Don't fell for FUD. Stand your ground bitcoiners!

[1Referee]

Bitcoin is over 80 times more expensive than Litecoin at the moment, while its on-chain volume in dollars is only 16 times that of Litecoin's. Take that for what it's worth, but it tells us that Litecoin has more real use than Bitcoin, i.e. 1 litecoin has more real value than 1 bitcoin (well, we should also take into account the supply of coins but you get the point). Otherwise, on-chain volume is not indicative of real use either

You're cherry picking here, and very much in the wrong way.

But let's say on-chain dollar volume is not indicative of real use either. We still have another very useful on-chain metric indicative of use (regardless of the purpose), which are the on-chain transactions of the last 24 hours;

Bitcoin 324,000
Litecoin 25,452

Even Dogecoin with 28,309 transactions has more on-chain transaction activity than Litecoin, and that consistently for months straight.

At least, Litecoin is doing way better than BCash with only 8600 transactions in the last 24 hours, and that with way less merchant adoption.

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[deisik]

Bitcoin is over 80 times more expensive than Litecoin at the moment, while its on-chain volume in dollars is only 16 times that of Litecoin's. Take that for what it's worth, but it tells us that Litecoin has more real use than Bitcoin, i.e. 1 litecoin has more real value than 1 bitcoin (well, we should also take into account the supply of coins but you get the point). Otherwise, on-chain volume is not indicative of real use either

You're cherry picking here, and very much in the wrong way

But it is not me

It is you who suggested to use on-chain dollar volume as an indicator to assess real use. You come up with a new metric each time (which seemingly better suits your "agenda") after I explain that it doesn't show what you think it does. So who is actually cherry picking here and what exactly (apart from cherries, obviously)?

Regardless, if you have been following my posts closely, you must know that I always speak of Dogecoin as one of few coins that have real world use (in this case it is gambling). Moreover, Dogecoin is likely the best coin in terms of real value versus speculative value (overall, it is not a good vehicle for speculation)

[hakertajniak]

-BTC has a real life purpose. Using WU to transfer money is hundreds of time more expensive than using BTC. BTC isn't made for daily purchases but it can handle large amount transfer like nothing else!

This is the one of the advantages of cryptocurrency most i like about. It doesn't care about how much you send the coin, the fee remain small.
You will find a big difference from fiat transaction if you send in large amount of your fiat money to other peoples, compare with sending large amount of bitcoin.

[Lizzylove1]

This is the issue, people will always create FUD and criticize what they know nothing about and the noobs will chicken out. During the first bitcoin network fork, I had opportunity of buying 1BTC or more, but some very very stupid analysts stated that holding bitcoin during the fork could just evaporate the bitcoin, I was just about a month old then, I bought into the foolish FUD, after then BTC went ATH and they all went into hiding. I have chosen to always take my destiny in my hands. Don't want crabs to dictate for me.

[Oasisman]

-BTC has a real life purpose. Using WU to transfer money is hundreds of time more expensive than using BTC. BTC isn't made for daily purchases but it can handle large amount transfer like nothing else!

This is the one of the advantages of cryptocurrency most i like about. It doesn't care about how much you send the coin, the fee remain small.
You will find a big difference from fiat transaction if you send in large amount of your fiat money to other peoples, compare with sending large amount of bitcoin.

And thats the main purpose of how Bitcoin was created. To have financial freedom, less transaction fees, and assets can be accessed anytime you want. But, it turns out that Bitcoin nowadays was being used by some people not only because of its primary purpose, but to put their money and hope they getting rich overnight. Only those who embraces the technology remains standiny despite of the huge slump.

[figmentofmyass]

We already have that "sidechain". It is called Litecoin, get used to it

that is not a "sidechain", it is an alternative chain which is stand alone and has nothing to do with bitcoin. a "sidechain" is another blockchain that is somehow linked to bitcoin's blockchain. the only link between bitcoin and litecoin is when they copy code from bitcoin.

litecoin isn't a sidechain, but there's no reason it couldn't be. it just needs to be made interoperable with bitcoin. this could be done similarly to how lightning was implemented, with special multi-sig contracts that recognize and interact with both protocols. it just hasn't been done yet.

i actually think it's a good mental exercise to view altcoins (like litecoin) as potential sidechains. there is a misconception that sidechain tokens are always 1:1 with bitcoins. i also dislike this idea that sidechains are "layer 2". they are totally separate protocols and sidechains are probably much much much less secure. "sidechain" just implies interoperability between the two protocols.

in this way we can see: not all altcoins are sidechains, but all sidechains are altcoins. it took me years to realize what paul sztorc meant when he said "sidechains are altcoins". this is what it's all about.

