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21  Alternate cryptocurrencies / Altcoin Discussion / Re: This is what most of Bitcoin Core Developers think about Altcoins on: December 05, 2014, 07:54:19 AM
That's just the point that I fail to see. What are they destroying?

Their investments in Bitcoin, obviously.
22  Economy / Economics / Re: If Bitcoin were backed by something. on: December 05, 2014, 07:53:18 AM
...only one cryptocurrency will become money.

If you say so, there are no other options but to comply Grin
23  Economy / Economics / Re: If Bitcoin were backed by something. on: December 05, 2014, 07:26:57 AM
No. Altcoins are not backed by BTC. Altcoins can be exchanged to BTC or some money. That is not backing.

If something is backing altcoins then it is the belief that alcoins will be money one day. Same with BTC. Problems with altcoins is that nobody needs more currencies than 1 in the world without borders. The idiotic assumptions that people will have one currency for bigger payments and another for buying milk and bread are really incredible. They will have 2 or 20 wallets, where will be different amounts of money, but there will be just one global currency (maybe not bitcoin though). People do not want to count more currencies, there is no one advantage of it.

I put the idiotic assumption in bold.
I guess you never heard about the concept of competition and how it helps any industry stay honest and innovating.
24  Alternate cryptocurrencies / Altcoin Discussion / Re: This is what most of Bitcoin Core Developers think about Altcoins on: December 04, 2014, 09:33:00 AM
"Having a zillion altcoins doesn’t make a lot of sense, right? Because they’re fighting against each other rather than against the traditional, inefficient things that they should be fighting against. "

Sounds like a perfect one-liner description of Bitcoin.
PoW as it's implemented in Bitcoin is both inefficient and vulnerable.
Some PoW are still inefficient but at least much less vulnerable.
25  Alternate cryptocurrencies / Altcoin Discussion / Re: Why Doge coin is bad on: December 04, 2014, 07:26:01 AM
Spoetnik now whines that people attack him, while it's he who calls people idiots in his lengthy posts. Somebody should kick him in the balls, please, I believe it's the only thing left that can bring him back to reality Cheesy
26  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: December 03, 2014, 08:51:13 PM
Bitcoin Core Developer Greg Maxwell Has ‘Ethical Concerns’ with Altcoins

http://insidebitcoins.com/news/bitcoin-core-developer-greg-maxwell-has-ethical-concerns-with-altcoins/26952

In other words, it sounds like we dont want to stop people buying into fads, we just want them to stop buying into Alternative Chain fads, and to rather buying new Side Chanse fads.



27  Economy / Speculation / Re: Difficulty going down on: December 03, 2014, 08:18:28 PM
i doubt it will rise . looks to me like btc diff wants to get on a descending trend.

The difficulty will follow the price, there is no other way.

Sure there is a lag between those, but sooner or later bank loans taken to buy ASIC equipment have to be paid back.
28  Alternate cryptocurrencies / Altcoin Discussion / Re: Why Doge coin is bad on: December 03, 2014, 04:47:36 PM
So, Spoetnik, Dogecoin is bad. Please tell us what is good. What do YOU hold?

He won't tell. He'll give you a several pages long post calling you an idiot or something )
29  Bitcoin / Mining speculation / Re: Could the Bitcoin difficulty go down? on: December 03, 2014, 04:43:57 PM
Yes the Difficulty can go down and it has in the past, but it will most likely only be for one or a couple of difficulty changes before it will start rising again.


You can't be sure of that, it all depends on how quickly the price recovers. If the price rests below profitability level for an extended time, the difficulty could stay about the same or even go down for some time as well. Just common sense and economics 101. In any case, there is no reason to be afraid of the lower difficulty, there is more than enough hash rate on the network, even if some miners drop off, there is still plenty left.

