Bitcoin2 developers: the smartest men in the room

[cbeast]

Nothing attracts money like money. Bitcoin is starting to attract money men. First they tried manipulating the markets. That didn't have the volume for real profits. They tried hedge funds, not enough interest. Now they found their niche. Bitcoin2 altcoins are fresh, exciting, attract  VCs, and are highly useful. But what are they really doing? Are they altruistically creating these currencies for the betterment of mankind? I don't think so.

First there is colored coins, now this is the Genesis of Bitcoin2 technology. It is open source and promises to take Bitcoi to the next level of versatility. There is a working alpha version that uses testnet coins that are free. So why aren't the VCs backing it? Enter Mastercoin. A premined manually generated Bitcoin2 coin with very limited usefulness. Then comes the marketers. VCs climb on board and hype it to the point of attracting some real development funds. However, it is not open sourced like colored coins. Well, part of it is on the client side, but not the part that really counts. Mastercoin is a centralized coin at its heart.

So the money guys found a way to get investors to develop a proprietary engine by selling their test coins for a lot of money. What will they do with Mastercoin when they are finished developing? Perhaps they will sell it to financial firms that will market their own Bitcoin2 coins. What will happen to Mastercoin holders when the market is flooded by VisaChargeCoin, MasterExpressCoin, etc.? By then Mastercoin will have dumped their premined reserve coins, or gave them away as premiums to their customers.

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[balanghai]

You just nailed it. 

[roslinpl]

So the money guys found a way to get investors to develop a proprietary engine by selling their test coins for a lot of money. What will they do with Mastercoin when they are finished developing? Perhaps they will sell it to financial firms that will market their own Bitcoin2 coins. What will happen to Mastercoin holders when the market is flooded by VisaChargeCoin, MasterExpressCoin, etc.? By then Mastercoin will have dumped their premined reserve coins, or gave them away as premiums to their customers.

Sure. This why I hope it will never happens.

There are many reasons why Bitcoin should stay as "best" one around...

[billotronic]

Well duh!

"Second Gen" coin just translates to Wall St blood suckers are not going to let another BTC happen without squeezing a little blood out of it first.

Frankly, the crypto scene is pretty well fucked now because of this mentality and personally, I do not see many ways around it...

[evoked22]

I dont like the idea of secret coins that have no way of being mined and have their own private exchanges that offer nothing else but that coin.

These will hopefully fold as lessons in history to those who think they can take advantage of this market with their selfish desires to centralize and once again control the money flow.

I personaly dont even bother to even give them a extra google hit.

Never forget Vires in Numeris!