Topic: Bitcoin & pre-2016 crypto (Read 157 times)

We probably won't be back to that stage anymore. Its safe to say that things have blown a little bit out of proportion especially latter part of last year with many people getting in probably for the wrong reasons and belieiving it's just an easy way to make big money.

Useless ICOs and shitcoins will always be ubiquitous no matter what, because the floodgates have been opened. The moment someone sees free money, they jump on it, and ICOs create a method for anyone to create any amount of money they want. However, this "money" can only be valued in two ways:

1. Peer-to-peer trust

A bunch of people have to come together and agree - yes, this is money. For example, if I made AliaCoin and had a Telegram group of 500 users, then we could come together and decide a price, and even trade the tokens amongst ourselves. I could say AliaCoin is 10 cents a pop, and many of the 500 users would buy it.

2. Central trust

Or, an exchange could go ahead and list AliaCoin at $1 each (maybe Poloniex or Bittrex). In this manner, a lot of money has been created out of thin air, and it has been validated by a central authority.

Bitcoin has a huge network of peer-to-peer trust and an astounding magnitude of central trust, and thus its value and thus scarcity is unparraleled. However, for new shitcoins, both types of trust is slowly dwindling. It used to be easy to make an alt and get it listed, but now, with the thousands of shitcoins flooding into the crypto scene, you can't get Kraken or Liqui to list just any old shitcoin. And thus, shitcoins are losing central trust. Eventually, trust in the value of these shitcoins will exponentially decrease (crash is a good word) and only a few main coins will remain - simply because of their stronger trust networks.

That's well put. We can't control the populus but at least fueling the innovation with unargued direction... that's the least we could accomplish.

That is expected to come and flood in cryptocurrency world, bitcoin is the very first cryptocurrency that made it as a great example or idea for the creation of other versions, system, usage, and features of coins or ICO's with the help of blockchain technology, you cannot stop nor prevent them from the creation of such things because we have our own ideas and motives in all things and there is no excuse for crypto to go for different paths whether it is beneficial to bitcoin or not.

But those that left to create their forks were not true supporters of bitcoin, they were like a cancer and what do you do with a cancer, you try to eliminate it and when that is not possible it maybe necessary to remove a limb in order to combat it, in my opinion all these forks are good in the sense we are getting rid of dead weight that was slowing down bitcoin.

I loved the moon lambs memes for a time, but now there is an incredible influx of normal people flooding the market with obscenity - and not the fun type. That's actually why I've come here and finally made an account after lurking for almost 4 years... something needs to be done to take the initial concept Satoshi gave us and to throw it into overdrive. Bitcoin was a catalyst - the spark igniting the altcoin fire - and now we have to have trusted & consenting individuals leading the masses of contributors, instead of infighting.

I've loved Bitcoin from the start and still do, but like many others the infighting and forks and separation... we all know a house divided cannot stand.

We have lost that opportunity to grow ourselves in the field of crypto currency  where the real agenda was , however I believe that with governments interfering more and more into the cryptos the Devs will have to focus on the agenda that it was made for.

Why? Because I believe that Devs or the committee of bitcoin or whatever they are I don't know will see their asses stuck badly into trouble. If they don't show up with some good applications soon and if crypto gets dark mark of stuff like laundering and terrorism then it's going down for sure.

But on the current line, everyone is hunting the bitcoin for money, getting rich in short time and for a Ferrari (dam it). Everyone has already misguided the whole thing and there is surely no come back from this mess unless and until some one takes this seriously.

The fact you had to mine to earn coins and that became the basis for pseudo-anonymous transaction and the ultimate propagation of cryptocurrency, was the true innovation Bitcoin brought. Now, with ICOs, buzzwords, pump-and-dumps, and a new exchange every Tuesday, I feel like that sentiment has been washed.

The economic model of Bitcoin - to create artificial scarcity over time in addition to short-term supply control - was an incredible thought at the time. How do we move back to this model without the cancer of speculation?