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

[Velkro]

For me its words of wisdom.
Whenever it cause someone got angry or not.

[darkota]

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.

Words of wisdom, makes sense.

[PenguinFire]

They are distractions when they are all based on the price of bitcoins.

[Lauda]

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.

Everything listed could have been done, without leeching off of the market cap.

How are altcoins addressing this (bold)?

[toknormal]

Everything listed could have been done, without leeching off of the market cap.

Are you serious ? Leeching off what marketcap ? Nobody owns this market. Altcoins have attracted their own markets through distinctive technologies that others do not support. They haven't "leeched" off anything.

How are altcoins addressing this (bold)?

There are 2 "flavours" of fiat pegged alt currencies - 1 which uses supply restricted algorithms to manage the flow of coins to market and another who's blockchain supports the dynamic creation of pegged currencies by the matching of short and long positions in that currency - sort of like very granular banking.

In the latter case, as the adoption of the pegged asset increases, so does the value of the underlying collateral. This makes for a very elegant solution because it satisfies 2 disparate market requirements in a complimentary way - 1. The demand for risk assets which deliver a return on investment 2. The demand for a stable trading currency for use in retail and commercial markets.

You only have to look at coinmarketcap.com to see that they work:

[darkota]

Everything listed could have been done, without leeching off of the market cap.

Are you serious ? Leeching off what marketcap ? Nobody owns this market. Altcoins have attracted their own markets through distinctive technologies that others do not support. They haven't "leeched" off anything.

How are altcoins addressing this (bold)?

There are 2 "flavours" of fiat pegged alt currencies - 1 which uses supply restricted algorithms to manage the flow of coins to market and another who's blockchain supports the dynamic creation of pegged currencies by the matching of short and long positions in that currency - sort of like very granular banking.

In the latter case, as the adoption of the pegged asset increases, so does the value of the underlying collateral. This makes for a very elegant solution because it satisfies 2 disparate market requirements in a complimentary way - 1. The demand for risk assets which deliver a return on investment 2. The demand for a stable trading currency for use in retail and commercial markets.

You only have to look at coinmarketcap.com to see that they work:

.
The points you have presented are valid, LaudaM just lost $ trading Darkcoin, and is "mad" at all altcoins. Shame.

[Bobsurplus]

Here's my take on it!

https://twitter.com/EMC2Whale/status/570767517016309760

 

[ChuckBuck]

Dang, you know shit just got real when CobLee dusts off his Bitcointalk account trying to defend his invention!  

Not trying to incite an alt-riot, but shouldn't you focus your disdain on your boss and put him on blast instead?

It's your employer's words that brought about this thread.  Maybe prove your superior wrong, not the people here?

[bitcoin_bagholder]

Dang, you know shit just got real when CobLee dusts off his Bitcointalk account trying to defend his invention!  

Not trying to incite an alt-riot, but shouldn't you focus your disdain on your boss and put him on blast instead?

It's your employer's words that brought about this thread.  Maybe prove your superior wrong, not the people here?

Chuck knows better than to overly rock the boat. He's expendable.

By "Chuck", I mean Charlie(Chuck), not you, ChuckBuck. 

[mayax]

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.

in the same circles is one things and running the SAME business is other thing.

Coinbase has shareholders same guys who are shareholders for Bitstamp, BTC-China, Ripple and many others. Don't take my words. Make a search.

You will observe that they own/share the same businesses; same exchanges, same news media websites(these are very important in promoting their shit).

Who? around of 6-7 people.

In other words, this gang is controlling the Bitcoin  

[jimmothy]

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.

I don't see what point you are trying to make with your USD analogy. Fiat is a source of wealth for governments (printing money doesn't increase a countries wealth, but it increases the printers portion of the pie). Now why would China for example want to give the United States the ability to constantly decrease China's portion of the pie?

I've said it before and I'll say it again, why create entire new coins/distributions for every new idea/feature/use (micro/merchant transactions, smart contracts/properties, anonymous transactions, etc), when those features could simply be built upon Bitcoin's rock solid system/distribution?

[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.

in the same circles is one things and running the SAME business is other thing.

Coinbase has shareholders same guys who are shareholders for Bitstamp, BTC-China, Ripple and many others. Don't take my words. Make a search.

