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

[bitpop]

All altcoins are useless and their features should be incorporated into Bitcoin.

The only coins which have a future are:
Dogecoin: Easy Adoption
Darkcoin: Anonymity and Instant TX.

There's your problem, everyone chooses different shitcoin so you dilute yourself and waste money, effort, time, skill and marketing. While you give away your Bitcoin. There's a new shitcoin every hour.

[BayAreaCoins]

All altcoins are useless and their features should be incorporated into Bitcoin.

The only coins which have a future are:
Dogecoin: Easy Adoption
Darkcoin: Anonymity and Instant TX.

Bitcoin is the best coin by so far that the coinbase CEO has a point.

I honestly think there has to be a better option for a large group of people.

Bitcoin has some seriously fucked up shit with it atm.

I think Bitcoin just has the most blind cheerleaders who have become so used to the fact that some mystery owner out there has millions of Bitcoins for near free, No telling what MTGox actually walked with and who the fuck knows how much cocaine the USA Government actually sold for BTC early in the game.

Then you got the argument of the 1MB vs 20MB... I think Bitcoin is in a really good position to get what I call the "Blackberry Effect". 

It's not about a ALT vs BTC thing to me tbh. It seems like a contest with a lot of the alt tards or Bitcoin fan boy fgt wanna be banksters.

I do understand about the spreading to thin thing.  Altcoins are bad as far as that... That's why I fux with CLAMS that where given out for free to all Bitcoin, Litecoin and Dogecoin addresses that where over dust.  I see this move as a way to bring a lot of folks under one roof per say... which is pretty much what Bitcoins main power is anyways.  Proof of stake based on proof of work is a interesting way of testing PoS anyways at least.

As long as Cryptos work hand in hand to make each other better rather than see it as a contest I think it will make for a much better Bitcoin future.

[MilesJohan]

I thought altcoins were only used as proof of concept and for bitcoin to improve upon. I don't see them as distractions.

[OpenOcean]

With Coinbase's attitude, they're gonna get replaced by another exchange that understands Bitcoin is just as alternative a currency as any other altcoin, as the dominant currencies are FIAT(USD, EURO, etc).

Let's face the reality. Most "good" altcoin devs want to have a place in history, they want to make money, and they want to leave an impact on the world, and they can't do that through sidechains. Not to mention the huge economy based on other cryptocurrencie besides bitcoin, quite similar to stocks. Do you actually believe that they would give up on profitable trading for the sake of Bitcoin development? I think not. Bitcoin has flaws, and some people are out there to improve upon them down to the protocol level(Which is impossible to do with sidechains).

Good Luck Coinbase CEO, with that attitude I'm positive your exchange will not be the dominant one in the future.

If only for the sake of them wanting to have a place in history, and trying to do so by reinventing Satoshi's wheel, then I am going to have to go with Bitcoin and Sidechains.

Satoshi was smart enough to not let people know who he was so that everyone can remember than Bitcoin was not just about him being rich and famous (I'm pretty sure he's rich, and will be famous when he comes out after Bitcoin possibly becoming the status quo - at least he still had the patience to wait and test the waters).

Furthermore, making a Sidechain that solves or adds value is another way to have a place in history. To argue otherwise would be like saying all of IBMs achievements belong to Alan Turing. Yeah, IBM owes its success to the giants that shouldered them, but let's not be naive.

I am not for or against alt coins, but I am for utilizing cooperation. I think sidechains could do this.

[Joshuar]

With Coinbase's attitude, they're gonna get replaced by another exchange that understands Bitcoin is just as alternative a currency as any other altcoin, as the dominant currencies are FIAT(USD, EURO, etc).

Let's face the reality. Most "good" altcoin devs want to have a place in history, they want to make money, and they want to leave an impact on the world, and they can't do that through sidechains. Not to mention the huge economy based on other cryptocurrencie besides bitcoin, quite similar to stocks. Do you actually believe that they would give up on profitable trading for the sake of Bitcoin development? I think not. Bitcoin has flaws, and some people are out there to improve upon them down to the protocol level(Which is impossible to do with sidechains).

Good Luck Coinbase CEO, with that attitude I'm positive your exchange will not be the dominant one in the future.

If only for the sake of them wanting to have a place in history, and trying to do so by reinventing Satoshi's wheel, then I am going to have to go with Bitcoin and Sidechains.

Satoshi was smart enough to not let people know who he was so that everyone can remember than Bitcoin was not just about him being rich and famous (I'm pretty sure he's rich, and will be famous when he comes out after Bitcoin possibly becoming the status quo - at least he still had the patience to wait and test the waters).

