"Future proofing" is the process of trying to anticipate future developments, so that action can be taken to minimize possible negative consequences, and to seize opportunities. As such, a system which is described as "future proof" has passed such validation. This tag should be used for questions ...

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11
votes
1answer
468 views

How will bitcoin stay decentralized when mining becomes extremely expensive?

My understanding of bitcoin is that the miners are the ones keeping bitcoin decentralized. What happens when only the richest of people can afford mining?
0
votes
0answers
73 views

What Prevents the number of Bitcoins from being increased? After 21 Million? [duplicate]

Can the bitcoin MAX_MONEY attribute simply be changed from 21 Million to a higher number? If not what prevents this from being done? What would happen to existing addresses and accounts if MAX_MONEY ...
1
vote
0answers
35 views

Proof of Risk details

I stumbled across Crypto Casino, and it claims to use a "Proof of Risk" system. I have not been able to find any description. Assuming it is real, what is it?
1
vote
1answer
44 views

Does the Bitcoin client not record original signature data per connection?

I just read the malleability page. Can someone confirm that this While transactions are signed, the signature does not currently cover all the data in a transaction that is hashed to create the ...
0
votes
1answer
66 views

Does a 51% attack depend upon difficulty?

Does increasing difficulty also serve to decrease the probability of a 51% attack? It seems that since difficulty is the same for all, this is not the case. Is that correct? If difficulty were ...
2
votes
1answer
90 views

Cryptoissues? (stocks & bonds)

Are there any examples of cryptoequities or cryptoliabilities? I've seen the cryptostocks site, but it doesn't look to be what I'm envisioning. For simplicity's stake, please imagine a corporation ...
9
votes
1answer
356 views

What if a country 100% denominated in a cryptocurrency loses internet connectivity to the rest of the world?

Please assume a small island nation becomes 100% denominated in a cryptocurrency. Now please assume that for some reason the rest of the world manages to cut if off from the rest of the internet for ...
1
vote
1answer
146 views

Possible to temporarily reduce the supply of a cryptocurrency?

Does a cryptocurrency that can have its supply be reduced based on some factor currently exist? If not, is this possible? If so, how?
0
votes
0answers
38 views

Future treasure hunters [duplicate]

Would it be possible and economical in the far future to look for addresses abandoned in the early years of Bitcoin and then brute force their private keys? In the near future the usual argument goes ...
8
votes
3answers
381 views

Can the Bitcoin system be changed?

Are we stuck with what is here now? or if 10 years down the road serious changes need to be made to the system; can that be done with a decentralized system? How would you make changes to a ...
-2
votes
3answers
527 views

How can market-based transaction fees scale?

Can someone please explain to me what I am missing? I don't see how variable, market-based transaction fees can scale. I go to a merchant's website to buy, how do I select a mining peer to pay ...
12
votes
4answers
386 views

Scenario: disaster splits the Internet into dozens unconnected fragments

Major US cities restore connectivity locally for a couple of days, but the internet islands are separated (or have very poor interconnectivity). Two days later, connectivity is restored resulting in, ...
3
votes
3answers
560 views

Future-proofing a deflationary currency from future counterfeiting

Say someone locks away a wallet in durable storage for 100 years and BitCoins are still actively used. Are those BitCoins still going to be valid if they haven't been traded in/upgraded to the newer ...
4
votes
3answers
785 views

Must mining be profitable for Bitcoin to succeed? If no, what are the mitigations?

It is clear that mining is responsible for securing the network, and it is incentivised by block payouts and transaction fees. I've also seen discussions regarding different incentives for miners ...
2
votes
1answer
193 views

Are there proposed hardfork changes that couldn't be made if the market was filled with ASIC miners?

Suppose a year from now most of the hashrate is being produced by ASICs. Bitcoin is not feature-complete yet. Out of the changes in the hardfork wishlist, would any of these changes be ...
2
votes
2answers
307 views

Is there a future-proof method of encoding messages in the blockchain?

There are several "reasonable" modifications to the Bitcoin protocol that would make some methods of encoding messages break (e.g. pruning). Are any of the existing encoding methods future proof, in ...
3
votes
1answer
384 views

Is proof-of-stake a viable alternative / augmentation to proof-of-work? [closed]

Meni mentioned Proof of Stake as a possible way to augment Proof of Work as the underlying mechanism powering Bitcoin confirmations. Is it viable? What are its downsides? Who has analyzed it? (I ...
36
votes
10answers
6k views

Will Bitcoin suffer from a mining Tragedy of the Commons when mining fees drop to zero?

One issue that I haven't seen clearly addressed is the possible Tragedy of the Commons in Bitcoin's future (see this answer). 40 years into the future, the only significant direct benefit for honest ...
14
votes
2answers
2k views

What happens when NameCoins stop being generated?

When Bitcoins stop being generated it won't be a problem: prices can gradually be lower. Namecoins, however, have a more-or-less set price, which is the domain register price. If Namecoins stop being ...
21
votes
5answers
4k views

How to generate a valid bitcoin address for destroying bitcoins?

(Following up to this question.) In order to put a bitcoin beyond use, the answer was to select a made up address. As this isn't a formal destruction of bitcoins, there's a risk that the private keys ...
11
votes
3answers
431 views

What is the absolute minimum amount of information required to have access to a bitcoin balance and or a wallet file?

As far as I gather a wallet can remain offline indefinitely transactions are being sent to it. The network will keep track of the transaction so that the next time it is connected it will catch up. ...
2
votes
2answers
584 views

Could speculation some day rise bitcoin to the moon? [closed]

I saw too many questions about bitcoin losing value. But in my view, 21 million bitcoins is relatively less money (ie., units) than other currencies. Why wouldn't Bitcoin's value rise simply due to ...
21
votes
6answers
2k views

Can a bitcoin be destroyed?

Its the hypothetical future and BTC2 is being designed. Everyone loves BTC2 and no-one wants the old BTC1 any more. People who have BTC1 would be annoyed that their assets are suddently worth a lot ...
12
votes
3answers
491 views

Can the number of transactions per second ever overwhelm the network?

I'm coming at this from a point of view that assumes Bitcoin has been widely adopted as a currency worldwide and is essentially mainstream. Every day people are using Bitcoin in the same way that they ...
13
votes
5answers
1k views

Is Bitcoin future-proof?

As I understand things, the security and integrity of Bitcoin rely on the assumption that its hashing is "hard" in some sense. However, in the past, processing power has increased exponentially. ...