Now let's see if it will only be for one or two difficulty changes ) My prediction it will be more than two.
30  Economy / Economics / Re: If Bitcoin were backed by something. on: December 03, 2014, 09:57:37 AM
Can anyone come out and say, ok this thing "x" is backing up the BTC?

And I don't mean any organization - just an individual?

Because how I see it, if these bitcoin is powered by consensus, then wouldn't an individual be able to empower others to back it with consensus?

Sheesh I hope I make sense  Undecided



Bitcoin is not backed by anything.

'Backed up' by something means a currency can be converted to a fixed amount of the underlying asset. There is no such thing in Bitcoin. Some people say that it's backed by electricity. No, it's not. You can't convert a bitcoin to a fixed kW/h of electricity.

Backed by something also means the currency is centralized by the backer's ability to honor commitment to redeem the currency for an underlying asset. As far as I know no decentralized mechanism of redemption exists, please someone correct me if I am wrong. What can give Bitcoin and other crypto currencies value is demand for use cases. The more use cases - the higher the demand and the price.
31  Alternate cryptocurrencies / Announcements (Altcoins) / Re: Nxttycoin | Earn 5% bonus per month on your holdings for the next 12 months. on: December 03, 2014, 09:05:57 AM
A group chat, like skype group chat is one big missing feature. A group conference call would be nice to have as well. In short, there is still a lot of work to do to make this into a great product from the beta it is now. It will take a good part of 2015 to complete all the essential features. But if those are successfully implememented, combined with the crypto currencies built in, this will be a truely unique product that will market itself when the public are ready for cryptos, and this can't happen in the first crypto currencies bear market which should run for another 10-11 months. This time should be used wisely to build the technology and smooth out all the rough edges for 2016 when the public are finally ready.
32  Alternate cryptocurrencies / Altcoin Discussion / Re: Why Doge is steamy pile of scam clone coin ! on: December 03, 2014, 08:14:49 AM
Pseudo-value is just your perception...

how much value should a pure clone have ?

As much as people would want to value it at, if they manage to find unique use cases for it. Bitcoin is in the same shoes. I didn't read the rest of your post, sorry, too lengthy.
33  Alternate cryptocurrencies / Altcoin Discussion / Re: Why Doge coin is bad on: December 02, 2014, 03:42:18 PM
It started like a joke coin and should end that way maybe?


It does not matter how it started. If we can find use for it, it will survive.

ya fair enough.. survival of the fittest.

Just don't forget it was nothing more than one of many hundreds of coins posted at the same time like "Pray and spray" cloning
and all "services" were tacked on after the fact to try and prop it up and legitimize it for psuedo-value
at the end of the day it was a clone coin not even taken seriously but with a stolen internet meme tacked on to it..

Pseudo-value is just your perception. For many people Bitcoin only has this pseudo-value too. Anything that doesn't have intrinsic value (stuff that you can eat, make tools of, burn for heating, wear, etc., you get the idea) only has a pseudo-value or rather let's say, artificial utility value, which is unique use cases people invent to increase the value. In that sense Dogecoin is as good (or as bad if your perception is so inclined) as Bitcoin. One example of utility value: people need fiat because they pay taxes in fiat, that's one use case of fiat that no other kind of money can replace.

Bitcoin still doesn't have unique use cases after almost 6 years of running, all it has is the hyped ego of its holders, who look down upon other crypto currencies as if Bitcoin is some kind of holy grail. It is not. Most non-geek normal people don't see value in it, because all they can do with Bitcoin, they can as easily do with their fiat. If Bitcoin doesn't solve the issue of finding unique use cases, it's doomed. If Dogecoin doesn't find them, it's doomed too. They both are in the same shoes.
34  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple : I don't think RL would be talking to a government if they were scammers on: December 02, 2014, 10:59:51 AM
The Banking industries are them self scammers, if you still can't see this after the chaos they've done in the past then you really need to find out this the hard way.