Furthermore, making a Sidechain that solves or adds value is another way to have a place in history. To argue otherwise would be like saying all of IBMs achievements belong to Alan Turing. Yeah, IBM owes its success to the giants that shouldered them, but let's not be naive.

I am not for or against alt coins, but I am for utilizing cooperation. I think sidechains could do this.

There have been other digital "currencies" before Bitcoin, so Satoshi essentially reinvented the wheel as well. In fact, every invention that came after the discovery of fire and the making of the wheel, is what we deem "reinventing the wheel", as we base and grow inventions based upon what others invented in the past.

[bitpop]

With Coinbase's attitude, they're gonna get replaced by another exchange that understands Bitcoin is just as alternative a currency as any other altcoin, as the dominant currencies are FIAT(USD, EURO, etc).

Let's face the reality. Most "good" altcoin devs want to have a place in history, they want to make money, and they want to leave an impact on the world, and they can't do that through sidechains. Not to mention the huge economy based on other cryptocurrencie besides bitcoin, quite similar to stocks. Do you actually believe that they would give up on profitable trading for the sake of Bitcoin development? I think not. Bitcoin has flaws, and some people are out there to improve upon them down to the protocol level(Which is impossible to do with sidechains).

Good Luck Coinbase CEO, with that attitude I'm positive your exchange will not be the dominant one in the future.

If only for the sake of them wanting to have a place in history, and trying to do so by reinventing Satoshi's wheel, then I am going to have to go with Bitcoin and Sidechains.

Satoshi was smart enough to not let people know who he was so that everyone can remember than Bitcoin was not just about him being rich and famous (I'm pretty sure he's rich, and will be famous when he comes out after Bitcoin possibly becoming the status quo - at least he still had the patience to wait and test the waters).

Furthermore, making a Sidechain that solves or adds value is another way to have a place in history. To argue otherwise would be like saying all of IBMs achievements belong to Alan Turing. Yeah, IBM owes its success to the giants that shouldered them, but let's not be naive.

I am not for or against alt coins, but I am for utilizing cooperation. I think sidechains could do this.

There have been other digital "currencies" before Bitcoin, so Satoshi essentially reinvented the wheel as well. In fact, every invention that came after the discovery of fire and the making of the wheel, is what we deem "reinventing the wheel", as we base and grow inventions based upon what others invented in the past.

None were decentralized.

[Baghead]

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!

If ripple distribution was better then it would not be in as bad shape as it is that is the only reason i would not buy into it, stellar is a good coin and good dev team better distribution and i think will have some big things happen in the future. All in all there are to many good altcoins to mention i would never say never about the top dog being knocked down a peg 

[bitpop]

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!

If ripple distribution was better then it would not be in as bad shape as it is that is the only reason i would not buy into it, stellar is a good coin and good dev team better distribution and i think will have some big things happen in the future. All in all there are to many good altcoins to mention i would never say never about the top dog being knocked down a peg 

None of those are decentralized, they're coins made for banks. Don't fall for it.

[Baghead]

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!

If ripple distribution was better then it would not be in as bad shape as it is that is the only reason i would not buy into it, stellar is a good coin and good dev team better distribution and i think will have some big things happen in the future. All in all there are to many good altcoins to mention i would never say never about the top dog being knocked down a peg 

None of those are decentralized, they're coins made for banks. Don't fall for it.

Steller is not for banks, and as i clearly said i would not buy into ripple. There are many good decentralized coins though that will shine threw in the coming year or 2. We just need to keep a eye on it which is easier said than done with the amount of alts that are out.

[Joshuar]

With Coinbase's attitude, they're gonna get replaced by another exchange that understands Bitcoin is just as alternative a currency as any other altcoin, as the dominant currencies are FIAT(USD, EURO, etc).

Let's face the reality. Most "good" altcoin devs want to have a place in history, they want to make money, and they want to leave an impact on the world, and they can't do that through sidechains. Not to mention the huge economy based on other cryptocurrencie besides bitcoin, quite similar to stocks. Do you actually believe that they would give up on profitable trading for the sake of Bitcoin development? I think not. Bitcoin has flaws, and some people are out there to improve upon them down to the protocol level(Which is impossible to do with sidechains).

Good Luck Coinbase CEO, with that attitude I'm positive your exchange will not be the dominant one in the future.

If only for the sake of them wanting to have a place in history, and trying to do so by reinventing Satoshi's wheel, then I am going to have to go with Bitcoin and Sidechains.

