Found another one and lol'd. Laughs best who laughs last.
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It seems like the recent news that banks are partnering to experiment with "blockchain technology" took the wind out of Ripple's sails, since being a settlement network for banks was the only interesting thing they had going. Now that banks are going to use their own closed system, Ripple is left searching for a reason to exist. The price is sinking accordingly.
Similarly, the media's attention on blockchain technology (i.e., private or "permissioned" ledgers) is making it clear that there's just very little need for more than 2 or 3 public blockchains, and that they have to have a strong network effect to have any utility and hope for long-term prospects.
Dogecoin is kinda sad in that some people really believed that it had a future, even though it was created specifically as a parody, being purposefully ludicrous and flippant. It was all fun and games until the price charts started steeply rising, and soon a great crowd of speculators assembled, hoping that they were on the launch pad of a new Bitcoin rocket ride. But we're talking about money here, and the rest of the non-internet meme world doesn't have the time or inclination to consider the value of a weird dog-themed cryptocurrency whose proponents communicate primarily in glurge. To outsiders, Bitcoin is weird enough as it is, so Dogecoin never stood a chance.
Bitshares is cool and all, with nifty things like DPOS and pegged assets and whatnot, but in the end it's the network that matters. That's the hard part. Your bells and whistles don't mean anything if nobody uses your coin. Bitshares and NXT and DASH all followed the same trajectory: a fast launch to around a $50M market cap (and higher), and then a slow drift back to earth as no network effect takes hold - no merchants, no media, no trusts, etc.
Litecoin seems to hang in there perhaps because it's just old enough to be entrenched as a secondary cryptocurrency with its own significant network effect. It's interesting to me that a technologically advanced coin such as Monero, with its obvious privacy advantages, can't even come close to eating into Litecoin's value and market share. That is the power of the first-mover advantage and of the network effect.
I can't hate fully on altcoins, though. The do serve as a way for home hobbyists to convert electricity into Bitcoin, people who otherwise might not bother to get into Bitcoin. They're like alternative Bitcoin mining chains.
Yes, yes and yes. Good post.
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Funny I didn't notice this. Bookmarked it for later. Thanks for the write up, r0achie.
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Because that's where BTC is headed. 1568 USD. All hail the Willybot!
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I'm pretty sure those two will hit it off and laugh at themselves silly when they meet irl.
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"A lot of college funds and savings were lost in the crypto craze."
I'd put real money on it being predominantly lunch money, allowance and birthday money from grandma and grandpa, in terms of the amount of vocal fishys alone.
I mean, the chances of you talking to a 13 year old on the internet increase every day.
So no really a huge amount of money going in in altcoins. Except maybe for the sharks who control those coins (and created them out of thin air). But if there are no fishies then how can the sharks eat? So in conclusion, the altcoin 'economy' is shrinking...?
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Oh wow, I had no idea you were doing these. This is great. At least we get to know more names behind the people in the crypto infrastructure.
Anyway, my suggested question would be
"What do you think is the state of cryptocurrencies right now? Shouldn't the exchanges like Bittrex be avoiding listing coins/projects that are outright pump and dumps, and should create strict rules and requirements for these projects to comply with before listing?"
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Why care what either of them think.
They seem to be trolls more than anything.
Fun trolls. Ones that are more concise and persistent, but rabid poo flingers nonetheless.
I honestly wouldn't be surprised if they were the same person.
lol! I almost spit my coffee.
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^ Are you invested in Ethereum?
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i can sum it all up for you altcoin = scam
It's sure is fun trading them for BTC profit though. I wish they had more volume so we can all trade bigger sums.
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TL;DR?
And cliff notes please. edit: And why of all places they decide to advertise here at altcoins. These aren't the droids they're looking for. Broke and spent all the college fund and student loans on crypto.
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I was following this project and it looks like a really good idea. But that doesn't really mean that FCT will go straight to the moon. We've seen it again and again. The latest with Ethereum.
Bottom line, this is all trading. Coins/tokens go up and down.
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Everythng Buterin stated was fact not FUD. But I get it. English isn't your first language so you probably misinterpreted what he really meant to say.
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Someone call the CEO of Bitcoin and ask why all those bearish news lately.
lol'd
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Yeah... But it would take that same Lamborgini to get NXT to top 5 again.
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Demand still the same but bitcoins generated cut in half should boost the price if all else is the same.
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Don't be fooled by the quiet and stable price. The next pump will bring it all the way up to at least $18000. There simply is too much demand. Put your buy orders now
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Russian Bear Fed Up With Bitcoin BullshitRussia's Ministry of Finance has developed a new version of its proposed law that would seek to both outlaw and apply criminal penalties for activities involving digital currencies, according to a report by Russian news source Interfax.
Citing sources from within the Russian government, Interfax reports that acquiring, selling and distributing cryptocurrencies would be punishable with fines of 300,000 rubles ($4,574) or through up to 360 hours of correctional labor under the new bill.
Should such infractions be committed by an agency or group, the fines for such activities would increase to 500,000 rubles ($7,623).
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It will happen. I'm a long term bull. But in the short to medium term. We are generally going down. Best case (side ways for a while). Probably hit $133 or so. Just my smooth-cents.
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