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jrretirement (OP)
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March 26, 2014, 10:29:18 PM |
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IMO The point of cryptos:
A new kind of easy to use and access digital cash.
A new kind of freedom where you can use your money without having to pay big brother a cut.
A chance to revolutionize currency.
A chance to have a say in how the money system works and be part of the system.
A chance to make the world a better place by lowering the costs of goods and services, re-invigorating global manufacturing and more evenly distributing wealth.
What we are getting:
Greed
Theft
A stack of shitcoins which have no intention of ever being used for anything but a simple ponzi scheme
A diluted market where the points above are being muddied to levels that those coming into cryptos don't even know what they are!
Now individual countries and groups are running their own shitcoins scams.
Government controlled coins, pre-mine etc....
How to fix this before a potentially great thing gets killed off?
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roslinpl
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Activity: 2212
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March 26, 2014, 10:50:10 PM |
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Well ... it is hard to fight with those things that you pointed but I agree with you. He must just hope that the "good side" will be stronger than other one. Make support. Be aware and share good information with others  Regards! |
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felment
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March 26, 2014, 10:54:06 PM |
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It does not usually seem to take long for a shit coin to die. I doubt many of the worst coins will be here in a months time, so the good ones should be OK.
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devphp
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March 26, 2014, 10:57:39 PM |
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Free market will solve all issues. Stay calm and carry on.
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pjr77
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March 26, 2014, 10:58:07 PM |
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The new coins are a joke everyday we get a country coin now !? Siliconvaleycoin ? give me a break
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u9y42
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March 26, 2014, 11:00:47 PM |
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Greed, theft and so on aren't exclusive to cryptocurrencies; these just offer another avenue for it to come through, and that is to be expected.
Still, it is quite an exaggeration to state that the point of cryptos is being destroyed. In fact, I would say the opposite: they haven't ever been more popular, and increasingly more people realize there are viable alternatives to the current system. This seems to me to be the most important aspect.
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Beggars
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March 26, 2014, 11:04:14 PM |
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Herein lies the problem of cryptocoins as a whole. When there is no regulation, you get a rogue free market. I am not saying we should regulate crypto currencies, but something needs to be done.
The problem in my opinion is not the number of new pump coins showing up, it's the exchanges that keep getting hacked and failing. The lack of security, the lack of care and due-diligence when it comes to running a proper cryptocurrency exchange.
Even though most exchanges are making good money, it seems the money being made from commissions and fees is not being invested back into the business itself. In the real world, all businesses operate on the principle of once your overheads are covered, you invest a little of the excess back into the business to help it grow further (or you take investment). Some of these so-called secure exchanges are running on the likes of Linode or DigitalOcean virtual private servers, don't understand basic server management, don't have hot to cold storage processes in place and keep everything in the one location.
All serious crypto coins need to work together and create the ultimate decentralised currency software that anyone can run. But it's a double-edged sword here, because won't that mean more people will be able to start running exchanges if you give the software away? Yes, but they're doing that anyway and look at the results? At least if there is a seriously tested, developed and constantly updated exchange, we can make it that extra bit harder for exchanges to fail because they're a sole point of failure.
Everyone needs to band together; Bitcoin, Litecoin, Dogecoin and Infinitecoin in particular collectively have just as much community and resources as a company like Google does. I think we need to organise some kind of online meetup amongst cryptos, a plan and solution needs to be developed and acted upon.
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jrretirement (OP)
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March 26, 2014, 11:09:08 PM |
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Greed, theft and so on aren't exclusive to cryptocurrencies; these just offer another avenue for it to come through, and that is to be expected.
Still, it is quite an exaggeration to state that the point of cryptos is being destroyed. In fact, I would say the opposite: they haven't ever been more popular, and increasingly more people realize there are viable alternatives to the current system. This seems to me to be the most important aspect.
Sometimes you need a dramatic headline to get sufficient attention my friend! I see it worked! |
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Bit_Happy
Legendary
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Activity: 2100
Merit: 1040
A Great Time to Start Something!
