BlindMayorBitcorn (OP)
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December 31, 2014, 11:55:29 PM
Last edit: January 03, 2015, 12:24:51 AM by BlindMayorBitcorn |
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We all love to hate altcoins. But they are mostly just clones. What have altcoins taught us about where the price of Bitcoin is headed. Early holders creating artificial scarcity, price jumps due to limited supply, illiquid markets and exchanges painting the tape, slow price dumps with many bulltraps on the way down...
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Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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Chalkbot
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January 01, 2015, 12:01:46 AM |
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I just made a photocopy of a $5 bill, sold it for $1, bought it back for $6, attempted to sell it again for $10, then ripped it up and urinated on it.
What does this say for the future of the dollar?
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MicroGuy
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January 01, 2015, 12:09:03 AM |
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We all love to hate altcoins. But they are mostly just clones. What have altcoins taught us about where the price of Bitcoin is headed. Early holders creating artificial scarcity, price jumps due to limited supply, illiquid markets and exchanges painting the tape, slow price dumps with many bulltraps on the way down...
Serious altcoins are here to bring the consumer choice. And consumers will ultimately decide which coins succeed and become widely adopted. |
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BlindMayorBitcorn (OP)
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January 01, 2015, 12:09:15 AM |
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I just made a photocopy of a $5 bill, sold it for $1, bought it back for $6, attempted to sell it again for $10, then ripped it up and urinated on it.
What does this say for the future of the dollar?
LOL. Moon? |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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BlindMayorBitcorn (OP)
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January 01, 2015, 12:10:09 AM |
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We all love to hate altcoins. But they are mostly just clones. What have altcoins taught us about where the price of Bitcoin is headed. Early holders creating artificial scarcity, price jumps due to limited supply, illiquid markets and exchanges painting the tape, slow price dumps with many bulltraps on the way down...
Serious altcoins are here to bring the consumer choice. And consumers will ultimately decide which coins succeed and become widely adopted. I think sidechains will be the death of altcoins mostly. But my point was actually about Bitcoin. In a round about way... |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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a fool and his money ...
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January 01, 2015, 07:48:47 AM
Last edit: January 01, 2015, 08:02:17 AM by a fool and his money ... |
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I think sidechains will be the death of altcoins mostly. But my point was actually about Bitcoin. In a round about way...
the truth is: many alts are advanced over bitcoin in many different ways sidechains will not change that. Sidechains will just lead to a gigantic blockchain bloat and will seal the fate of bitcoin because they will create numerous problems and only little benefit. Sidechains are the last desperate try for bitcoin to stay relevant compared to alts. Fact is: evolution keeps going on one of bitcoins big problems is: it's open for spam and spam in the blockchain can cause serious trouble. Even satoshi said that. Bitcoins big problem is vulnerability to spam and the problem with blockchain bloat. Both this major problems will be made worse with sidechains. Sidechains will create a host of problems and provide only little benefit. In no way will they end alts - they are more likely to end bitcoin if they were implemented. All they provide is another attack vector for malicious participants. Increased complexity will increase the risk of fatal problems. I'd expect for sidechains to take the life out of bitcoin sooner or later. |
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BlindMayorBitcorn (OP)
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January 01, 2015, 08:22:43 AM |
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I think sidechains will be the death of altcoins mostly. But my point was actually about Bitcoin. In a round about way...
the truth is: many alts are advanced over bitcoin in many different ways sidechains will not change that. Sidechains will just lead to a gigantic blockchain bloat and will seal the fate of bitcoin because they will create numerous problems and only little benefit. Sidechains are the last desperate try for bitcoin to stay relevant compared to alts. Fact is: evolution keeps going on one of bitcoins big problems is: it's open for spam and spam in the blockchain can cause serious trouble. Even satoshi said that. Bitcoins big problem is vulnerability to spam and the problem with blockchain bloat. Both this major problems will be made worse with sidechains. Sidechains will create a host of problems and provide only little benefit. In no way will they end alts - they are more likely to end bitcoin if they were implemented. All they provide is another attack vector for malicious participants. Increased complexity will increase the risk of fatal problems. I'd expect for sidechains to take the life out of bitcoin sooner or later. This will all end in tears? |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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a fool and his money ...
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January 01, 2015, 08:23:59 AM |
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This will all end in tears?
possible. I think so because i know also 99,9% of people miss the point. More complexity is not better - less complexity is. It's a money-token not a computergame. Security and sustainablity is priority #1 - if that's not the case and something else becomes #1 priority it can end in tears, yes. |
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cbeast
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Let's talk governance, lipstick, and pigs.