You should make a distinction here between legal scammers and illegal scammers Grin
35  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [PRE-ANN][GEMS]| SOCIAL MESSAGING APP THAT REWARDS ITS USERS |Gems public sale| on: December 02, 2014, 10:56:40 AM
Gems looks good on paper but so did NXTTY and that seems to of failed miserably. I expect hype followed by crash followed by sober realistic reevaluation. If this can be a niche product it's got a decent chance. The new big thing globally in social networks....not a hope in hell.

Expecting success one month after launch is naive and immature. We're also in the first bear market in crypto currencies by the way, things are going to be pretty slow on all crypto fronts for the next 10-11 months. There is not much capital and adoption moving to cryptos until then, it will be a complete washout of the weak and impatient hands that crowded this market at the end of last year.
36  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple : I don't think RL would be talking to a government if they were scammers on: December 02, 2014, 10:50:38 AM
Those who say they are scammers don't understand the meaning of the word 'scam'.
They are not scammers, they issue a centralized currency, that's all.
Issuing a centralized currency doesn't make one a scammer, but there is no innovation in it (governments and private companies have done this for centuries) and it goes against the idea of crypto currencies.
37  Alternate cryptocurrencies / Altcoin Discussion / Re: Changes to the Alogrithm Prohibited or disputed? on: November 29, 2014, 08:01:06 AM
Are you trying to suggest you are neutral on this subject matter and have posted positive aspects of PoW in the last year within this forum?

Yes, please search my posts for Myriadcoin, I've always supported its idea. It was designed to fix Bitcoin's flaw of centralization and 51% attack. Here is my most recent post on it:
https://bitcointalk.org/index.php?topic=855877.msg9534178#msg9534178

If Bitcoiners truely cared about technology and making PoW as secure as possible, there you go, a fine example of how Bitcoin code can be modified or Myriadcoin can be new Bitcoin. But no, bitcoin miners only care that they recoup their ASIC investments, and that's understandable and all, but when they try to cover these vested interests with false claims that PoW is secure and PoS is not, moreover, when they claim that Bitcoin implementation of PoW including the large but centralized mining network is the most secure and oh, so fair, this just stinks of bull.

Myriadcoin is a prime example of how PoW can be made an order of magnitude more secure, but wait, then those sha256 ASIC farms become unprofitable. I am all for the most secure technology, but Bitcoin just doesn't have that security any more. If it was converted to something like Myriadcoin (code), now that would be a different matter. I have been supportive of Myriadcoin technology for quite a while. I don't own Myriadcoin, I did own some in the past. I just don't see miners caring about technology, that's why I think PoW is a short-term play, and that's exactly why nothing will change in Bitcoin algorithm.
38  Alternate cryptocurrencies / Altcoin Discussion / Re: Changes to the Alogrithm Prohibited or disputed? on: November 28, 2014, 12:19:51 PM
This topic has nothing to do with Altcoins yet was moved to the altcoin section. Seems as if some moderators are heavily vested in mining/POW that they don't even want to consider Bitcoin changing to anything else. Possibly because vested ideological differences or conflicts of interests(This forum is heavily supported by the mining industry).

Told ya Wink
39  Alternate cryptocurrencies / Altcoin Discussion / Re: Changes to the Alogrithm Prohibited or disputed? on: November 27, 2014, 04:22:43 PM
Whichever is better, PoW or PoS is fine with me, there is no bad news for me here, you're wrong.
You're right that as long as it's robust, efficient and secure, that's all that matters.
Please proceed to discuss with other members as we have found consensus )
40  Alternate cryptocurrencies / Altcoin Discussion / Re: Changes to the Alogrithm Prohibited or disputed? on: November 27, 2014, 04:07:58 PM
Anything is possible in theory, but in reality Bitcoin will stay as is, mark my words. Thus this discussion is pointless. You can see that it's pointless from very few people participating, all the early adopters are happy with the status quo. The rest listen to them and never question their authority, end of story. And you're wrong, there is no bad news for me here.
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