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subwoofer12 (OP)
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December 31, 2017, 11:31:03 PM
 #1

I don't know if it's just me but I've always struggled understanding the appeal of certain altcoins. The only two coins I see potential in are Ethereum and Bitcoin. Ethereum has amazing potential with smart contracts, EVM, Solidity etc.

Litecoin - Charlie Lee did a copy/paste of Bitcoin and made a few minor changes, doubled number of coins, changed algo etc. Sure Litecoin beat Bitcoin to adopting SegWit, and will probably get a stable Lightning Network before Bitcoin, but let's be honest, Bitcoin will also implement the Lightning Network in the future

Bitcoin Cash, Bitcoin Gold, etc. - worthless ripoffs of Bitcoin. Bitcoin Cash is good for only pump & dump, Bitcoin Gold was heavily pre-mined, get rich quick scheme

Dash, Monero, Zcash - "Wow, a coin with anonymity. That's amazing!" Cool... I can just put my Bitcoin in a tumbler

Ethereum Classic - completely worthless shitcoin without Vitalik. Hardly supported by anyone in the ETH community, won't get any of the Milestone updates like Byzantium and Constantinople that Ethereum receives

I know there's arguments for using different algos like with Bitcoin Gold (that mining with GPUs is more fair to the little man), I'll quote my argument from before on why BTG is worthless:
Quote
I think the concept behind bitcoin gold is flawed though
their reasoning behind the Equihash algo is preventing ASICs
because BTC mining now is mostly controlled by large companies with ASICs
but it be just the same with BTG, since large companies have a lot of money they can afford the most equipment


Curious of other people's opinions, personally I think in 20 years only BTC and ETH (possibly XRP too) will have any value.
Youghoor
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December 31, 2017, 11:35:23 PM
 #2

Of course that bitcoin and ethereum are the major cryptos and it will always be like this, but you should know that everybody is interested in just investing in more revolutionnaire and innovative projects, such as ICO's and other kind of projects that we are seeing everyday.

I don't know if it's just me but I've always struggled understanding the appeal of certain altcoins. The only two coins I see potential in are Ethereum and Bitcoin. Ethereum has amazing potential with smart contracts

Litecoin just a copypaste? i agree, but this "copy-paste" has been the most succesfull copypaste that somene could created that has a value of more than 12 billion dollars.

Litecoin - Charlie Lee did a copy/paste of Bitcoin and made a few minor changes, doubled number of coins, changed algo etc. Sure Litecoin beat Bitcoin to adopting SegWit, and will probably get a stable Lightning Network

And i agree with you about Zcash, zcoin, zCrap, and all the other cryptos that start with Z.

Jerusareth
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December 31, 2017, 11:37:51 PM
 #3

For as long as there are traders that move in and out with any cryptocurrency beside Bitcoin and Ethereum then the value of that specific coins will increase. We can't really predict the future though if only we can, the battle of cryptocurrency is on now and the best among the rest will sure prosper and get the number one spot. The inventor of first Operating System is not that rich though so let's take it just like that.
subwoofer12 (OP)
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January 01, 2018, 11:11:12 PM
 #4

Of course that bitcoin and ethereum are the major cryptos and it will always be like this, but you should know that everybody is interested in just investing in more revolutionnaire and innovative projects, such as ICO's and other kind of projects that we are seeing everyday.

Even with Ethereum I could see the project failing long term, what's stopping the Bitcoin developers from implementing smart contracts? Should the community decide for it, this is something that could easily be done. You can already do this, albeit being centralized with Rootstock

Rootstock is a smart contract platform implemented as a sidechain of Bitcoin. It provides a similar functionality than Ethereum, but using a token that is pegged to Bitcoin - so it doesn't affect Bitcoin's value/price because it's not competing with it.

A sidechain is an independent blockchain, but it provides a "link" to the Bitcoin blockchain. In the case of Rootstock we are talking of a "pegged" sidechain. That means that the value of the token (unit of value, "coin") of the Rootstock blockchain is pegged 1:1 to Bitcoin's value (1 RSKBTC = 1 BTC).

