Bitcoin is getting flushed faster than my morning deuce

[Parkerscott]

You seem to be a strong Ethereum ambassador. Care to give cliffs on what makes Eth better than the rest of the crypto currencies?

The rest of the currencies have very little use cases. Take monero or zcash for example, they are touted as being untraceable, and that is their big selling point. Then you have ethereum which allows developers to program applications off the blockchain. It might not sound like much, but it essentially can make supply chains more effecient, make medical records more streamlined etc etc. If you look at the use cases they are much better than untraceable currency.

[Luc1fer]

The rest of the currencies have very little use cases. Take monero or zcash for example, they are touted as being untraceable, and that is their big selling point. Then you have ethereum which allows developers to program applications off the blockchain. It might not sound like much, but it essentially can make supply chains more effecient, make medical records more streamlined etc etc. If you look at the use cases they are much better than untraceable currency.

Can applications be developed over it to create a traceable currency? Because let's be cereal, no government will adopt an untraceable currency.

[Parkerscott]

Can applications be developed over it to create a traceable currency? Because let's be cereal, no government will adopt an untraceable currency.

I was speaking of monero and zcash.

[Luc1fer]

I was speaking of monero and zcash.

Right, I'm referring to Ethereum because you said it allows developers to extend it.

[Parkerscott]

Right, I'm referring to Ethereum because you said it allows developers to extend it.

I believe its possible. Ethereum is intended to be more than a currency though.

[Luc1fer]

I believe its possible. Ethereum is intended to be more than a currency though.

"Ether is to be treated as "crypto-fuel", a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else"

[DoYouEvenNEM]

"Ether is to be treated as "crypto-fuel", a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else"

That's just liability speak to minimize legal responsibility and/or jail time if chit hits the fan.


The biggest fallout we will see is when authorities clamp down on Monero and Dash. It's one thing to argue Bitcoin could be used for drugs and CP. The anonymity coins on the other hand were explicitly designed for dark net markets. Especially since Monero does almost all their traffic on Poloniex, I can see US authorities shutting down that exchange (cereal).

[Kuzon]

That's just liability speak to minimize legal responsibility and/or jail time if chit hits the fan.


The biggest fallout we will see is when authorities clamp down on Monero and Dash. It's one thing to argue Bitcoin could be used for drugs and CP. The anonymity coins on the other hand were explicitly designed for dark net markets. Especially since Monero does almost all their traffic on Poloniex, I can see US authorities shutting down that exchange (cereal).

I have a few noob questions:

Isn't BitCoin at a risk of being overtaken by other cryptocurrencies? Also, why are there so many cryptocurrencies? Are they all different?

[DoYouEvenNEM]

I have a few noob questions:

Isn't BitCoin at a risk of being overtaken by other cryptocurrencies? Also, why are there so many cryptocurrencies? Are they all different?

Metrics indicate it will be overtaken. Market share of alternates is now 17% and it will probably reach 20-25% by the end of 2017.

[Parkerscott]

I have a few noob questions:

Isn't BitCoin at a risk of being overtaken by other cryptocurrencies? Also, why are there so many cryptocurrencies? Are they all different?

Bitcoin has tons of problems. Currently bitcoin can only process something like 10 transactions every 4 seconds. At that rate it is impossible for it to be the "one world currency" Visa does like 14k transactions per second. The fees are also very high when doing transactions. If bitcoin were to be more practical 95% of the miners need to agree on an update. Currently only 23% or some other really low number can agree on changing it after several months. The bitcoin community is split into several different groups.

Then you have alts which have their own use cases. Some have quicker transactions or are anonymous. Then you have ethereum which allows you to build applications off of the blockchain.

[lesportifs]

Can someone explain to me why they are new cryptocurrencies every year?
WHO are the real winners behind them?

Thanks

[Bar182]

Can someone explain to me why they are new cryptocurrencies every year?
WHO are the real winners behind them?

Thanks

The creators.

[TheClimax]

Title edit by a mod?

BTC isn't being flushed everyone commenting on how much it sank is failing to acknowledge how fast it spiked up just before. Remove that spike and it is not flushing really and it stabilized now anyway. I already knew this would happen because 1k would be a psychological mark for people to go on a buy frenzie and the price rise as a result would be a perfect sell opportunity. This pattern will keep repeating its self while reaching a new high each time

Bitcoin has tons of problems. Currently bitcoin can only process something like 10 transactions every 4 seconds. At that rate it is impossible for it to be the "one world currency" Visa does like 14k transactions per second. The fees are also very high when doing transactions. If bitcoin were to be more practical 95% of the miners need to agree on an update. Currently only 23% or some other really low number can agree on changing it after several months. The bitcoin community is split into several different groups.

