Nice job  !!!! |
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I've been following some of the silly discussions in this thread and I'd like to weigh in on some things.
First of all, as far as actual usage, all alternative cryptocurrencies, including Ripple, are, as of right now, absolutely useless compared to Bitcoin. Once we understand that, we can continue the analysis on a fair basis.
Claiming that the altcoins have a significant diluting effect on Bitcoin, is a statement with no actual facts backing it. Thus far all of the other cryptocurrencies have managed to get a very small market cap compared to Bitcoin. Here I don't even address the possibility that most likely altcoins will bring in more people to the cryptocurrency scene, which will actually increase the whole cryptomoney market cap.
Bitcoin market cap = ~1.1 billion USD
Litecoin market cap = ~50 million USD
Ripple market cap = ~17 million USD (1.2 billion XRP distributed so far based on founder statement, 7000 equals 1 bitcoin, 1 bitcoin is $100)
Other altcoins = ~50 million total?
One can disagree with the way I calculate the XRP market cap, but I can assure you that's the only sane way of doing it.
So, now that we know that the altcoins are basically useless at this time, and their total market cap is very small compared to Bitcoin, we can clearly see that they have no significant "diluting" effect on Bitcoin. It's almost the same as saying that Bitcoin is diluting the Euro. Which is obviously ridiculous. They do dilute Bitcoin more than Bitcoin dilutes the Euro, but anyway. You get the point.
What are altcoins good for? They are good for experimenting with stuff that Bitcoin simply can't. Potentially exciting cryptocurrency innovations can come from there. They can also provide some additional mixing capabilities to the cryptomarket, thus allowing more privacy.
One can argue that some innovations already exist. Faster block time (in my opinion an insignificant issue), different algorithm for proof of work (don't agree on scrypt superiority at all, but I do see it as a good backup), different model entirely (proof of stake included) etc.
Ripple is the most innovative of them all, it's very different. Then again Ripple has significant issues as well. It's way more centralized and it's also way more closed. At the moment at least. I'm at this time very skeptical of Ripple, but the core idea behind it is more innovative than the other altcoins.
Finally, I wouldn't really worry about altcoins. They can dilute Bitcoin a bit, and they are mostly useless, but they can also bring in new people and create more diversity for the cryptocurrency economy. That can't be bad. The market will make sure the useless ones die eventually. Remember that Bitcoin has a huge lead in brand name, publicity and network effect. All the others are way, way behind, and regardless of the innovations they bring, they will have a tough time catching up.
Even though in some ways the "Bitcoin is gold, Litecoin is silver" analogy is bad, in some ways it holds true. Litecoin will most likely remain a significantly cheaper cryptocurrency. Not relative to the monetary base, but in actual market cap.
I'm surprised if Litecoin ever manages to sustain a market cap that is over 10% of Bitcoin market cap. Right now it's at 4%, which I think is actually a bit high. Litecoin has perhaps 1% of the usage Bitcoin has, so it's a bit overvalued. It's very speculative though, so who knows.
In a nutshell as Litecoin becomes ever more "useful" expect higher prices. |
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June 22nd - 2013 - As I'm only trading within the £79,000 vat threshold I'm not buying any more bitcoins/litecoins, with no Litecoin in stock and only a day or two's worth of bitcoins once there sold bitcoinfridge will close it's doors until April 6th 2014 (regulation etc. etc. etc. permitting)
Hmrc view a Bitcoin as a cyber-currency and class it as a "voucher" there's some conflict with information on whether vat is applied to the price of a Bitcoin should I become vat registered my accountant says it should be added whereas some forum threads here indicate a bitcoin is vat exempt. Anyhow I've more than a couple of reasons why I don't want to be vat registered at this time so the reality is once I've sold the last few btc i have remaining I will put the turnover intensive bitcoinfridge on the shelf until April 6th 2014.
Mick
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The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things.
