Btc38 ethereum cryptography
33 comments
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Why Primecoin is Useless, Doomed to Fail? There is no plan for any further development. This start to look like PPC - pump and dump scheme, just waiting for the next Primecoin alt to be released with a few parameters changed, like different difficulty algo, for example.
Besides that, Primecoin is pretty much a Bitcoin clone with different hashing algorithm. I'm sorry but how does any of that relate to Primecoin not being a currency? There's a reason why it's called cryptocurrency; Primecoin can be used as a medium of exchange and therefore can be defined as a currency.
I have no idea why you fluffed up that part of your argument with so much bullshit. Having a longer confirm time than a credit card does not mean that Primecoin cannot be considered as a currency.
So Bitcoin is not a currency either? Not a good currency I think is what he meant. Does Corn have a cap? If all farmers produce less Corn, does price increase? If all farmers produce more corn does price decrease? Yes, Corn has a limited cap to how many you can produce currently that is resources on Earth to grow corn.
What use does Primecoin have besides speculation? If they ever create a primecoin ASIC they will become even scarcer. Why would people then STOP mining? By your logic, if we stop, then the coin becomes less scarce and therefore less valuable. Logic would also dictate only a fool would stop mining under these circumstances. This is not how the dynamics works. Ultimately it's demand that dictates difficulty.