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Author Topic: The damage is spread to all Crypto Currencies  (Read 178 times)
Kprawn
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November 14, 2017, 04:45:18 PM
 #1

First their was Bitcoin with zero competition and one developer..... Satoshi Nakamoto. Then other developers started working

on Alt coins and Bitcoin got some competition, which was good. All technologies needs some healthy competition to keep it on

their toes. Then Satoshi Nakamoto left and it was open season... {The sharks started to circle} ....Gavin was Lead developer

for a while and then he left too.... since then people have been fighting to get control over this experiment. The community

was divided {Core vs Gavin&Mike} and when this failed, we saw different attempts to divide it even more. {SegWit2X/Bitcoin

Cash / Bitcoin Gold .....}  We had to choose sides {even if we wanted everything to stay together}

.....

Someone looking from outside and not knowing the history, must think we are crazy. There are so much Fud/shilling/in

fighting/Sabotage etc...

Is this really "building" or "improving" Crypto currencies or are we slowly destroying it?

 

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November 14, 2017, 04:52:00 PM
 #2

At first there was one man, then he had children and the next thing was that they start killing each other.

It's the human nature to seek alternatives and to try to impose their ideas.
Nothing special about bitcoin and altcoins
AC/DC? Not the band!!!
Left/right side of the road?
and so on...

If cryptos fail because of the infighting means they were weak from the start and it's better for them do die now rather that later and destroy the world economy.
But it won't happen that easy. Lame coins will die but strong ones have proven this weekend they are here to stay against all odds.

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November 14, 2017, 04:56:09 PM
 #3

It's all part of the experiment.

Either the community succeeds at self-governance, or it doesn't. Right now it seems pretty messy, but to be honest I think it used to be even worse.

Apart from that I doubt that most "outsiders" are really aware of what's going on -- "outsiders" referring to people that are aware of Bitcoin and the alt ecosystem but are not actively following it. I think watching all that drama unfolding live merely amplifies its perceived impact. Looking back it will be just one struggle of many and crypto will be stronger for it. After all we seem to learn or lessons every step along the way (eg. people learning not to trust exchanges), even if some things always stay the same (eg. people still falling for "the next big thing").

All in all I feel that crypto is still on the right track though.

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November 14, 2017, 05:01:44 PM
 #4

At first there was one man, then he had children and the next thing was that they start killing each other.

It's the human nature to seek alternatives and to try to impose their ideas.
Nothing special about bitcoin and altcoins
AC/DC? Not the band!!!
Left/right side of the road?
and so on...

If cryptos fail because of the infighting means they were weak from the start and it's better for them do die now rather that later and destroy the world economy.
But it won't happen that easy. Lame coins will die but strong ones have proven this weekend they are here to stay against all odds.


The fittest will survive, it is the universal law.  It is good to have infights and let the best one survive.  It is to the benefit of the masses, rather than having a monopolized currency just like what the government are doing.  But of course in every war there is always a collateral damage, so let just be smart and avoid to be one of those damages.  We will see one day that crypto will evolve into a better one from this debates and argument.

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November 14, 2017, 05:03:43 PM
 #5

It's not destroying it, it's making it stronger.

We don't yet have true competition in the cryptocurrency world, because a number of gatekeepers like Bitpay and Coinbase support Bitcoin only, which is what is leading to teh bottle-neck effect.

If they were simply neutral and enabled the top 50 cryptocurrencies in their service, then we'd see a real market as USERS would then vote with their wallets as to which coins they used.

We're seeing a little movement from the gatekeepers - for example Coinbase finally relented and allowed Ethereum and Litecoin in their wallers - which means that people do have the choice to convert to ETH or LTC to move coins with low fees (and then convert back at the other end). And Bitstamp allowed trading in ETH and LTC this year, after years of people asking them to.

Once the gatekeepers realise that offering flexibility benefits them and their users, we'll see a true race to be the #1 cryptocurrency and the whole space will be better for it.

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November 14, 2017, 05:04:13 PM
 #6

other cryptocurrencies are usually useless projects which are wasting more space than doing anything good. they are the damage themselves.

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November 14, 2017, 05:08:34 PM
 #7

Fiat currencies are now unsustainable, and will be repaced. There will probably be a mix of alternatives for quite a while. Contenders are SDRs Crypto-currencies, Gold, Silver, Gold backed Rubles, Gold backed Renminbi, and a few others. There is even a move to use small copper ingots. Hopefully Bitcoin will remain the leader of the crypto-currencies.