How does this work? Well, first for every token created in the RSK blockchain a Bitcoin is "frozen" on the main Bitcoin blockchain. That means that they cannot be moved or used while they are frozen. So there are never more RSK tokens than frozen Bitcoins - the Bitcoins are "backing" the RSK tokens. This way, you can transfer Bitcoins easily to the RSK blockchain.

The trickier part is the other way around - "redeem" RSK tokens for Bitcoins. That is an important mechanism for the peg to work, because it ensures that you get a Bitcoin for a RSK token every time you need it.

For this to work, the RSK coins must be "burnt" or destroyed and the account who "froze" the Bitcoins on the main chain then can "liberate" the Bitcoins again. You destroy a RSK token and get a Bitcoin from this account.

This is not possible in a decentralized way still (there is a Bitcoin "opcode" or "command" missing), so RSK's strategy for their first release is to have a "consortium" of different organizations controlling that Bitcoin account that "freezes" and "unfreezes" the Bitcoins that are transfered to and from the RSK sidechain. These organizations then decide to "unfreeze" the Bitcoins if they detect the RSK tokens have been burnt.

As for Ripple, I'm thinking it's just a "phase", I'm certain Ethereum will overtake it again for second largest market cap. The main draw to currencies like ETH and BTC is decentralization, Ripple is the total opposite of that ideology.

Litecoin just a copypaste? i agree, but this "copy-paste" has been the most succesfull copypaste that somene could created that has a value of more than 12 billion dollars.

Yeah, but I don't see any inherent value behind Litecoin, it's the same argument I made for Bitcoin Gold, it's only good for pump and dump

And i agree with you about Zcash, zcoin, zCrap, and all the other cryptos that start with Z.

Monero and Dash have no value either IMO, here's some arguments against using Bitcoin mixers I found on a pro-Monero website



The main arguments here are: mixing services are centralized, there's a bitcoin rich list, bitcoins can be 'blacklisted', and there's a public blockchain. Every argument put forth here is flawed, decentralized mixing services already exist, if there's a worry of an address attracting attention because of a large balance, simply split it up into several addresses. The blacklisting argument doesn't even make sense because that's the entire point of a mixing service, it obscures the original origin of the coins. And yes, bitcoin does have a public ledger, but it's pretty difficult to figure out where the coins even came from in the first place after going through a mixing service.
chukaday
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January 01, 2018, 11:34:01 PM
 #5

For as long as there are traders that move in and out with any cryptocurrency beside Bitcoin and Ethereum then the value of that specific coins will increase. We can't really predict the future though if only we can, the battle of cryptocurrency is on now and the best among the rest will sure prosper and get the number one spot. The inventor of first Operating System is not that rich though so let's take it just like that.

Nor the first person who created a search engine (google came second) but what you must consider is those challengers came up right after the fact. That means either the coin that will have chance to replace Bitcoin is already in the market or it will never exist now because Bitcoin is too far ahead. I personally think a few coins can overtake Bitcoin but I don't think that will happen too often of the time.

Quantumplation
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January 04, 2018, 12:30:09 AM
Last edit: April 22, 2021, 12:52:16 AM by Quantumplation
 #6

NOTE: This message was originally not posted by me, but instead by someone who compromised my account.  I have deleted the content.

NOTE: This account was compromised from 2017 to 2021.  I'm in the process of deleting posts not made by me.
Kean1998
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January 04, 2018, 12:40:41 AM
 #7

I think Bitcoin and ETH are the only can survive for almost 20 years from now

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January 04, 2018, 12:44:12 AM
 #8

Ok, you have some solid arguments. There is no need for the majority of coins but what about coins and tokens that represent certain projects as digital non regulated stock market? I think it is very nice that every average man can go and buy "stocks" without having to go trough broker and having a large minimum portfolio. Only question is certain token has some kind of use because if I am comparing stocks with tokens , stocks can give profit to company..

