Coinbase CEO: bitcoin is far ahead! Altcoins are distractions!

[Beliathon]

Take the ones from the so called "Foundation"(Bitcoin developers) and you will find that they are connected with the exchanges and their shareholders as well. Not that they know each other but the are interconnected by running the same businesses.

Only a very stupid person should not see the facts.

Do you reject all technologies that have business interests promoting them, or only Bitcoin?

[ChuckBuck]

Litecoin is a joke

You know Litecoin is a joke when it's lead developer and creator stops developing for it:



The fact that Charlie Lee works for Coinbase, probably the largest Bitcoin based company, is a joke in itself.

that's correct. they all are a gang. they all are related. Don't you see?

Charlie Lee(Litecoin owner) works for Coinbase. Coinbase has shareholders same guys who are shareholders for Bitstamp, BTC-China, Ripple and many others.
The same shareholders are the sponsors for many news media websites which promote Bitcoins.

Take the ones from the so called "Foundation"(Bitcoin developers) and you will find that they are connected with the exchanges and their shareholders as well. Not that they know each other but the are interconnected by running the same businesses.

Only a very stupid person should not see the facts.

Not sure what your point is, but sure I'll bite.

Dudes from silicon valley and dudes from wall street run in the same circles, so they form one huge massive circle jerk with splooge all over their faces.  Amirite?

In this threads context, I think you made a positive remark though, instead of your intended negative slant.  Synergy between tech companies and financial companies, and extending the ecosystem is always a good thing.

[ChuckBuck]

Sure Bitcoin is and will be main cryptocurrency, i dont think lot of alts will survive in long run, maybe few with some fancy feature like anon or faster coins for small transactions when Bitcoin becomes big.

BTC is smaller and smaller.  aprox 200,000 unique BTC addresses are used per day. Part of these belong to the same owners(internal transfers). So, what is Bitcoin? Around of 100K users per day and a lot of media buzz

Wrong.

please read again my post. it's saying unique BTC addresses not transactions.

And even so, do you think approx. 100K transactions per day is a success after all the media that BTC had during these years? it's a failed project

Imagine that other payment system would have these media exposure...I think it will have millions of transactions per days and at least 10 millions users in 5 years.

I'm guessing you're just ignoring the transactional graph that's trending in the up direction for a currency started 6 years ago...

[mayax]

Take the ones from the so called "Foundation"(Bitcoin developers) and you will find that they are connected with the exchanges and their shareholders as well. Not that they know each other but the are interconnected by running the same businesses.

Only a very stupid person should not see the facts.

Do you reject all technologies that have business interests promoting them, or only Bitcoin?

I can only see a big gang behind Bitcoin... having the same interests. money.

 It's OK but they are posing like being Messiah not a horde who looks for profit only.

I saw many so called BTC evangelists who wanted decentralization. no taxes, anonymity  but now they want regulations(so taxes, reporting).

[mayax]

Sure Bitcoin is and will be main cryptocurrency, i dont think lot of alts will survive in long run, maybe few with some fancy feature like anon or faster coins for small transactions when Bitcoin becomes big.

BTC is smaller and smaller.  aprox 200,000 unique BTC addresses are used per day. Part of these belong to the same owners(internal transfers). So, what is Bitcoin? Around of 100K users per day and a lot of media buzz

Wrong.

please read again my post. it's saying unique BTC addresses not transactions.

And even so, do you think approx. 100K transactions per day is a success after all the media that BTC had during these years? it's a failed project

Imagine that other payment system would have these media exposure...I think it will have millions of transactions per days and at least 10 millions users in 5 years.

I'm guessing you're just ignoring the transactional graph that's trending in the up direction for a currency started 6 years ago...

I am guessing that you are ignoring "Imagine that other payment system would have these media exposure...I think it will have millions of transactions per days and at least 10 millions users in 5 years"

If you think that 100K BTC users per day is a success AFTER all the media exposure then...it's without words

100K users per day has medium  online referral program     

[tss]

not just a distraction but gives crypto a bad name with all the scams, lies and pump and dumps.

