Bear Report: Shitcoiners across the globe put on suicide watch!

[asepticskeptic]

And I couldn't be happier.

Really glad I woke up one fine morning two months ago and sold everything I had into oblivion.

Dash? Dashed.
Doge? Put out to pasture.
Nxt? Next.
Ripple? Flatlined.
BitShares? Yea I shared those for USD real quick.
Peercoin? Gave it right back to them.
Bytecoin? Bit the dust.
Namecoin? Yea, in the obituaries.
Blackcoin? Gone.
BitcoinDark? teleported that shit. To my bank account basics.
Supernet? super-broke net.
NEM? Already OEM.
Boolberry? Squashed.

I could go on for quite a while. But I'm sure you already get it.

[maximian]

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.

[tokeweed]

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.

[r0ach]

I believe there will be 3-5 big chains similar to how there's a decent sized basket of credit card providers due to the reasons stated below:

I believe since each distributed coin only offers a probabilistic security model, which opens you up to various "long cons" and other black swan events, it's inevitable the market cap will somewhat equalize out in the top 3-5 coins.  The financial industry will hedge between them and there will be no Bitcoin monopoly.

The financial industry will just not tolerate all their eggs in one basket that can be wiped out by random occurrence.  They can handle losing big with Lehman Brothers crashes and taking a 25% hit or whatever, but nobody is going to go all in on something where they can take a 100% hit.

[solid12345]

Blame the 80% Bitcoin price decline since 2013, the fact is as long as alts are tied to Bitcoin, Bitcoin's failures will also mean the alt world will fail as well. It's all about perception and if people are nervous about Bitcoin it will translate into the alt market.

[cjmoles]

Well, there have been many lessons learned and a large amount knowledge gained with the plethora of alternative cryptographic currencies that we've all had the opportunity to experience.  They provided their contributions to the great Bitcoin experiment we all came to enjoy.  So, while many alts have come and gone, every single one of them, from the scam coin to the turing coin, have paved the way for the future of the technology.  What is absolute is: the information we accumulated experimenting with alternative cryptographic blockchain technologies is a resource that will have an enormous impact on the way the world banks, from now and into the future.   

[sasha35625]

Laughs best who laughs last.

[CoinThug]

I could go on for quite a while. But I'm sure you already get it.

Well kept going. Love reading some more. xD

[Sumo]

Reminds me of when the video game industry imploded back in the 80s. They just kept churning out one after another shit games. Back then one guy could make a game in a few days or weeks. Eventually the public got smarter and quit buying. Same thing happening here.

[solid12345]

Reminds me of when the video game industry imploded back in the 80s. They just kept churning out one after another shit games. Back then one guy could make a game in a few days or weeks. Eventually the public got smarter and quit buying. Same thing happening here.

Yes but we also had the triumphant return with the Nintendo Famicom/NES entertainment system. The question is which crypto project will be the Nintendo?

[Tinkles]

Reminds me of when the video game industry imploded back in the 80s. They just kept churning out one after another shit games. Back then one guy could make a game in a few days or weeks. Eventually the public got smarter and quit buying. Same thing happening here.

that's a long time ago.  Do you mean before the Amiga?

[tokeweed]

Wow.  You guys are old. 

What's the members' average age here at bitcointalk?  35 - 40?

[Tinkles]

Wow.  You guys are old. 

What's the members' average age here at bitcointalk?  35 - 40?

I reckon.  but being a kid in the 80s was totally amazing.  if you don't believe me, just watch goonies and karate kid

[Tinkles]

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.

I get that if you were lucky enough to get Bitcoin early, all alts are just "shitcoins" and you look down on them.  and yes most are scams.

But Bitcoin has serious defects though.  Like it takes 10 minutes to buy something.  Surely you realize that is never going to work in the real world, its basically just play money.

Coins like Dash with instant transactions, that is something serious that people can actually use like they use a credit card.  how is that bells and whistles?

But I know, no one is using Dash right now, or the other few alts with something useful over Bitcoin.  And its hard to buy them.

Just saying though, and curious.

[tokeweed]

Wow.  You guys are old. 

What's the members' average age here at bitcointalk?  35 - 40?