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January 04, 2018, 12:51:25 AM
 #9

The Great Cycle of a shitcoin:

(1) Coingen.io/ERC 20 ---->
(2) Pay and Generate ------>
(3) Copy and paste another shit coins article ----->
(4) Post Shitcoin and gets accepted ----- >

                                OR    ----- > Dies from being too shity even for shitcoin hoarders, Back to step 1

(5) Reward bounties for supporting shitcoin ----- >
(6) Shitcoin Giveaways ----- >
(7) Try to get on a trade site ------>

                                OR          ----- >  Never gets accepted, because it's the lowest form of shit, back to step 1. ETHDelta is harbinger of Shitcoins.

(8 ) Gets accepted to major exchange and slowly dies because no more money is to be made off of shitcoin.

                                ----- >       All support is lost for shitcoin, back to step 1

(9) In rare cases, shitcoin floats on the markets and becomes a whale manipulated currency to eat little fish's btc
jaocoincrypto18
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January 04, 2018, 01:07:53 AM
 #10

I don't know if it's just me but I've always struggled understanding the appeal of certain altcoins. The only two coins I see potential in are Ethereum and Bitcoin. Ethereum has amazing potential with smart contracts, EVM, Solidity etc.

Litecoin - Charlie Lee did a copy/paste of Bitcoin and made a few minor changes, doubled number of coins, changed algo etc. Sure Litecoin beat Bitcoin to adopting SegWit, and will probably get a stable Lightning Network before Bitcoin, but let's be honest, Bitcoin will also implement the Lightning Network in the future

Bitcoin Cash, Bitcoin Gold, etc. - worthless ripoffs of Bitcoin. Bitcoin Cash is good for only pump & dump, Bitcoin Gold was heavily pre-mined, get rich quick scheme

Dash, Monero, Zcash - "Wow, a coin with anonymity. That's amazing!" Cool... I can just put my Bitcoin in a tumbler

Ethereum Classic - completely worthless shitcoin without Vitalik. Hardly supported by anyone in the ETH community, won't get any of the Milestone updates like Byzantium and Constantinople that Ethereum receives

I know there's arguments for using different algos like with Bitcoin Gold (that mining with GPUs is more fair to the little man), I'll quote my argument from before on why BTG is worthless:
Quote
I think the concept behind bitcoin gold is flawed though
their reasoning behind the Equihash algo is preventing ASICs
because BTC mining now is mostly controlled by large companies with ASICs
but it be just the same with BTG, since large companies have a lot of money they can afford the most equipment


Curious of other people's opinions, personally I think in 20 years only BTC and ETH (possibly XRP too) will have any value.

You are close minded. You should give a chance to other altcoins in which some of them are very useful and contributed to the success of Ethreum and Bitcoin. Ethereum platform will not be use if these altcoins did not exist that some holders will need to buy Ethereum so that they could use gas to transact their altcoins. Some are selling their altcoins because they need bitcoin for fiat therefore without the altcoins BTC and ETH will not become that famous if other altcoins did not existed.
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January 04, 2018, 01:16:39 AM
 #11

@subwoofer12. I very much disagree with your sentiment on anonymous coins in general, especially on Monero. In the middle of a time when the regulators start tracking all your transactions in the bitcoin blockchain, some exchanges might be forbidden to accept the coins that have been connected to the darknet, money laundering or any criminal acts. The side effect of that would be those coins that are marked as evil will have a lower value than marked as good because no one will now be accepting the evil coins.

In any case, bitcoin mixing services are a point of failure. Do you remember what happened to Bitmixer?

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January 04, 2018, 01:17:33 AM
 #12

By that same logic, why have Windows/OS X/Linux, etc.

Competition fuels progression.
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January 04, 2018, 02:16:01 AM
 #13

I have the same thoughts. I am only shipping bitcoin and ethereum when it comes to crypto currency. These two coins are the only coins that I have invested, and my other coins are just because of bounty hunting. I have never tried investing and holding yet on other coins.

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January 04, 2018, 02:35:48 AM
 #14

Bitcoin and Ethereum have a first mover advantage, but as with all industries, the advantage won’t last forever.  As new coins are developed that can improve upon the original product, BTC and ETH will have to adapt and improve if they hope to remain at the top.

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