[Beliathon]

I can only see a big gang behind Bitcoin... having the same interests. money.

I'm one of the many people supporting bitcoin. We are not a monolith. That said, most of us love reason and loathe violence, so calling us a "gang" is hardly fair.

I'm also an anti-capitalist and not in bitcoin for profit. Satoshi has not traded any of his/her/their BTC for fiat. If he was interested in money, he would have sold some of it by now.

[mayax]

I can only see a big gang behind Bitcoin... having the same interests. money.

I'm one of the many, many people "behind" bitcoin. We are not a monolith. Most of us love reason and loathe violence, so calling us a "gang" is hardly fair.

Satoshi has not traded any of his/her/their BTC for fiat. If he was interested in money, he would have sold some of it by now.

Alright, FEW persons are still decent...

When I say gang, I am referring to what i said above.

[jeffhuys]

I don't think altcoins will ever surpass bitcoin. I think bitcoin will be the "main" cryptocoin and altcoins can be used, for example, in games.

[ChuckBuck]

Sure Bitcoin is and will be main cryptocurrency, i dont think lot of alts will survive in long run, maybe few with some fancy feature like anon or faster coins for small transactions when Bitcoin becomes big.

BTC is smaller and smaller.  aprox 200,000 unique BTC addresses are used per day. Part of these belong to the same owners(internal transfers). So, what is Bitcoin? Around of 100K users per day and a lot of media buzz

Wrong.

please read again my post. it's saying unique BTC addresses not transactions.

And even so, do you think approx. 100K transactions per day is a success after all the media that BTC had during these years? it's a failed project

Imagine that other payment system would have these media exposure...I think it will have millions of transactions per days and at least 10 millions users in 5 years.

I'm guessing you're just ignoring the transactional graph that's trending in the up direction for a currency started 6 years ago...

I am guessing that you are ignoring "Imagine that other payment system would have these media exposure...I think it will have millions of transactions per days and at least 10 millions users in 5 years"

If you think that 100K BTC users per day is a success AFTER all the media exposure then...it's without words

100K users per day has medium  online referral program     

Does Bitcoin even have media exposure?  I don't know what the heck you're talking about?  Is there an ad campaign or TV spot you can point me to?  Did a commercial showing Bitcoin play during the Super Bowl?

You're not talking sense, man.

[Beliathon]

For any of you noobs who haven't seen this older Trilema post, it's relevant to this thread:

http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/

[bitpop]

For any of you noobs who haven't seen this older Trilema post, it's relevant to this thread:

http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/

Too bad mircea is a clown

[allthingsluxury]

ALT coins certainly aren't in the spotlight like they once were. A lot of bubbles, but its a free market and people are entitled to choose whatever currency they wish to use.

[Lauda]

ALT coins certainly aren't in the spotlight like they once were. A lot of bubbles, but its a free market and people are entitled to choose whatever currency they wish to use.

Sure, as long as they don't cry afterwards and say that Bitcoin is a scam, or cryptocurrencies in general, after they get burned in the altcoin market.

[Beliathon]

For any of you noobs who haven't seen this older Trilema post, it's relevant to this thread:

http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/

Too bad mircea is a clown

Clowns have feelings too, man.

ALT coins certainly aren't in the spotlight like they once were. A lot of bubbles, but its a free market and people are entitled to choose whatever currency they wish to use.

Sure, as long as they don't cry afterwards and say that Bitcoin is a scam, or cryptocurrencies in general, after they get burned in the altcoin market.

These scams do damage bitcoin's brand because average joe news listener probably doesn't make the distinction between any given shitcoin and bitcoin.

They don't yet know even the most fundamental Bitcoin (protocol) vs bitcoin (currency) or the fact that every altcoin from Litecoin on down is just a self-aggrandizing knockoff of Bitcoin (the protocol)

[toknormal]

These scams do damage bitcoin's brand because average joe news listener probably doesn't make the distinction between any given shitcoin and bitcoin.