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January 01, 2015, 08:31:33 AM |
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Early holders creating artificial scarcity, price jumps due to limited supply, illiquid markets and exchanges painting the tape, slow price dumps with many bulltraps on the way down...
We all have our shared delusions whether they're love, freedom, or security. Until Bitcoin came along, there was no way to guarantee your long term financial security. That's why people hold bitcoins long term. Delusions like bull traps exist because folks are cynical, insecure, and lonely. Maybe nobody will ever be free, but maybe someone will invent a drug for the loneliness and cynicism. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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panju1
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January 01, 2015, 08:31:56 AM |
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Look at Bitcoin's market cap compared to that of all the altcoins put together.
None of those altcoins are going to be close to Bitcoin any time soon.
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BlindMayorBitcorn (OP)
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January 01, 2015, 10:37:59 AM |
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Early holders creating artificial scarcity, price jumps due to limited supply, illiquid markets and exchanges painting the tape, slow price dumps with many bulltraps on the way down...
We all have our shared delusions whether they're love, freedom, or security. Until Bitcoin came along, there was no way to guarantee your long term financial security. That's why people hold bitcoins long term. Delusions like bull traps exist because folks are cynical, insecure, and lonely. Maybe nobody will ever be free, but maybe someone will invent a drug for the loneliness and cynicism. I like your musings, bro. I would +1 and take this drug of yours. Or maybe I already have  |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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Pecunia non olet
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January 01, 2015, 12:39:39 PM |
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Look at Bitcoin's market cap compared to that of all the altcoins put together.
None of those altcoins are going to be close to Bitcoin any time soon.
this is true until it's not |
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BlindMayorBitcorn (OP)
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January 03, 2015, 12:17:40 AM |
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This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.
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Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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Pecunia non olet
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January 03, 2015, 12:20:36 AM |
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This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.
can't wait for sidechains to take the last bit of life out of BTC  |
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BlindMayorBitcorn (OP)
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January 03, 2015, 12:24:01 AM |
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This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.
can't wait for sidechains to take the last bit of life out of BTC Sidechains provide a clean, scam-free environment to experiment with crypto-features. Problem? |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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Pecunia non olet
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January 03, 2015, 12:26:13 AM |
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This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.
can't wait for sidechains to take the last bit of life out of BTC Sidechains provide a clean, scam-free environment to experiment with crypto-features. Problem? what leads you to believe it would be scam-free? What's your definition of 'clean'? It'll lead to a massive bloat in the chain and extreme spam - basically risking to rob bitcoin of all useablity for it's main job. Not to mention people will find bugs and exploit them. The sidechains-thing is at risk of collapsing into itself if a fatal exploit was found. |
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BlindMayorBitcorn (OP)
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January 03, 2015, 12:28:20 AM |
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This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.
can't wait for sidechains to take the last bit of life out of BTC Sidechains provide a clean, scam-free environment to experiment with crypto-features. Problem? what leads you to believe it would be scam-free? What's your definition of 'clean'? The two-way peg. There will be a fixed or deterministic value pegging it to BTC |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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Pecunia non olet
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January 03, 2015, 12:29:17 AM |
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The two-way peg. There will be a fixed or deterministic value pegging it to BTC
which doesn't make it clean or scam free... quite the opposite: entirely new and unseen scams will become possible |
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BlindMayorBitcorn (OP)
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January 03, 2015, 12:32:34 AM |
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The two-way peg. There will be a fixed or deterministic value pegging it to BTC
which doesn't make it clean or scam free... quite the opposite: entirely new and unseen scams will become possible Altcoins have seen every scam there is. My imagination doesn't stretch as far as yours maybe. Example? |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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Pecunia non olet
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January 03, 2015, 12:37:26 AM |
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The two-way peg. There will be a fixed or deterministic value pegging it to BTC
which doesn't make it clean or scam free... quite the opposite: entirely new and unseen scams will become possible Altcoins have seen every scam there is. My imagination doesn't stretch as far as yours maybe. Example? more ipo-scams for example. Actually a flood of them. Massive spam in the chain - look at NXT-assetexchange to get an idea what's coming - and more. plus: these coins will be no good as money-tokens and will be highly instabile in the markets -> more and even worse pump and dumps. There's always a new scam to be invented - especially with new technology. I did never fall for an alt-scam btw. Not one. Some can some can't  People getting scammed in alts just have low standards imo. You don't put money on every offer - quite the opposite ... people getting scammed with nxt-assets and shitcoins now will also be scammed with sidechain-apps later. Nothing's going to change there. |
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