Topic: Bitcoin and alt-coin rant (Read 3310 times)

But overall, look, I think the fact that there is demand for the alt coins shows that there is just huge pent-up demand for all cryptocurrency

Agreed, I have noted that too in my writings.

Thus the value (note I didn't say price, as the price can go as high as the participants want to pay) you propose can't be reached before a massive redistribution event, and such event can't occur via market price transfer. There simply is no other way to get from here to there without a change to the Bitcoin protocol, government intervention, or a proliferation of altcoins (note Litecoin is now $36). See the first link below.

Bitcoin really has one hell of a lock-in model. So I find it surprising that LiteCoin (in particular) is able to make reasonable headway. I had written it off. In fact, being human and having invested in BTC (like the OP I presume), it kind of bothered me until I decided to can't-beat-em-join-em buy some LTC with BTC over at BTC-e. That was pretty easy and soothed my emotions

Also, I find it amusing in self-reflection that I am jealous of someone making 20x in a couple weeks when I "only" made 2x.

But overall, look, I think the fact that there is demand for the alt coins shows that there is just huge pent-up demand for all cryptocurrency, just the whole concept of it, people are looking for something to save away their wealth safely. This can only benefit BTC as the clear front-runner.

AnonyMint,

we debase decentrally, with alt-coins. Period

Thanks, so the gist here is given the choice of either a healthy stable economy or profit greatly, just about everyone chooses profit greatly.. and thats what we are seeing right now with the altcoins.

All Satoshi wanted to do was prove that his idea of how to send money securely online without double-spending, worked. That's all. Everything else is speculation projected onto him as he's a blank slate who hardly made a political comment.

My intuition that Bitcoin was a Trojan planted (probably by the NSA at the behest of some powers-that-be) started when I noticed in Satoshi's whitepaper that he was pitching it as a better gold, because gold coin rewards continue forever. Gold's above ground supply has always increased throughout the history of man. Immediately I smelled a scam, where he was going to induce all those liberty lovers (many of whom where already looking for alternatives to fiat, such as gold and silver) to become euphoric and illogical. It was very clever marketing, because it is obvious that he realized their suspicion and better judgment would be clouded and they would not notice the vulnerabilities caused by that decision to set a hard limit of 21 million coins. The ponzi result is the most glaring result of that design decision. Then other vulnerabilities also derive from that design decision as explained below. It is so ironic that what the investors love most about Bitcoin, is precisely why it is evil. Also couple this with most of you don't understand monetary economics well. And you think that debasement is bad or somehow connected to expansive Keynesian government spending. You don't realize that the government exists to stop the hoarding of the 3% because otherwise the economy would go into gridlock (the gridlock you will see as Bitcoin reaches the tip of its ponzi bubble). Either we debase decentrally or the government does it. And when the government does it, it becomes Keynesian:

[snip the urls]

But I also think Satoshi was smarter than his handlers. He hid the decentralized solution inside of a Trojan. All we have to do is change a few of the design parameters, then we eliminate the main reason government exists; we eliminate the power vacuum. And we the people win. I have a historic example of the scientists lying through their teeth to DARPA, otherwise we would not have the internet today:

World Without Web.

Satoshi appears to have done the same outsmarted his handlers at the NSA, giving us the key insights and market excitement to do the correct design.

Bitcoin vulnerabilities...

The same POS for all altcoins- for sure.  The same terminal with credit cards?  Of course!

Satoshi started with a nice premise.. stop the inflation, lets have a currency limited to 21 million units.

good comment, thanks.


the crypto-world needs competition and needs Litecoin. its good for the whole system.

Not true, in this decentralized crypto world, majority rules.. and at the moment the greedy alt-coin pumpers are convincing many to value profit over everything else.

I'm simply saying rather than let greed drive our direction, make a stance and let it be known that you prefer Bitcoin.

These alt-coins will always be around, and they do bring some benefits.. but with figureheads like Max Keiser now spruiking LTC and BTC like they are the same thing, newcomers will consider them the same and then our 21 million base just became 105 million. I liked the 21 million base.

This comment alone shows how little you truly believe in bitcoin. Competition is healthy.

So join me in casting your vote for Bitcoin, shop where Bitcoins are the only cypto currency accepted.

The same POS for all altcoins- for sure.  The same terminal with credit cards?  Of course!

Or are you thinking that Bitcoin payments would be done via the same credit card terminals? 

Throwing just some thoughts here. So Visa hasn't got ANY competition?

I suspect the difference between us is that I have run shops and trained people to take credit card payments.  It takes time.  And staff turnover is high so anything that adds to that time is bad.  Technically you are correct but in business terms, you will find that people dealing with the public will not want to handle 50 altcoins. I expect a trade body will endorse 1 and that will cause the entire market to use that one.