Bitcoin Forum

Bitcoin has dominated all other cryptos. Without Bitcoin, we'd never be where we are today.

But Bitcoin is now old tech (that's my view). Bitcoin is incapable of being a global currency (either today or in 100 years' time).

And as Bitcoin becomes less and less dominant, can other cryptocurrencies now diverge independently from BTC?

Pretty much every cryptocurrency of significant market cap has danced in step with Bitcoin. Until now.

From the market over the last week, we can see the beginnings of alt-coins decoupling from the Bitcoin monster. It's sad to see Bitcoin dwindle away and so many people lose their money, but it has to happen this way. Bitcoin cannot do what we need it to do.

The Cryptoshekel bull run begins...

http://bitcointalk.org/index.php?topic=394123.0

https://i.imgur.com/7r1cAGu.png

The only one I have heard of is NuBits: https://nubits.com (https://nubits.com)

This crypto currency is pegged to USD, so 1 NuBit (NBT) is 1 dollar.

My new cryptocurrency Shitbits is also pegged 1:1 to the USD. How many can I put you down for?

Disgusting. Especially for a Snr member of this site.

NuBits is quite a risky way to store the value of a dollar on a blockchain.

I would suggest you read this post - http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

(Bytemaster is a founder of BitShares which has a dollar stable asset of it's own BitUSD, so you could argue he is biased but I think his explanation is sound.)

If you want to understand how BitUSD works check this out
http://bitshares.org/the-value-proposition-of-bitshares-part-ii-bitassets/

In response to OP about decoupling, hopefully some will soon. I believe POW has been proved inefficient by the market. Once LiteCoin drops out, Bitcoin may be the only POW in the top 8.

No/Low inflation D/POS systems are better.

However all unstable crypto is in trouble because when you spend it businesses have to sell it for fiat.
https://bitcointalk.org/index.php?topic=922252.msg10128457#msg10128457
Only BitShares with BitUSD, BitCNY & BitEUR has anticipated this problem and is able to offer businesses a secure, stable decentralized currency asset which increases demand for the backing crypto BitShares.

That's a lot of info, but yes I think there is a decoupling happening soon.

Hey, I didn't create the coin, but it is one of the altcoins your topic refers to overthrowing Bitcoin!

Maybe Borgcoin will beat the Cryptoshekel instead?

http://bitcointalk.org/index.php?topic=574236.0

https://i.imgur.com/s4t7iJY.jpg

i think we need new bit.FIAT implementations. bitshares and nubits are probably steps in the right direction.

So what? It's a crypto currency after all, nothing gold-backed...  ???

Only time will tell if it's sustainable, though it's working for me since 3 months. NuBits are still 1 USD each.

S'e's coming up!!!

While everyone watches Bitcoin implode on itself, the decoupling is beginning. We're currently testing how deep XRP can go.

https://i.imgur.com/11cEN0W.jpg

In about a year, it will be:

http://matthewebel.com/wp-content/uploads/2012/02/Submarine-Surface.png

I agree. People get glued to BTC but it was only given as an "idea" and that's what people need to understand. You shouldn't get glued to an idea..you should learn something from it and make it better.

A large % of transactions in/out of XRP are in BTC, so it's understandable.

There's a lot of work to do before Ripple can become independent in its own right. All the tools, people, infrastructure (and money) is there.

I don't think Ripple can even walk straight without BTC supporting it. lol

It's going to be XPY, bro. It's the next big thing and timing of it couldn't be better. Josh announced that $20 buy back and next thing you know BTC price starts dropping like a bomb. Even old BTC holders are moving towards XPY because of profit they can make. I have a feeling it's going to have biggest market cap we've known in history of crypto.

I'm not talking about small marketcap. I'm talking about 500000 trillions of dollars moving to XPY. I"m talking about people selling their kids and house for XPY. Chaos on street and people killing each other just to get hold of some XPY. I'm talking about World  War 4! I'm talking about Nuclear bombs getting dropped to get hold of some XPY.

This is history in the making.

That's right, XPY walks straight.

Of course XRP relies on BTC. You seem to believe people here are denying this?

All I'm saying is that decoupling from old tech BTC is a good thing (and inevitable).

I hope XPY succeeds in helping you make a profit. XRP wants to be the lingua Franca of currency - it wants to help ordinary people sell their goods/services more efficiently, and help them to make a better profit along the way.

Bitcoin's "tech" has nothing to do with its role as the cryptocurrency "reserve" (i.e. the one thats used to price everything else).

Over the last year there's been an army of alts that have way more advanced tech than bitcoin but they've not even made a dent in its marketcap - not even with the current crash. It's still 60 times the cap of its nearest competitor.

XPY is an interesting project but thats about it. You don't get the kind of track record bitcoin has overnight - whatever it's disadvantages it's becoming an increasingly known quantity. Hacks, market crashes, wallet proliferation, ETFs, died 50 times in the media, senate hearings, legistlation, Virgin Galactic, Dell, Dish, Microsoft.....all that stuff takes years and the they're not pretty.