[deisik]

We already have that "sidechain". It is called Litecoin, get used to it

that is not a "sidechain", it is an alternative chain which is stand alone and has nothing to do with bitcoin. a "sidechain" is another blockchain that is somehow linked to bitcoin's blockchain. the only link between bitcoin and litecoin is when they copy code from bitcoin.

litecoin isn't a sidechain, but there's no reason it couldn't be. it just needs to be made interoperable with bitcoin. this could be done similarly to how lightning was implemented, with special multi-sig contracts that recognize and interact with both protocols. it just hasn't been done yet

Well, actually I didn't think of Litecoin as being a real sidechain

That's why I embraced it in double quotes (which I explained above), but it seems I should also start adding additional sidenotes (pardon the pun) whenever I write something which I don't expect to be taken literally. Regarding Litecoin as a potential sidechain (in a more literal sense of the word), this has already been done if I'm not mistaken. It is called atomic swaps and that thing allows interoperability between two protocols

[figmentofmyass]

Regarding Litecoin as a potential sidechain (in a more literal sense of the word), this has already been done if I'm not mistaken. It is called atomic swaps and that thing allows interoperability between two protocols

bitcoin-litecoin atomic swaps have been done a few times, yeah. when there's a GUI for doing that and it's something regular people can actually engage in, maybe people will see it more like a sidechain. right now, i guess most people wouldn't think of a sidechain as "manually find a trading counterparty and engage in a 12-step command line process using locktime contracts and preimages to swap coins".

there needs to be some sort of smart contract capability where users can automatically find coin swapping liquidity.

[teejayrichard2]

well the truth is there has always been fud as people every now and then try to give unreasonable reasons why bitcoin will fall, why people will make loss, and all that but then everyone has his or her own opinion. these fuds has been on a long time but notwitstanding, we have seen bitcoin grow from strength to strength. bitcoin will be fine, fud or no fud

[deisik]

there needs to be some sort of smart contract capability where users can automatically find coin swapping liquidity

Technically, I agree with you

But I don't expect much from it. To give an analogy, it is well known that centralized exchanges are hacked now and then (and sometimes they deliberately scam), so it is basically a matter of time (i.e. not if but when). Everyone knows that. Moreover, many have already lost their money in the past. The solution is known too. It is decentralized exchanges

So theoretically you could expect a lot of interest in these exchanges. But somehow there's not much. And I think it will be the same with atomic swaps (either through smart contracts or in some other way), i.e. people won't be interested in these. And that's the reason we are not going to see a lot of development here either

[Herbert2020]

So theoretically you could expect a lot of interest in these exchanges. But somehow there's not much. And I think it will be the same with atomic swaps (either through smart contracts or in some other way), i.e. people won't be interested in these. And that's the reason we are not going to see a lot of development here either

the biggest problem in that front is that centralized exchanges are making money so they keep staying ahead of the game while decentralized exchanges won't make money. and everyone nowadays wants to make money that is why they develop in first place. the days of Satoshi are over where the developers created things to change the world not for financial gains.
and the worst part is that even if they are paid, they create some sort of shittoken in the name of decentralized exchange with ICO or something like that and don't deliver anything because they made the money they were looking for.

[mostcrack]

Yes, I agree. FUD mode will only lead us to disappointment on the day. don't be pessimistic about the bear market. because this won't be forever. someday a bull will come. and see now it looks like the market is starting to improve, even though this is still far from what we expected. but don't let our struggle stop here and end up in vain.

[Teawhalee]

As of now I think the FUD has reduced having made some people dumb their coins without any second thought because they don't want their investment to vanish but they didn't think of who was buying when they were selling. FUD is a tool and it will keep existing but investors need to know why they are investment this is what will make difference between those that will be moved by any FUD or those that will hold their coins.

[deisik]

So theoretically you could expect a lot of interest in these exchanges. But somehow there's not much. And I think it will be the same with atomic swaps (either through smart contracts or in some other way), i.e. people won't be interested in these. And that's the reason we are not going to see a lot of development here either

the biggest problem in that front is that centralized exchanges are making money so they keep staying ahead of the game while decentralized exchanges won't make money. and everyone nowadays wants to make money that is why they develop in first place. the days of Satoshi are over where the developers created things to change the world not for financial gains.
and the worst part is that even if they are paid, they create some sort of shittoken in the name of decentralized exchange with ICO or something like that and don't deliver anything because they made the money they were looking for

Merited your post as this is what I've been telling folks for years

I had even created a topic here after Bitfinex got hacked in August 2016 when over 120k bitcoins were stolen. People were nodding their heads in agreement and nothing has changed since then. A truly decentralized exchange is only possible on the blockchain level when your desktop wallet functions as that exchange. But no one is financially interested in this kind of thing since there is no way you could profit off it, apart from running an ICO fraudulent scheme as you correctly note

[bitcoinisbest]

As of now I think the FUD has reduced having made some people dumb their coins without any second thought because they don't want their investment to vanish but they didn't think of who was buying when they were selling. FUD is a tool and it will keep existing but investors need to know why they are investment this is what will make difference between those that will be moved by any FUD or those that will hold their coins.

