Topic: Bitcoin is a liability for all coins (Read 311 times)
I think many altcoins are not very dependent on bitcoin, as a few years ago. Now the cost of altcoins depends more on Ethereum.
I see many altcoins following ethereum and ethereum following btc. It looks like for the first time since I have been following crypto Eth is worth more than 10% of btc on a consistent basis. It would be nice to see that number close to 25%.
I think that bitcoin market dominance is only heading one way - downwards.
Not particularly due to deficiencies in BTC, more the viability of alts.
https://coinmarketcap.com/charts/#dominance-percentage
I see many altcoins following ethereum and ethereum following btc. It looks like for the first time since I have been following crypto Eth is worth more than 10% of btc on a consistent basis. It would be nice to see that number close to 25%.
Everything is based on BTC. But who knows what it comes in future. Goverment doesn't like it, and pair are not gonna be only with btc, but with other coins. But I'm not sure if there will be added inseder transfer made with btc.
I think Btc still be the top
I think Btc still be the top
Actually, as far as I know not all altcoins relying on bitcoin. We all know bitcoin is the dominant crypto currency in the cyberworld which makes everyone interested due to its tremendous performance. In some point, not all altcoins relying bitcoin because it will still depends the demand of the society as well as in the bitcoin community. Bitcoin is so unpredictable that can survive all the dump situation and I believe it will still profitable and can give big help to each and everyone of us.
Firstly, let's drop the altcoin bullshit. Not all are Bitcoin clones looking to hitch a ride on BTC.
Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
For people outside the crypto sphere, bitcoin is cryptocurrency. One thing that would cause this to change is if another coin - I suppose ETH is the likeliest - supplants BTC as number one in cap. I think this would create massive media attention, and widen the focus from bitcoin to encompass all of the alternatives. And once the gates are open, they'll be difficult to shut...
ah I get your point, it's like it should have an office or someone like an organization wherein BTC movement will be monitored and new coin maker should apply on it for legal reasons like this coin is not a scam, well its a good idea fella the question is who will do it?
Firstly, let's drop the altcoin bullshit. Not all are Bitcoin clones looking to hitch a ride on BTC.
Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
Why are you so sure about the strength of BTC? it's just obsolete and its technology too, although now the situation is a little better due to the fact that transactions have become faster and a little less to cost but this is all temporary.Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
There are less transactions due to the crash. No other reason. Segwit is dead.
https://blockchain.info/charts/bip-9-segwit
Firstly, let's drop the altcoin bullshit. Not all are Bitcoin clones looking to hitch a ride on BTC.
Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
Why are you so sure about the strength of BTC? it's just obsolete and its technology too, although now the situation is a little better due to the fact that transactions have become faster and a little less to cost but this is all temporary. Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
A lot of people hating on Bitcoin lately and saying it's useless etc but you have to remember it gave birth to this market and alts and gave us all this opportunity.
I do agree however that it will lose it's number one spot. Possibly this year.
I do agree however that it will lose it's number one spot. Possibly this year.
Bitcoin did not give birth to this market. Satoshi did. He left Bitcoin and is almost certainly working on an "altcoin" that is superior to BTC. It's not worth it to remain loyal to BTC, the mining pools betrayed Segwit and no 2mb in sight. Lightning Network is an unsecured joke. If I thought BTC had a chance I'd put my money there, right now it is holding everyone else back.
There needs to become a new standard coin that everything is paired to, which is also fungible to fiat money. The only other way to avoid bitcoin's governance issues is if goods and services become more readily purchased using cryptocurrencies that are not bitcoin. Like if I could use ADA to buy stuff on Amazon, and I can get more ADA on an exchange through a 1:1 trade (without btc pairs), then I can get by without BTC
Everything is based on BTC. But who knows what it comes in future. Goverment doesn't like it, and pair are not gonna be only with btc, but with other coins. But I'm not sure if there will be added inseder transfer made with btc.