If XPY or any other contender wants to be the new number one then it's going to have to go through all that as well, so expect at least a 5 year rights-of-passage phase. Meanwhile, Spain has just made Bitcoin available at 10,000 ATMs throughout the country, Australia, Switzerland and the US are spreading BTM's, POS payment terminals are being rolled out in Germany....it doesn't stop.

Bitcoin ain't going anywhere. It has to die in this crash for it not to - I wouldn't hold my breath. Bitcoin's "tech" is perfect for the role it has to play. For everything else there are alts in specific market sectors. Confirmation times are good - slow and reliable but a 100 times faster than a bank which takes a day or two.

Bitcoin is not a "reserve". Sure, it's sort of a crypto reserve, but it's iron grip is loosening. Fast.



Factually incorrect. One is left wondering what else you're factually incorrect on.

Of course.

As for XPY, I don't really have much of an opinion on it. Doesn't look like it's particularly active or has much backing.

As for Dell, Microsoft... Desperate companies.

You quote a list of countries. None of these countries have an official policy on crypto (never mind Bitcoin). Whatever about laws, at best, they would have a tenuous set of "rules" for cryptocurrency users and businesses.

Bitcoin will be around for a long time. I agree.

But like the steam engine, it's use will be for nostalgic reasons. Not because it is capable of being the world's currency. It isn't.

I still think BTC is the only thing that will stick for the long term. Real money is not going in any other crypto.

A coin that is designed to lose value along with the dollar. brilliant!

Bitcoin's market cap now $2.4bn (x5 the nearest alt-coin)

Just last week, the multiple was x7

How do I calculate the multiples for the last 18 months? There you could see some very interesting results.

we need demand more other basecurrency on exchanges - bitcoin and litecoin are not cutting it.
More altcoins to fiat exchange directly!!!!

Bitcoin holds all coins down!!!

So what's your idea for a stable crypto currency? Euro, silver or gold-backed? Look at last year's charts!

For those who require stability, instability can be evened out with futures markets.

The classic is the winter farmer who wants to hedge his income. If there's a bumper harvest, he loses out. However, if there's a drought, he still gets paid.

There are already many futures services available for Bitcoin (and pretty much all the alt-coins of significance).

So I don't buy the assertion that instability is problematic.

Borg hey - they really should have made that sha256 but?

it's a contender !

How much has the dollar lost against BTC this year?

Maybe he means AUD or NZD??? LOL

Sure, you could do even better if you peg a crypto currency to a basket of values like USD, CHF, EUR, CNY, gold and silver...

The futures markets are centralized is my understanding & they still don't let you maintain the value of a USD easily which is what most businesses work to with regards to expenses or a BitCurrency. (The fact that 100 000+ businesses, selling hundreds of millions in sales for USD from BTC immediately with no evidence they are using the futures market shows you're wrong and the market is looking for fiat stable decentralized assets.)

The poster before who said NuBits has held the value of a dollar after 3 months so you're happy. You are the kind of person they rely on not to analyse the system.

http://bytemaster.bitshares.org/article/2015/01/14/A-New-Perspective-on-NuBits/

Lets say there's a 30% chance their system could fail within a year. Then a NuBit is actually only worth $0.7 as you are paid no interest to get one, then you are taking the bad end of the deal imo.

Bitcoin won't hold it's value but it compensates with the chance of gaining in value at least.

If you want to look at a system that is sustainable and backed by an average of 300% collateral in BTS, I would suggest BitUSD ofc.

I don't see it yet and won't happen for a while.

Of course futures markets are "centralized". As is every Bitcoin exchange on the planet.

A future is a contract. It involves trusting the exchange will pay out on maturity.

Bitcoin will always be but an altcoin can def come in and snatch some signif market share

The Cryptoshekel with all its implications will not come along as visible as this ;) ...
So, which altcoin is intended to be it? My guess is .... Ripple/XRP ...

Why? Because of the inbuild debt-mechanism, the PR and some more indicators :) ...

BitShares is a decentralized exchange :) So with BitUSD there is no need for future contracts or centralized risk. 2015 is the year of the decentralized Bitcoin exchange :)

https://www.cryptocoinsnews.com/2015-year-decentralized-bitcoin-exchange/

http://m.youtube.com/watch?v=TtCVRIwcBYU

The new BitShares site is being revamped should be updated by next week & a video on the decentralized exchange too soon.

I would tend to agree. Ripple Labs do a lot more than just tech. Not only have they got top engineers and money - they also have influence and are negotiating with banks and liaising with governments.

Though there will be an epic battle - I feel it will be between XRP and Stellar. NXT will be banging the open-source hippie commune drum loudly for a good while yet. The "anonymous" new-world-order cryptos (for buying drugs) will die. Bitcoin will be around for a good while yet.