Satoshi was smart enough to not let people know who he was so that everyone can remember than Bitcoin was not just about him being rich and famous (I'm pretty sure he's rich, and will be famous when he comes out after Bitcoin possibly becoming the status quo - at least he still had the patience to wait and test the waters).

Furthermore, making a Sidechain that solves or adds value is another way to have a place in history. To argue otherwise would be like saying all of IBMs achievements belong to Alan Turing. Yeah, IBM owes its success to the giants that shouldered them, but let's not be naive.

I am not for or against alt coins, but I am for utilizing cooperation. I think sidechains could do this.

There have been other digital "currencies" before Bitcoin, so Satoshi essentially reinvented the wheel as well. In fact, every invention that came after the discovery of fire and the making of the wheel, is what we deem "reinventing the wheel", as we base and grow inventions based upon what others invented in the past.

None were decentralized.

Not the point. The concept of "e-cash" has been around since the 1990s. Bitcoin's very algoroithm, SHA256 was not developed by Nakamoto. So when people say "all altcoins are trying to reinvent the wheel", they're wrong and need to go do some research, because for all intents and purposes, Bitcoin is an "altcoin".

[bitcoinmonk]

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

[Baghead]

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

Which comes from someone who does not make money from alts because if he did he would know they are more than useless and they in fact a money maker. You are right about them being good for testing out new ideas etc but one of these will creep up before you know it, can't put a lid on better tech for long.

[Beliathon]

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.

All true, except you conveniently didn't mention that the "free-floating market price" of all these reinvented wheels will be free-falling down to zero as bitcoin matures.

[Beliathon]

There have been other digital "currencies" before Bitcoin, so Satoshi essentially reinvented the wheel as well. In fact, every invention that came after the discovery of fire and the making of the wheel, is what we deem "reinventing the wheel", as we base and grow inventions based upon what others invented in the past.

Flatly incorrect. Satoshi solved the byzantine general's problem, a solution which had eluded computer scientists for decades.

[gentlemand]

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.

All true, except you conveniently didn't mention the free-floating market price of all these reinvented wheels will be free-falling down to zero as bitcoin matures.

Sperm is a fun analogy. There are currently lots of swimmers furiously trying to get to the egg of mass adoption. Once the strongest fights its way in the rest will fall away or just swim around forlornly until they're dead.

[Beliathon]

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.

All true, except you conveniently didn't mention the free-floating market price of all these reinvented wheels will be free-falling down to zero as bitcoin matures.

Sperm is a fun analogy. There are currently lots of swimmers furiously trying to get to the egg of mass adoption. Once the strongest fights its way in the rest will fall away.

Well said!

[Joshuar]

There have been other digital "currencies" before Bitcoin, so Satoshi essentially reinvented the wheel as well. In fact, every invention that came after the discovery of fire and the making of the wheel, is what we deem "reinventing the wheel", as we base and grow inventions based upon what others invented in the past.

Flatly incorrect. Satoshi solved the byzantine general's problem, a solution which had eluded computer scientists for decades.

Satoshi did not solve the Byzantine generals problem. He "partially" solved it. It's fully unsolvable as of yet.

There's even a thread on that exact topic.

https://bitcointalk.org/index.php?topic=934626.0

Does HYPERLEDGER really solve the Bizantine Generals problem if it has to assume that 66.6% of nodes are trusted?

I can't say anything regarding this issue.

Well, maybe BGP is not solved yet. Anyway, this doesn't change the fact that Satoshi didn't solve BGP.

Yes, I already agreed to this. Bitcoin only solves the BGP if you assume the network isn't compromised. Strictly speaking, Bitcoin cannot solve the  Byzantine Generals' Problem, but neither can anything else with 100% confidence. This is why it is a "dilemma" or "problem"  and why researchers study probabilistic solutions to solving the Byzantine fault tolerance problems.

[inBitweTrust]

Brian Armstrong must have come to this conclusion after watching this interview with an altcoin developer:
https://www.youtube.com/watch?v=cIasr2AiyZ0

[bitpop]

Brian Armstrong must have come to this conclusion after watching this interview with an altcoin developer:
https://www.youtube.com/watch?v=cIasr2AiyZ0

That was a great interview

[ChuckBuck]

Brian Armstrong must have come to this conclusion after watching this interview with an altcoin developer:
https://www.youtube.com/watch?v=cIasr2AiyZ0

That was a great interview

Best I've seen so far.  Just spot on take by this alt coin developer.  They really get to the nitty gritty and technical focus of why Altcoins matter.

Bitcoin is I'm afraid doomed by this video's developer take on Altcoins.