I think Btc still be the top
I think Btc still be the top
Yes, all altcoins are based on Bitcoin. Bitcoin is a litmus paper of the market. When BTC is growing very fast, altcoins are growing as well. When BTC is falling, the other coins are decreasing in their price.
Time for alts to break free from BTC, it wont ever be the currency of the future. Without Satoshi it is becoming dead weight.
I suppose altcoins and Bitcoins still have the strongest connection, but it is not as great as it was even last year. Alts are gradually becoming independent. They have their own forks and offer more possibilities that BTC can give to its users.
A simple factor that we should note is that with the fall of Bitcoin, all altcoins fall automatically then? maybe not, we know that Bitcoin is everyone's blue eyes, why? There are several factors that makes bitcoin as superior to all, a main one: Thanks to Bitcoin we are here in this forum and doing business and prospering, maybe decentralizing it would not be a good idea. However, I fully agree that Bitcoin is a responsibility for all the altcoins.
A lot of people hating on Bitcoin lately and saying it's useless etc but you have to remember it gave birth to this market and alts and gave us all this opportunity.
I do agree however that it will lose it's number one spot. Possibly this year.
I do agree however that it will lose it's number one spot. Possibly this year.
Firstly, let's drop the altcoin bullshit. Not all are Bitcoin clones looking to hitch a ride on BTC.
Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
It is a liability which most of the alts should know,every coin will follow bitcoin's movements,thus people should know that bitcoin's price will dictates whether these altcoins will grow or decline,i know developers of bitcoin is just getting a lot of profits from the forks they are creating which satoshi will surely get mad,because he doesnt want things to be like that. Bitcoin has a governance problem, so does every non-masternode coin. The wrong people are in charge of software updates. Greedy mining firms profit from high fees and will not scale it. Any coin that uses the same governance model is just as weak. BTC could be great, but the core team in charge now clearly profits from transaction fees, and like all corrupt institutions, their main strategy is silence. Investors may have finally wised up and realized BTC cannot deliver in its current state. Now it will keep having pullbacks due to backlog. It's hurting the whole ecosystem. We need to detach BTC from the rest of the coins if the people who can scale it won't, we need to drop the dead weight.
I'm sure Satoshi would be happy if any decentralized currency based on his blockchain code can deliver his goals.
Well I think we are starting to scale already, segwitt has been getting a good amount of adoption lately, other things like Schnorr signatures (I think i spelt that wrong lol) etc are also incoming. I am personally at the stance that a 2Mb block for now would have been good while other things are being worked on.
I don't think this is "core developers being corrupt" or anything. I reckon anyone who got in as early as them don't need more money anymore. If you take a look at BTC's github you will see that a ton of commits are happening. I am fine with waiting a bit while all these things get sorted. We are definitely seeing progress happening on scaling. LN is a good fix but I agree not a fix for everything. It will sort us out for micro transactions for things like streaming services etc. I am aware it doesn't fully fix ad hoc transactions directly but it will take a load off the blockchain.
We should remember this technology is still new, things take time to be developed. I am fine with waiting a bit longer. My biggest worry is how we as a community start fighting each other.
I will leave coin names out of this since I don't want to instigate an argument here but I do want to make a point.
We see certain movers and shakers of certain coins accusing other developers of lying and not allowing people to speak and all kinds of stuff. Where this used to be one community we seem to be forking off just like BTC. I think people need to take a step back and look at what we are trying to do here. In the end of the day all cryptocurrencies - apart from scam ICO's of course are on the same team. All these projects aim to bring a more fair and non-corrupt world.
It really slows us down if we keep attacking each other. We will move this whole industry forward much faster if we can get to a point where we can say "okay cool you fork and do your thing - I wish you luck" instead of "screw you guys I am starting my own coin".
I know the argument of scaling is much more complex than the above, but I think you get the idea. We should move to team everyone instead of team "insert coin name". Opinions on things will of course always differ, but lets remember we are all on the same team here.