I reckon.  but being a kid in the 80s was totally amazing.  if you don't believe me, just watch goonies and karate kid

Hahahaha!  My uncle made me watch those!  He has a collection of old movies in his HD.  The 80's Karate Kid is lol.  Digged the Goonies tho.  Kept laughing to see Josh Brolin so young wearing the 80's get up.  lol

[Tinkles]

Wow.  You guys are old.  

What's the members' average age here at bitcointalk?  35 - 40?

I reckon.  but being a kid in the 80s was totally amazing.  if you don't believe me, just watch goonies and karate kid

Hahahaha!  My uncle made me watch those!  He has a collection of old movies in his HD.  The 80's Karate Kid is lol.  Digged the Goonies tho.  Kept laughing to see Josh Brolin so young wearing the 80's get up.  lol

bro, karate kid was epic.  If you were 6 years old

EDIT: Holy Crap!  Josh Brolin is Brandon from the Goonies! lol

[edmundduke]

Now that is a really good thread name lol. But yeah, coins are moving down right now and will continue to do so for a while to come. There are a few smaller coins with some hope.

[bit1]

Gameover?  I doubt that, Looks more like to only just a change of vision about weakness on crypto -->the scam,So soon they will have to reduce the blockchains to levels of 2013 maybe and take steps to prevent the proliferation of clones as it has been happening for 2014-2015 mainly.

[asepticskeptic]

And I couldn't be happier.

Really glad I woke up one fine morning two months ago and sold everything I had into oblivion.

Dash? Dashed.
Doge? Put out to pasture.
Nxt? Next.
Ripple? Flatlined.
BitShares? Yea I shared those for USD real quick.
Peercoin? Gave it right back to them.
Bytecoin? Bit the dust.
Namecoin? Yea, in the obituaries.
Blackcoin? Gone.
BitcoinDark? teleported that shit. To my bank account basics.
Supernet? super-broke net.
NEM? Already OEM.
Boolberry? Squashed.

I could go on for quite a while. But I'm sure you already get it.

You have forgot Monero/Bitcoin/Litecoin... Mr.Fanboy.

And you forgot USD, RUR, CNY Mr. Assblast.

Bitcoin? BTFO.
Litecoin? Left your pockets a little light.
Monero? Blownero.

Are you seriously damaged as well? What point about: "Sell all your shitcoins and hold onto your fiat for dear life now" don't we fucking get? Do I literally have to put down every single piece of shit nerdcash here to get my point across? If anything you should be happy you have one last chance to not exit with 30% or greater losses. Your shirts still feel nice from last time by the way.

As far as the other post above me, I try not to come in and repeat myself when there's a 20% raise in top-shitcoin, because that would make me not only look retarded, but I would actually be certifiably retarded as well.

I'll be sure to bump this in mid/late december, because, you know, time frames can be longer than two weeks ya nutty 12 year olds.

[bit1]

And I couldn't be happier.

Really glad I woke up one fine morning two months ago and sold everything I had into oblivion.

Dash? Dashed.
Doge? Put out to pasture.
Nxt? Next.
Ripple? Flatlined.
BitShares? Yea I shared those for USD real quick.
Peercoin? Gave it right back to them.
Bytecoin? Bit the dust.
Namecoin? Yea, in the obituaries.
Blackcoin? Gone.
BitcoinDark? teleported that shit. To my bank account basics.
Supernet? super-broke net.
NEM? Already OEM.
Boolberry? Squashed.

I could go on for quite a while. But I'm sure you already get it.

You have forgot Monero/Bitcoin/Litecoin... Mr.Fanboy.

And you forgot USD, RUR, CNY Mr. Assblast.

Bitcoin? BTFO.
Litecoin? Left your pockets a little light.
Monero? Blownero.

Are you seriously damaged as well? What point about: "Sell all your shitcoins and hold onto your fiat for dear life now" don't we fucking get? Do I literally have to put down every single piece of shit nerdcash here to get my point across? If anything you should be happy you have one last chance to not exit with 30% or greater losses. Your shirts still feel nice from last time by the way.

As far as the other post above me, I try not to come in and repeat myself when there's a 20% raise in top-shitcoin, because that would make me not only look retarded, but I would actually be certifiably retarded as well.

I'll be sure to bump this in mid/late december, because, you know, time frames can be longer than two weeks ya nutty 12 year olds.

Lol,

The nicknames are funny, I will add this to Burlesque coin section.