Then you have alts which have their own use cases. Some have quicker transactions or are anonymous. Then you have ethereum which allows you to build applications off of the blockchain.

This is very true. BTC is only viable as an asset because it never reached the point where that transaction rate bottleneck can sink it. If BTC were to ever reach that 1,000,000 USD value placing it on forex market levels, it would strictly be as a vehicle of storing wealth and not as a practical currency. The first mover advantage is why BTC has a commanding market cap in crypto. People refer to it as gold in crypto and that is all it will ever be in the long run. Other altcoins are more viable as a world currency and pretty much every altcoin is more advanced anyway. It's premature to dump BTC right now

[FPS75]

I need to do more research on this...

Anyone have good trustworthy links which we can study crypto currencies?

[Parkerscott]

I need to do more research on this...

Anyone have good trustworthy links which we can study crypto currencies?

https://coinmarketcap.com/

There is a good start. Those are your top currencies. Personally I stick with ethereum, but if I were to choose any others I would go with bitcoin or an ethereum currency like augur, or gnt. For studying you are just going to have to pick individual currencies and browse around. Look at their whitepapers or website or subreddits.

[FPS75]

https://coinmarketcap.com/

There is a good start. Those are your top currencies. Personally I stick with ethereum, but if I were to choose any others I would go with bitcoin or an ethereum currency like augur, or gnt. For studying you are just going to have to pick individual currencies and browse around. Look at their whitepapers or website or subreddits.

Thanks brah, repped

[DafarheezyRises]

LOL at the Ethereum shills ITT trying hard to shove ETH down everyone's throat. You know somethings shady when retards go YOLO all in on a struggling altcoin and desperately try to get others in with them..

Dafar do you only buy Bitcoin no Litecoin?

My stance with alt coins is that they are a gamble, you might get lucky and get in before the next pump, but on the grand scheme none of them has a steady future like bitcoin so I stay away. LTC might rise again, they implemented SegWit and about to start implementing Lightning Networks which was originally designed for Bitcoin. If there is a #2 alt coin I think it will be Monero or Litecoin, simply because they make good testnets for bitcoin. I don't have faith in Ethereum but who knows.

[nickboy333]

Can someone explain to me why they are new cryptocurrencies every year?
WHO are the real winners behind them?
Thanks

I look at it as a amateur speculator/trader.
They are just currencies with tons more volatility which you can then trade into BTC.
Right now 1BTC = 858EUR which is unaffordable for most people, you make lots of money only if you have lots of money.
You can make TONS of money with other currency trading, which are MUUUUUCH cheaper and much more volatile.
But of course its risky as hell. You can lose it all quickly. I made good money on DOGE and various other currencies.

They are all meaningless as currencies though. Just games of "outguess the demand/supply" by speculators.

[Luc1fer]

I look at it as a amateur speculator/trader.
They are just currencies with tons more volatility which you can then trade into BTC.
Right now 1BTC = 858EUR which is unaffordable for most people, you make lots of money only if you have lots of money.

You realize you can buy partial BTC right?

[nickboy333]

You realize you can buy partial BTC right?

Yes and still without massive amounts of capital, you won't make good money. Still better to trade in more volatile alt-currency where you can literally double your capital in days.

Of course I guess its still cheaper than the stock market to trade BTC...

Still it seems quite over-valued right now, better to wait.

[Luc1fer]

Yes and still without massive amounts of capital, you won't make good money. Still better to trade in more volatile alt-currency where you can literally double your capital in days.

Of course I guess its still cheaper than the stock market to trade BTC...

Still it seems quite over-valued right now, better to wait.

Ye sure you can double your money, but you can also half it. You haven't really provided an argument for avoiding BTC except that it's less volatile than other alts?

And why cheaper than stock market, trading fees? You can trade free on ETFs using some brokers - completely not following you here.

[DoYouEvenNEM]

LOL at the Ethereum shills ITT trying hard to shove ETH down everyone's throat. You know somethings shady when retards go YOLO all in on a struggling altcoin and desperately try to get others in with them..

My stance with alt coins is that they are a gamble, you might get lucky and get in before the next pump, but on the grand scheme none of them has a steady future like bitcoin so I stay away. LTC might rise again, they implemented SegWit and about to start implementing Lightning Networks which was originally designed for Bitcoin. If there is a #2 alt coin I think it will be Monero or Litecoin, simply because they make good testnets for bitcoin. I don't have faith in Ethereum but who knows.