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March 26, 2014, 11:11:01 PM |
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If miners stopped responding, then shitcoin devs wouldn't create bad new coins, so... Blame the miners!  How to fix this before a potentially great thing gets killed off?
Only support the coins that meet your high standards. The others will fade away soon enough. |
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omahapoker
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March 26, 2014, 11:16:39 PM |
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the good ones will stay. the bad ones will be gone soon.
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drippx
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March 26, 2014, 11:20:33 PM |
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IMO The point of cryptos:
How to fix this before a potentially great thing gets killed off?
What you really mean is How to fix this before a potentially great thing grows to 10x more?Its going to grow but negative people in general will see cryptos failing. Negative FUD spreaders |
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jrretirement (OP)
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March 26, 2014, 11:24:16 PM |
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IMO The point of cryptos:
How to fix this before a potentially great thing gets killed off?
What you really mean is How to fix this before a potentially great thing grows to 10x more?Its going to grow but negative people in general will see cryptos failing. The market has been contracting for a couple of months now due to a lack of new money coming and the issues I listed. It was once near 15 billion. |
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drippx
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March 26, 2014, 11:26:48 PM |
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That would be due to bitcoin prices then
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billotronic
Legendary
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Activity: 1610
Merit: 1000
Crackpot Idealist
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March 26, 2014, 11:46:18 PM |
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Man, I hear ya BUT you cannot protect people from themselves. If miners stopped responding, then shitcoin devs wouldn't create bad new coins, so... Blame the miners! How to fix this before a potentially great thing gets killed off?
Only support the coins that meet your high standards. The others will fade away soon enough. Agreed. |
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roslinpl
Legendary
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Activity: 2212
Merit: 1199
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March 26, 2014, 11:51:49 PM |
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Free market will solve all issues. Stay calm and carry on.
Free market would be great but is it really possible to make it "free"? |
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felment
Member
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Activity: 70
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March 27, 2014, 12:10:56 AM |
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Free market will solve all issues. Stay calm and carry on.
Free market would be great but is it really possible to make it "free"? Yes, nobody is forcing anyone to buy coins or trade at a particular exchange. If an exchange keeps getting hacked people will stop trading there. If a coin is shit people will stop buying it. |
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kalus
Sr. Member
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Activity: 420
Merit: 263
let's make a deal.
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March 27, 2014, 12:12:53 AM |
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Free market will solve all issues. Stay calm and carry on.
free market will only solve the issues if it operates under enlightened self interest. since the crypto market is mainly motivated by only selfish interest, you're pulling the wool over your own eyes. |
DC2ngEGbd1ZUKyj8aSzrP1W5TXs5WmPuiR wow need noms
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lynn_402
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March 27, 2014, 12:14:03 AM |
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Free market will solve all issues. Stay calm and carry on.
Exactly. Cryptos are too important and grand an idea for them to possibly be destroyed by petty looters. |
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lynn_402
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March 27, 2014, 12:22:52 AM |
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Free market will solve all issues. Stay calm and carry on.
free market will only solve the issues if it operates under enlightened self interest. since the crypto market is mainly motivated by only selfish interest, you're pulling the wool over your own eyes. Selfish interests are no threat to cryptos. Selfish persons that are able to view the long term know that their interests will gain value only if the person is benefical to them, if he acts in a way that actually gives them value. The only small threat are short term gamblers who want to get rich in one night on a new crypto and lose it all in a week. This is not selfishness, but plain desilusion. These actions are not sustainable, and those who engage in it will ultimately wallow in their own filth while the truly selfish persons will prosper. |
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jrretirement (OP)
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March 27, 2014, 12:38:45 AM |
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The crypto market wasn't started with motivations of selfishness or greed!
If it was it wouldn't be open source and wouldn't have been able to grow as it has!
Lets keep the conversation on point, what can be done to improve the crypto market and limit shitcoin scams?
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