Bitcoin is subject to just as many scams, lies and robberies as alts are - if not more. Scammers don't limit themselves to any particular generation of cryptocurrency.

Some people posting on this subject are like an obsessive bunch of howling hyenas...."it's gonna be bitcoin ! it can only be bitcoin !!...alts are scams !...there's only room for one..!

Put a sock in it and accept the fact that the world is a diverse place (and that includes the CEO of Coinbase who has no business attempting to quell the natural course of innovation as if it's some kind of threat to growth).

There are 500 odd altcoins out there - they aren't going away. Some of them will disappear and others won't. Scare stories about 50% attacks and rocketing difficulty "killing all coins except bitcoin" are hypothetical nerd garbage. These things get solved by the markets and the general evolution of technology.

Alts will grow in diversity and marketcap for no other reason than they have to and that bitcoin needs them. They will be backed by bitcoin's value but not its blockchain which would otherwise just get strangled in a spaghetti of mismatched monetary demand, code, technology and adoption.

It's nature. Accept it.

[moriartybitcoin]

he's a clown but he's right that altcoins are a waste of time.

[ajareselde]

https://twitter.com/brian_armstrong/status/569914763263606785

"Ripple, Stellar, and Altcoins are all a distraction. Bitcoin is way too far ahead. We should be focused on bitcoin and sidechains"


Seems he is a bitcoin maximalist!

altcoins are useless ripoffs of bitcoin, if bitcoins technology is to succed in some other project besides bitcoin, it certanly wont be some coin, but rather something entirely different.
people are sometimes confused with all the fuss about 999 altcoins, making them believe that bitcoin can be copyed,and for that reason has little value, but the hard fact is that only bitcoin has interest, comunity and infrastructure to make it, and all other alts are just feeding on bitcoin image like parasytes.

cheers

[toknormal]

he's a clown but he's right that altcoins are a waste of time.

 • so solving Bitcoin's lack of fungibility is a waste of time ?
 • improving on its epic 30 minute confirmation speed is a waste of time ?
 • exploring alternative inflation rates is a waste of time ?
 • testing un-mineable algos are a waste of time ?
 • supporting asset exchanges on a blockchain is a waste of time ?
 • addressing the need for a stable exchange with fiat is a waste of time ?
 • trying to match the demand for risk assets with stable currencies is a waste of time ?
 • addressing the need for contract rule-bases is a waste of time ?

If you really think that the Bitcoin blockchain or even sidechained cryptoes have a snowball's hope in hell of addressing all those demands - even on an experimental basis, never mind a production one - then I'd say stick with fiat because we're all at base camp and you've yet to look out the window.

[coblee]

Litecoin is a joke

You know Litecoin is a joke when it's lead developer and creator stops developing for it:

The fact that Charlie Lee works for Coinbase, probably the largest Bitcoin based company, is a joke in itself.

You know Bitcoin is a joke when it's lead developer and creator stops developing for it. :p

The "there can only be one" camp of Bitcoiners do not understand that altcoins supporters don't necessarily think that any altcoin will overtake Bitcoin in value. I can't speak for everyone, but I believe that Bitcoin will always be the "one" cryptocurrency, the crypto reserve currency.* But there will always be room for a few more cryptocurrencies that are adopted widely just like Bitcoin. These cryptocurrencies will have independent economic models and not pegged to Bitcoin and will have a free-floating market price. As toknormal said, the market has already decided that altcoins have a future. The market is smarter and more efficient that any one of us. You can say "shitcoins are dead" a million times, but that doesn't change the fact that Litecoin has a $60M market cap and that people are willing to trade them at ~$1.80 a coin today. This doesn't guarantee that Litecoin will survive in the long run. But one thing I know for sure is that there will always be altcoins.

For those that think Bitcoin and sidechains (pegged Bitcoin) will cause market cap of all altcoins to go to 0, do you also think that all countries should adopt the USD or peg their currency to USD?

* And that is why I work for Coinbase.