually making those transactions though? Bitcoin addresses aren't linked to actual real people, which is why the protocol is a criminals wet dream. Money laundering has never been easier - now you can do it algorithmically! Get scammed? Too bad, no chargebacks! Someone break into your wallet? Oh that's too bad, now all your bitcoins are gone!

    None of those examples would happen if the money was kept in an actual bank account. If the bank gets robbed, you don't lose your money.

    with regards to hyper inflation it seems that every currency in any location will have one form of problem or another occur, from a recession to a hyper inflation, is this not the norm for currencies in general?
    Are you actually serious? Look at the rate of inflation for Bitcoin between January and December 2013 and then compare it to the rate of inflation for the pound in that time. They are vastly different. It's not really fair to compare what you'd call hyperinflation for real money with the inflation experienced by bitcoin, since bitcoin is orders of magnitude more unstable than any real currency.

    All cryptocurrencies are little more than libertarian toy money. They can never and will never replace actual money as a method of exchange for goods. Once the bubble bursts (if it hasn't burst already), the only people using bitcoin will be people who want to buy drugs or other illegal things. Stop spouting standard internet libertarian rhetoric and use your brain.
    Last edited by Sdrawkcab; 26th February 2014 at 02:27 PM.

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    I approve of this message @Sdrawkcab!

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