Bitcoin Sidechains (Blockchain 2.0) mean the End of Alt Coins.

[BittBurger]

This is Bitcoin related because its about Bitcoin Sidechains (better phrased as "Blockchain 2.0")

I am honestly trying to decide whether to liquidate my Litecoin holdings right now.  And I have a lot.  I already converted all my other alts to BTC awhile back.  Simply because if this absolutely brilliant (and long overdue) modification of "Sidechains" becomes a reality, everything Litecoin can do will automatically become part of Bitcoin. 

If you haven't already heard what this is all about:
http://letstalkbitcoin.com/e99-sidechain-innovation/#.U064_1c1Gn8

This is how it should have been done 2 years ago.  But I guess nobody anticipated all the unoriginal copycats who would come along.  Just trying to get themselves rich by carbon copying Bitcoin with minor adjustments, hundreds of times over.   Since that's what happened, this need was realized, and this solution has been presented. 

Thank God. 

My stash set aside for the Ethereum IPO is now up for question too.  I don't envy the Etherum guys - after pouring blood, sweat, and tears into their endeavour, something comes along that may do the same thing, only in a more healthy way that directly benefits BTC (versus "ethers").  Maybe they can still IPO, then transition to a "proper" sidechain with the Bitcoin network after.  But then what happens to everyone's "ethers" ?

Sidechains will require a "hard fork" according to Vitalik.  Is that going to be a deal killer?  Or is a hard fork no big deal? If its no big deal, then I may just convert all my LTC to BTC and be done with it.  Andreas already convinced me awhile back that in the end, BTC was going to be the one left standing.  But I hung on to LTC just in case.  Now .... ?

-B-

[manfred]

This is Bitcoin related because its about Bitcoin Sidechains (better phrased as "Blockchain 2.0")

I am honestly trying to decide whether to liquidate my Litecoin holdings right now.  And I have a lot.  I already converted all my other alts to BTC awhile back.  Simply because if this absolutely brilliant (and long overdue) modification of "Sidechains" becomes a reality, everything Litecoin can do will automatically become part of Bitcoin.  

If you haven't already heard what this is all about:
http://letstalkbitcoin.com/e99-sidechain-innovation/#.U064_1c1Gn8

This is how it should have been done 2 years ago.  But I guess nobody anticipated all the unoriginal copycats who would come along.  Just trying to get themselves rich by carbon copying Bitcoin with minor adjustments, hundreds of times over.   Since that's what happened, this need was realized, and this solution has been presented.  

Thank God.  

My stash set aside for the Ethereum IPO is now up for question too.  I don't envy the Etherum guys - after pouring blood, sweat, and tears into their endeavour, something comes along that may do the same thing, only in a more healthy way that directly benefits BTC (versus "ethers").  Maybe they can still IPO, then transition to a "proper" sidechain with the Bitcoin network after.  But then what happens to everyone's "ethers" ?

Sidechains will require a "hard fork" according to Vitalik.  Is that going to be a deal killer?  Or is a hard fork no big deal? If its no big deal, then I may just convert all my LTC to BTC and be done with it.  Andreas already convinced me awhile back that in the end, BTC was going to be the one left standing.  But I hung on to LTC just in case.  Now .... ?

-B-

Sidechains is like all eggs in one basket, thats about as stupid as it gets.
Dogecoin will be Dogecoin, Sidecain or not makes no difference, same for every other altcoin that survives (vast majority will die a natural dead anyway).

[LiteCoinGuy]

i would keep some Litecoins 

[whtchocla7e]

Sounds like FUD. Sell your Litecoins now!

[BittBurger]

Are you guys kidding with these responses?

Its obvious none of you listened to the Podcast.

Please do:  http://letstalkbitcoin.com/e99-sidechain-innovation/#.U064_1c1Gn8

This isn't FUD.   This is the creator of HashCash (the biggest influence on Satoshi himself in creating Bitcoin) coming up with a way to add unlimited capabilities directly to Bitcoin.

This is huge.

Please educate yourselves on the topic before you comment.  