And you people are buying LTC? What a bunch of retards. 6) As risky as it is to invoke the name of Litecoin (LTC???), we must apologize for not keeping everyone up to date. The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things. Mainly, we want to do things correctly from the beginning. |
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From mt gox Facebook page - https://www.facebook.com/MtGox - point 6 of interest in relation to Litecoin. Dear Mt. Gox Customers and Bitcoiners, The reaction since yesterday’s statement regarding the temporary suspension of U.S. dollar withdrawals has had mixed reactions, and raised more than a few questions about why we had to take this step right now. Rather than be subject to inaccurate speculation we’d like to clarify some points here. Due to pending matters we are unable to get into everything in great detail, though we’d certainly love to and are looking forward to the opportunity. 1) The problem with the U.S. withdrawals (and even other currencies for that matter) is that our bank can no longer handle the volume of withdrawals. They struggled in the last two months, and the increase due to the Dwolla separation has made it increasingly more difficult. The pressure we brought onto the bank’s resources finally gave in, and we are now working with them to find an alternative method (hence the suspension). We would have preferred to give notice if we were able to, but it was sudden for us as well. 2) We are now working with new banks and alternative methods for transmitting money to our customers. This does not mean we are stopping entirely within the next two weeks, but it will be slower than we would like. We are literally going to use our manpower to process withdrawals ourselves, manually. This will take more time, but we are dedicated to doing as many per day as possible. We announced a suspension in order to manage expectations while we deliver at a temporary reduced rate. Our goal is to have a new system set up in the next weeks with clarity for both the banks and for our customers. 3) Our previous release was rather vague, but for a reason. Mainly, we don't want to upset our bank! They do great work, but our kind of business is completely new to the banking industry. Processing international wires does not just involve pushing a button. It requires real manpower processing everything individually, even in this modern computer age. While Bitcoin's power lies in its ability to transfer fast and securely through software, the rest of the financial world does not operate like that (contrary to popular opinion). Money is surprisingly analog in many ways, and scarily digital in others. 4) Every customer’s funds are safe, sound, and accounted for. In fact, in our dealings with the Japanese financial regulators we have been assured that we are not under local pressure or suspicion and can operate as usual within normal legal frameworks. 5) Mt. Gox is certainly not a martyr, but it would be hard to argue that we aren’t "taking one for the team" as far as Bitcoin is concerned. We are a big target, and are absorbing the frustrations of Bitcoiners, regulators, banks, and a media that still doesn't quite understand what Bitcoin is. This is a job we are happy to fill, and not just because we are compensated for it. Our hope is that, once Bitcoin finds its place, we will be able to say that we made a difference in sorting it all out in the early days. New exchanges, business models, merchants, traders, and consumers are rising up to innovate and create a whole new way of doing business. A lot of lawyers are getting new cars in the meantime too. 6) As risky as it is to invoke the name of Litecoin (LTC???), we must apologize for not keeping everyone up to date. The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things. Mainly, we want to do things correctly from the beginning. 7) The new trading engine is finished, is smokin’ fast, and is currently undergoing bench tests. We’re looking forward to deploying it very soon. While not the most in-depth update we'd like to give, we hope that it has at least clarified a few things. In the next few weeks we are planning to do another AMA on Reddit when we’ll hopefully be able to answer many more questions and also shed some light on what’s been going on at Mt. Gox these past months. Thank you for your patience and support. |
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How much do you think that would be the amount of BTC that you should at least to hold in order to be member of this new elite in the near future? How many Bitcoins it takes to get into 1% of Bitcoiners. 100? 210? 2100?
10btc |
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It's not quite 7am at mt gox.
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I'll be looking to pick a few of these up |
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I'm fully aware that america is in fact the centre of the universe by which everything revolves around but before notions that all Bitcoin holders will find themselves in an orange all in one in Guantanamo. America's recent round of money "printing" was enough to buy all the bitcoins in circulation every two days. Bitcoin isn't on the verge of replacing the dollar. Until we see a $10,000 Bitcoin and a substantially greater market cap Its not going to be considered a threat to the status-quo for any government. Now feel free to buy back the btc you sold recently thinking we're about to see Bitcoins demise. Have a great day |
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The crypto trains getting a little crowded  |
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It's a bit big |
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I will try and make a few adjustments, I'm not really sold on the coin shading on this one to be honest
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Check out Amazon.com's design on their brand new "Amazon Coin". The gold relief look is gorgeous. I think we should do the same thing with PPC. It would blow all the other coins away. http://www.amazon.comI've got to say the amazon coin is amazing, that really shows what a true pro can achieve , I might have a play around to see I can capture a feel of it in sme way (tall order  |
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I might be wrong but the initial intention for namecoin is to build a domain name system, so it's not strictly a commerce "coin" I see LTC,PPC as the top two altcoins, I expect both to be on gox eventually.
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