Long time back only I understood that whatever decisions need to be taken I have to do my own research so that it helps me in learning as well as in selection of the coins and do not be dependent on anybody else who can recommended the worthless coin and in the end we loose our money .

[FIFA worldcup]

-BTC has a real life purpose. Using WU to transfer money is hundreds of time more expensive than using BTC. BTC isn't made for daily purchases but it can handle large amount transfer like nothing else!

This is the one of the advantages of cryptocurrency most i like about. It doesn't care about how much you send the coin, the fee remain small.
You will find a big difference from fiat transaction if you send in large amount of your fiat money to other peoples, compare with sending large amount of bitcoin.

The transaction fee for bitcoin is almost Nil as compare to the fee which companies like paypal , skrill take to transfer money from one person to another.

This is the issue, people will always create FUD and criticize what they know nothing about and the noobs will chicken out. During the first bitcoin network fork, I had opportunity of buying 1BTC or more, but some very very stupid analysts stated that holding bitcoin during the fork could just evaporate the bitcoin, I was just about a month old then, I bought into the foolish FUD, after then BTC went ATH and they all went into hiding. I have chosen to always take my destiny in my hands. Don't want crabs to dictate for me.

Never fall for FUD as you will regret in future when you will see bitcoin price again rise. People might tell you that this is the end of bitcoin or bitcoin may fall to 1000$ and those who believe this will sell now. You need to understand that bitcoin will not fall much now and it is time that we stay calm and hold the bitcoins to see the next Bull market.

[babysweetTiger0401]

This is the main problem most of the time why majority of the community got trapped with the FUD news,
where it leads them into loss of their coins or bitcoin. In fact, at this point of time, it is a good chance for us to
take advantage to buy Bitcoin now, because we do not know what will happen in the next hours, days, weeks, or months
that Bitcoin will bounce at once, due to its volatility and we all knew that it is volatile, right?

[ASHLIUSZ]

Now users falling for FUD has decreased a lot compared to the past. Whenever their is a price fluctuations some form of negative news can be heard. This is commonly the work done by the whales to create a panic mind among the small volume holders. Have a time target and hold until that even when there is bearish trend prevailing for a longer time period.

[PeRo]

That kind of FUD is spread every time after Bitcoin hits an all time high price. I just don't give much attention to those posts, but they can really fend off people from investing in Bitcoin. No one should pay attention to that, Bitcoin would die 10 times if those tales were true. It wouldbbe great if we could somehow filter those FUD spreaders, they are really annoying and toxic for our community.

[Herbert2020]

So theoretically you could expect a lot of interest in these exchanges. But somehow there's not much. And I think it will be the same with atomic swaps (either through smart contracts or in some other way), i.e. people won't be interested in these. And that's the reason we are not going to see a lot of development here either

the biggest problem in that front is that centralized exchanges are making money so they keep staying ahead of the game while decentralized exchanges won't make money. and everyone nowadays wants to make money that is why they develop in first place. the days of Satoshi are over where the developers created things to change the world not for financial gains.
and the worst part is that even if they are paid, they create some sort of shittoken in the name of decentralized exchange with ICO or something like that and don't deliver anything because they made the money they were looking for

Merited your post as this is what I've been telling folks for years

I had even created a topic here after Bitfinex got hacked in August 2016 when over 120k bitcoins were stolen. People were nodding their heads in agreement and nothing has changed since then. A truly decentralized exchange is only possible on the blockchain level when your desktop wallet functions as that exchange. But no one is financially interested in this kind of thing since there is no way you could profit off it, apart from running an ICO fraudulent scheme as you correctly note

in a way i still believe that this can change in the near future though.
the decentralized and open source community is much bigger and better than what we have been seeing so far which has been mostly greed. things like bitcoin which are created to change the world not the creators pocket size, happen rarely but they do happen. that is why i believe eventually this tide will turn and we start seeing some better developers enter the space with motivations to improve the system not just make money from it.
...and then we will see stronger decentralized exchanges, much better alternative cryptocurrencies and lots of innovation.