Here's an article from Vitalik himself:  http://bitcoinmagazine.com/12349/side-chains-challenges-potential

-B-

[Bonio]

I listened to it, and I couldnt understand most of it! Which about sums lets talk bitcoin up for me these days.

If everyone jumps on the Bitcoin blockchain wont it all slow down?

[beatljuice]

This is a good question, but I think there is still far too much uncertainty to make any real predictions. My guess is the there will still be alt-coins even if the side-chain thing happens, though they will probably be a lot less vital to the "ecosystem" than we might have believed a few months ago.

The safer (note I said "safer" not safe) thing to do would be to swap your LTC for BTC. But is that the best thing to do? In the near term I think Litecoin will continue to rise along with Bitcoin so you probably have some time to decide. The side-chain thing is still pretty conceptual - it may never happen, though I hope it does assuming I understand it.

[whtchocla7e]

I read the article and I still see no reason for people to sell their Litecoins and alts.

[BittBurger]

I read the article and I still see no reason for people to sell their Litecoins and alts.

Okay so the creation of a tool which allows any alt-coin "feature" to be instantly incorporated into Bitcoin instead ....

Means you should keep your alt coins, even though they are 100% obsolete.

Got it.

Listen to the podcast.  They explain why the entire point of the effort is to make alt coins a thing of the past.

-B-

[whtchocla7e]

I read the article and I still see no reason for people to sell their Litecoins and alts.

Okay so the creation of a tool which allows any alt-coin "feature" to be instantly incorporated into Bitcoin instead ....

Means you should keep your alt coins, even though they are 100% obsolete.

Got it.

Listen to the podcast.  They explain why the entire point of the effort is to make alt coins a thing of the past.

-B-

If Litecoin goes to the moon (I'm sorry, I have to use terms that most people here understand) then give me a reason why people should switch from Litecoin to Bitcoin, regardless of what features Bitcoin has?

[beatljuice]

I read the article and I still see no reason for people to sell their Litecoins and alts.

Okay so the creation of a tool which allows any alt-coin "feature" to be instantly incorporated into Bitcoin instead ....

Means you should keep your alt coins, even though they are 100% obsolete.

Got it.

Listen to the podcast.  They explain why the entire point of the effort is to make alt coins a thing of the past.

-B-

If Litecoin goes to the moon (I'm sorry, I have to use terms that most people here understand) then give me a reason why people should switch from Litecoin to Bitcoin, regardless of what features Bitcoin has?

Why are people so black and white?

Just because Bitcoin can possibly have all kinds of new features added doesn't mean it will be all things to all people. Don't get me wrong, all my crypo-investment is in Bitcoin because I think it's the best bet at this point. But I do believe there will always be alt-coins, even if they are only used as shopping rewards for shoppers at Macy's.

There also may be governments or other organizations that want to have their own currency in crypto like Auroracoin and MazaCoin. Or people may just like the community, as in Dogecoin.

Every time I see someone post with the word "shitcoins" I assume they are a lover of Fox news pundits. Licking their TV screen every time one makes some absolutist statement.

[casinocoin]

I transferred all alts(besides csc I would have lost ALOT) into btc a few weeks back, and ended up converting 3/4 of my LTC to BTC as well.
Hold onto a few you'll regret letting them all go.

[dance4x]

Litecoin's value proposition isn't really changed by this. It's an alternative blockchain that uses scrypt instead of SHA-256. That's where its small bit of value comes from. Its very very very small bit of value.

[giszmo]

Sidechains will require a "hard fork" according to Vitalik.  Is that going to be a deal killer?  Or is a hard fork no big deal?

I don't see how a hard fork would be a deal killer if by doing this, 500 competing chains and their devs can be turned into supporting chains and devs. If the sidechains with two-way-peg work as advertised and have no other negative impact besides some extra 3kb per block or anything similarly small, it's a no-brainer bitcoin will do the fork.

Litecoin's value proposition isn't really changed by this. It's an alternative blockchain that uses scrypt instead of SHA-256. That's where its small bit of value comes from. Its very very very small bit of value.

It actually was value when we were still uncertain if we would successfully transition to ASIC or if the NSA would do that 1 year before us. Now what exactly is the benefit of srypt mining?