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November 14, 2017, 05:12:15 PM
 #8

It's not destroying it, it's making it stronger.

We don't yet have true competition in the cryptocurrency world, because a number of gatekeepers like Bitpay and Coinbase support Bitcoin only, which is what is leading to teh bottle-neck effect.

If they were simply neutral and enabled the top 50 cryptocurrencies in their service, then we'd see a real market as USERS would then vote with their wallets as to which coins they used.

We're seeing a little movement from the gatekeepers - for example Coinbase finally relented and allowed Ethereum and Litecoin in their wallers - which means that people do have the choice to convert to ETH or LTC to move coins with low fees (and then convert back at the other end). And Bitstamp allowed trading in ETH and LTC this year, after years of people asking them to.

Once the gatekeepers realise that offering flexibility benefits them and their users, we'll see a true race to be the #1 cryptocurrency and the whole space will be better for it.

The gatekeepers need to evaluate which option would be the most productive and which of them will hurt their liquidity. You

cannot simply open the doors to all Alt coins or even the top 50 Crypto currencies... The customer support will be a nightmare

and the resources to support that would be huge. The fact that we have to use third parties like exchanges is a whole problem on

it's own. Bitcoin was not supposed to be channelled through third parties... but they had to.

All these third parties are just making things more complex.... Who supports what, is becoming a real issue these days.  Roll Eyes

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November 14, 2017, 05:13:44 PM
 #9

Its all a series of events towards betterment in my opinion, as we move ahead in this technological era, we have to keep ourselves updated with the highest level of available tech, moving on from the older ones. By saying this, I nod the implementation of altcoins, improvising on code and being applied to pertaining fields but I highly condemn hard forks on the Bitcoin main chain as these are mere efforts to extract money from an already stable entity on the pretext of calling it outdated which is highly detrimental.


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November 14, 2017, 05:20:28 PM
 #10

The weak will be destroyed and I have seen a lot of it from the time I started here until now.
You can read confusion in their minds of what they will do. Even high ranking members fails to think straight when something big is going on.
There might be one reason for all of this.
For the true loyal bitcoin users to be separated or at least give them a doubt about bitcoin and make it weaker. But that is not going to happen. The root is already strong enough for just a mere insect to destroy the whole tree with a lot of fruits.

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November 14, 2017, 05:23:06 PM
 #11

Well, you say bitcoin and the crypto currency world as a whole is gonna die or something of the like. You might be right but, you see my friend, these things happening in the crypto currency world right now is the most important part of building the crypto world. The things happening to bitclins? They are nothing but trials and tools that bitcoins use to polish itself amd go up in the near futer as better, stronger, and the most superior of it all. Taking the whole crypto world with it to the moon.

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November 14, 2017, 05:28:50 PM
 #12

I'm sure most won't agree, but I think this is all working as it should be.  Market forces act on their own impulses.  There was a gap in the market that BitcoinCash attempted to fill, although clearly that's still a controversial subject for some.  BitcoinGold perceive there to be another gap in the market around CPU mining, although I'm personally far less convinced about that one.  And SegWit2x realised at the last minute there probably wasn't enough demand in the market for their product with BitcoinCash in direct competition, and so withdrew.  It's still competition.  I honestly don't see how anyone can wrest control of the experiment, when no one is in control to begin with.  Everyone's just following the money and the utility that naturally derives from the network effects caused by everyone interacting with each other whilst following said money.  That's what makes it work.

The alignment of incentives and network effects still result in the current Bitcoin chain having the most economic activity combined with the most proof of work at the highest difficulty (BCH technically manages a longer chain, but at much lower difficulty, so that doesn't really count).  If any rival chain is successful enough to obtain an economic majority along with the most proof of work at the highest difficulty, that rival chain becomes Bitcoin.  No rival chain has managed that yet.  It remains to be seen if it ever will happen, but it's likely that the scalability debate won't end.

For many years I've made the argument that people won't support a network that doesn't support them.  If we get scalability right, there's nothing to worry about.  We'll continue hitting that natural alignment of incentives.  If we don't get it right, that's when people start looking at other options and the consensus mechanism goes to work again, sifting through what's on offer in the open market.

It might look dramatic (and the drama queens on these boards certainly don't help in that particular regard), but all seems well when you examine it from an impartial viewpoint.

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November 14, 2017, 06:28:00 PM
 #13

The damage will effect all cryptocurrencies in all categories but according to some statistics which says that the danger is very soon, I see that Bitcoin will be the less effected.
Because his value now is very high and bitcoin has many miners from all over the world which not the case for other cryptocurrencies.

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