You will observe that they own/share the same businesses; same exchanges, same news media websites(these are very important in promoting their shit).

Who? around of 6-7 people.

In other words, this gang is controlling the Bitcoin  

Hmm, I know a pair of identical dudes that own 1% of all Bitcoins in existence, have a competitor exchange to Coinbase, don't own any stake in BitStamp, BTC-China, Ripple, and don't run in the same circles as these 6-7 people or have any link to these media outlets.

These 2 aren't part of this "gang".  I'm pretty sure their launching a Bitcoin ETF soon after their Coinbase competitor exchange.

I forget their names, it escapes me...what's their names again?!  

[Lauda]

They haven't "leeched" off anything.

There are 2 "flavours" of fiat pegged alt currencies - 1 which uses supply restricted algorithms to manage the flow of coins to market and another who's blockchain supports the dynamic creation of pegged currencies by the matching of short and long positions in that currency - sort of like very granular banking.
In the latter case, as the adoption of the pegged asset increases, so does the value of the underlying collateral. This makes for a very elegant solution because it satisfies 2 disparate market requirements in a complimentary way - 1. The demand for risk assets which deliver a return on investment 2. The demand for a stable trading currency for use in retail and commercial markets.

You only have to look at coinmarketcap.com to see that they work:

In my view, they have (taking in consideration the people I've worked with in the past). One could say that they have created their own market as well I assume.
Interesting. So you'e saying the current exchanges can be deemed as unstable?

Such contributions to the discussion definitely won't go unrewarded. Welcome to the ignore list.

[PenguinFire]

New crytocurrency in this day are not going to account to anything.  Maybe next year, or the year after but not in the short term future.  Does anyone agree? 

[TheMage]

This thread certainly disintegrated into the same dribble that always happens, and that is both sides yelling at each other with each side hoping they are the louder one ergo the correct one.


For anyone interested, here you go http://coinfire.io/2015/02/24/litecoin-association-director-challenges-coinbase-ceo-to-public-debate/



Would love to have the same discussion with anyone here if you would like too (without the yelling of course) .

[toknormal]

It's your employer's words that brought about this thread.  Maybe prove your superior wrong, not the people here?

I don't think you understand.

His "superior" would never be so unprofessional as to express such overt commercial dogmatism in public if it was genuine.

What that tweet was was a trial balloon to test the mood of the market and coax some informed opinion out of the woodwork to help him establish future business priorities  

[The Chainmaker]

Ripple and Stellar do suck. 

Just Coinbase alone is better than both of them combined. 

That isn't to say that Bitcoin will always be the best, but yeah, Ripple and Stellar get way to much attention. 

[koelen3]

Ripple and Stellar do suck. 

Just Coinbase alone is better than both of them combined. 

That isn't to say that Bitcoin will always be the best, but yeah, Ripple and Stellar get way to much attention. 

How is Ripple and Stellar connected to coinbase , AFAIK , Ripple and Stellar are payment gateways while coinbase is more like an Exchange and wallet combined , though it works as a bitcoin payment gateway for business's but i don't really believe that

[The Chainmaker]

Ripple and Stellar do suck. 

Just Coinbase alone is better than both of them combined. 

That isn't to say that Bitcoin will always be the best, but yeah, Ripple and Stellar get way to much attention. 

How is Ripple and Stellar connected to coinbase , AFAIK , Ripple and Stellar are payment gateways while coinbase is more like an Exchange and wallet combined , though it works as a bitcoin payment gateway for business's but i don't really believe that

I have USD and I need Euro's.  I go from US bank account -> coinbase -> buy bitcoin -> transfer them to my European Coinbase account ->cash out. 

In Ripple/Stellar I go from my US bank account -> Snapswap US -> buy my Ripple Snapswap USD -> ask the Ripple network and pray there is a good market maker that won't rip me off that will trade SnapSwap USD for SnapSwap Euro -> Send those snapswap Euros to SnapSwap Euro and cash out.  Oh yeah, and along the way I got to grant trust to SnapSwap and hope they don't screw me over.

Coinbase alone does a better job for getting USD to Euro than the whole Ripple network.  And there are lots of other options other than just Coinbase.   

[Hamuki]

If it wasnt for altcoins, then BTC would not be alive since over 80% of all transaction in BTC is from BTC to Altcoins or Altcoins to BTC.