It's difficult to trust Ethereum. They're called mEthers in a lot of crypto currency communities. Everything they had hyped had ended up being a disaster or completely underwhelming.

I.B.M. Adept --> Paul Brody got fired / left I.B.M. and the project got canned.
Augur --> It's illegal online gambling and not a particularly good one.
Microsoft Azure --> they hyped this like mad but nowadays nobody talks about it anymore... wot?
DAO --> the theory sounded nice but then someone executed code to withdraw coins and Ethereum had to hard fork.


As for that guy who keeps spamming about Ethereum being programmable, people were programming on NXT and Bitshares back in 2015 and Bitcoin pre-2014. . . Dude is making it sound like Ethereum has something proprietary. . . Also when you read Coindesk and other websites, everyone still prefers Bitcoin for a programmable blockchain or they create their own in-house.

[FruitOfEden]

The rest of the currencies have very little use cases. Take monero or zcash for example, they are touted as being untraceable, and that is their big selling point. Then you have ethereum which allows developers to program applications off the blockchain. It might not sound like much, but it essentially can make supply chains more effecient, make medical records more streamlined etc etc. If you look at the use cases they are much better than untraceable currency.

But I'm sure there must be a few other crypto-currencies that allow developers to work on the blockchain? Have you heard of NEM? I just did a quick read and it sounds pretty similar

[Parkerscott]

LOL at the Ethereum shills ITT trying hard to shove ETH down everyone's throat. You know somethings shady when retards go YOLO all in on a struggling altcoin and desperately try to get others in with them..




My stance with alt coins is that they are a gamble, you might get lucky and get in before the next pump, but on the grand scheme none of them has a steady future like bitcoin so I stay away. LTC might rise again, they implemented SegWit and about to start implementing Lightning Networks which was originally designed for Bitcoin. If there is a #2 alt coin I think it will be Monero or Litecoin, simply because they make good testnets for bitcoin. I don't have faith in Ethereum but who knows.

lol your beloved bitcoin is just a western union alternative. You're just mad eth is pulling money out of btc.

[Parkerscott]

Bitcoin just took a nosedive again. Sucks that im somewhat tethered to it.

[MacNZ]

Bitcoin just took a nosedive again. Sucks that im somewhat tethered to it.

Question about Ethereum.

If I wanted to buy some, is this the basic way to do it-

- Open an account with something like Coinbase or Kraken
- Buy the Ethereum, either by card or a bank transfer
- Then either leave it in your account or transfer from it there to an offline wallet?

Also,

- Is MyEtherWallet a good offline wallet to use? I played around with it the other day and got the hang of creating a wallet then saving the keystore file and address etc
- If you transfer to an offline wallet how would you be able to get it back to cash out in the future? Would you transfer it back to your online account (Coinbase/Kraken) somehow, then send it to your normal bank?

[Parkerscott]

Question about Ethereum.

If I wanted to buy some, is this the basic way to do it-

- Open an account with something like Coinbase or Kraken
- Buy the Ethereum, either by card or a bank transfer
- Then either leave it in your account or transfer from it there to an offline wallet?

Also,

- Is MyEtherWallet a good offline wallet to use? I played around with it the other day and got the hang of creating a wallet then saving the keystore file and address etc
- If you transfer to an offline wallet how would you be able to get it back to cash out in the future? Would you transfer it back to your online account (Coinbase/Kraken) somehow, then send it to your normal bank?

I bought all mine on coinbase, but I think kraken and gemini have the option to buy with credit or bank transfer with cheaper fees.

With the offline wallets you should be able to just send whatever you have on it to an exchange where you can sell it. I personally use a ledger s nano for security, and ease of use reasons. Its a hardware wallet that cost around $60. If you are only going to buy a couple hundred dollars worth of eth you will probably be pretty safe storing it in a wallet on coinbase or jaxx. I cant speak for myetherwallet, but I have used coinbase and jaxx and have not had any problems. The op is holding like 80k on coinbase.

Do some due diligence before you buy though, crypto is very volatile.

[GainzMcgee]

I reported this thread to the SEC.

you should be reporting bitcoin his pig will be sub 500 by February

[SikhAndDestroy]

tfw was gonna buy btc to buy items off "the road of silk" back when i was 15
but pussied out last minute
BTC was like 0.10 cents each then lol

[highmarketrider]

goodnight sweet bitcoin