P.S. if any developer of any coin sees this - thanks for all your work
I don't think this is "core developers being corrupt" or anything. I reckon anyone who got in as early as them don't need more money anymore. If you take a look at BTC's github you will see that a ton of commits are happening. I am fine with waiting a bit while all these things get sorted. We are definitely seeing progress happening on scaling. LN is a good fix but I agree not a fix for everything. It will sort us out for micro transactions for things like streaming services etc. I am aware it doesn't fully fix ad hoc transactions directly but it will take a load off the blockchain.
We should remember this technology is still new, things take time to be developed. I am fine with waiting a bit longer. My biggest worry is how we as a community start fighting each other.
I will leave coin names out of this since I don't want to instigate an argument here but I do want to make a point.
We see certain movers and shakers of certain coins accusing other developers of lying and not allowing people to speak and all kinds of stuff. Where this used to be one community we seem to be forking off just like BTC. I think people need to take a step back and look at what we are trying to do here. In the end of the day all cryptocurrencies - apart from scam ICO's of course are on the same team. All these projects aim to bring a more fair and non-corrupt world.
It really slows us down if we keep attacking each other. We will move this whole industry forward much faster if we can get to a point where we can say "okay cool you fork and do your thing - I wish you luck" instead of "screw you guys I am starting my own coin".
I know the argument of scaling is much more complex than the above, but I think you get the idea. We should move to team everyone instead of team "insert coin name". Opinions on things will of course always differ, but lets remember we are all on the same team here.
P.S. if any developer of any coin sees this - thanks for all your work
Time for alts to break free from BTC, it wont ever be the currency of the future. Without Satoshi it is becoming dead weight.
Everything is definitely based on BTC as it was the first one and therefore paved the way for other coins that will now also be effective in this market.
Xerox was the first major printer manufacturer. The Deleware and Hudson Company first brought trains to the US. Chalk's international Airline was the US' first commercial airline company.
Being first doesn't guarantee a spot in the future. Bitcoin cannot scale is not the future.
Everything is definitely based on BTC as it was the first one and therefore paved the way for other coins that will now also be effective in this market.
I think 99% of the coins would suffer if they had to operate at BTC's scale to be honest. There are very few coins that handle as many transactions. If we all universally decide to kill BTC and move over to LTC or BCASH then we might just find that we still have much of the same problems. Maybe a bit less of the high fees and slow speeds but we will still have these issues
BTC could scale right now, maybe not long-term. A 2mb block size would release some of the pressure at least. BTC does not have Satoshi designing the code updates anymore, it has huge efficiency problems that require testing and updates. I just don't see non-masternode coins scaling on a long-term scale.
Yea, what I dont understand is why the core development team didnt just scale for now with block size while we work on Layer 2 scaling. Imo layer 2 is a better futureproof way to do it if its done right. But bumping up the block size for now would really not have hurt.
As I understand this would have been a simple fork and the whole community would be fine with a temp bandage at this stage I think.
If by layer 2 scaling you mean that lightening network then you misjudged. It is badly flawed and it is a band-aid on a bullet hole.
The lightening network creates nodes, in those nodes you can transact freely without the need to write to the blockchain. You cannot transact outside those nodes without writing to the blockchain. Essentially, a community wallet using debit and credit to move coins around, no real transaction.
So the lightning network is exactly how exchanges work, without the reliable security or insurance. A non-blockchain solution means Bitcoin is no longer safe and secure due to the blockchain.
A cheap ripoff of a superior system created by Dash. Dash uses Masternodes to guarantee your position on the blockchain. You can transact freely and instantly and your transaction will be written on the blockchain, a blockchain solution for blockchain inefficiency.
Sorry, BTCs problems are fundamental, a fix would require aligning the interests of the people that govern it with the fix, better start brainstorming.
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