BREAKING NEWS: Bitcoin Dominance < 50%

MingLee

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Quote from: leopard2 on May 16, 2017, 06:40:42 PM

Quote from: MingLee on May 16, 2017, 06:31:31 PM

Surprising that XRP is beating ETH right now too.

Oh no, not at all. ETH is complicated technology, Turing complete and all, mining and developing ETH takes real work. XRP is just created from thin air, not even premined, just "created".

In fact even fiat book money is "fairer", because it requires at least a loan to be created, so there is future work attached to it.

XRP is created like Zimbabwe dollar, but without the paper Grin

That's a good point, there really aren't any caps on XRP as a token and I'm kind of surprised that they're able to get away with something like having 38B tokens and yet still having them have some sort of value. It's nuts that it's being valued like that with such a stupid supply.
XRP will hopefully last for only a short time before falling down in its own right, something like that is unsustainable and unlikely to work out.

richardsNY

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Quote from: XbladeX on May 16, 2017, 05:03:41 PM

Quote from: richardsNY on May 16, 2017, 04:22:55 PM

Completely nonsense news. ***

To be honest another metric like trading volume is dropping below 50% from time to time.

Altcoins experience the time of their life as the bubble is growing larger and larger. Another thing that contributes is the fact that now Bitcoin has become an expensive asset to acquire (in relative terms), people are looking for cheaper alternatives with better profit making opportunities. Again, the growing altcoin bubble is attracting a lot greedy people too. It lasts till the bubble pops. After that a large portion of that money will flow into Bitcoin. Actual usage counts, everything else is pretty much irrelevant.

vsyc

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Its irony, its drama, its soap to watch democratic-decentralised-"free world" BitCoin community altogether crying on loosing dominance, how does it go together with democratic-decentralised-"free world"?

RayX12

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Market cap does not mean a whole lot of beans.
Market acceptance does and XRP is gaining it in leaps and bounds!
Tongue

jubalix

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Despite the crudeness of the market cap measure, it does provide a quick yard stick that people accept as a quasi defacto measure of market importance.

The I posit correct marker is the trend, and this trend has been clear and only one way. The BU/CORE has hastened this.

vsyc

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Quote from: leopard2 on May 16, 2017, 07:18:23 PM

Mathematically XRP can easily eclipse the entire Universe in market cap

It can be created in unlimited amounts: no interest rate, zero difficulty, and no entity like a central bank or a government, that controls the amount in any way

Ripple can say, well, "we define maximum number of tokens = 10^999999999999999999999999999999

But we are very nice and "lock up" 10^99999999999999999999999999" and XRP price will go to 10$ because there are enough idiots who believe that they are a rare commodity now.

Not sure, who is idiot:

a.) You by creating every possible conspiracy theory from air
b.) Traders that bought XRP since very your first negative post about XRP?

I bet 1000BTC on a.)

leopard2

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Mathematically XRP can easily eclipse the entire Universe in market cap

It can be created in unlimited amounts: no interest rate, zero difficulty, and no entity like a central bank or a government, that controls the amount in any way

Ripple can say, well, "we define maximum number of tokens = 10^999999999999999999999999999999

But we are very nice and "lock up" 10^99999999999999999999999999" and XRP price will go to 10$ because there are enough idiots who believe that they are a rare commodity now.

vsyc

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Quote from: leopard2 on May 16, 2017, 06:40:42 PM

Quote from: MingLee on May 16, 2017, 06:31:31 PM

Surprising that XRP is beating ETH right now too.

Oh no, not at all. ETH is complicated technology, Turing complete and all, mining and developing ETH takes real work. XRP is just created from thin air, not even premined, just "created".

In fact even fiat book money is "fairer", because it requires at least a loan to be created, so there is future work attached to it.

XRP is created like Zimbabwe dollar, but without the paper Grin

I can bet 1000BTC that everything you troll about XRP worth less than Zimbabwe dollar without the paper Cheesy

Minecache

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Vave.com - Crypto Casino

Quote from: franky1 on May 16, 2017, 06:58:23 AM

these guys understand it

Quote from: Pursuer on May 16, 2017, 06:03:00 AM

Bitcoin's share of the total marketcap (not its dominance) is decreasing because of a very simple math.

market capitalization = supply * price

increase the supply you increase the marketcap.
increase the supply to a ridiculous number like 100 billion you get a ridiculously big marketcap.
now have hundreds of altcoins with ridiculous numbers you get a huge total marketcap in which bitcoin has a tiny share.

Quote from: Qartada on May 16, 2017, 06:18:40 AM

Good thing that no one cares. There are hundreds of completely worthless alts with market caps of >$1,000,000 even if their trading volume is just a few thousand. All it takes is a meaninglessly large supply.

in short make an alt with 5trillion coins premined.. put ONE.. yes ONE coin on an exchange and sell it to yourself for $1.. yes spend just $1.. and BAM market cap of that coin is $5trillion

market caps are a MEANINGLESS number. its a bubble number backed by nothing.
there is not $5trilling backing the premined coins i used in my example. just like there are not $28+billion in bank accounts backing bitcoins market cap. nor any other altcoin.

the sooner people realise this and stop giving a crap about market cap, the better.

here are things people SHOULD care about:
how many merchants accept coin X
how many employee's are working to do something within a certain coin, (devs, consultants/trainers, convention organisers, device(HWwallet/asic,etc) manufacturing employees, payment processors/exchanges etc, etc)
how many users a coin has

though some of these details are not easy to find. they are a hell of a lot more important stat than market cap

Yeah let's just ignore the gigantic elephant in the room.

leopard2

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Quote from: MingLee on May 16, 2017, 06:31:31 PM

Surprising that XRP is beating ETH right now too.

Oh no, not at all. ETH is complicated technology, Turing complete and all, mining and developing ETH takes real work. XRP is just created from thin air, not even premined, just "created".

In fact even fiat book money is "fairer", because it requires at least a loan to be created, so there is future work attached to it.

XRP is created like Zimbabwe dollar, but without the paper Grin

leopard2

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Why Ripple scamsters should just at few more zeros to their maximum number of coins, then their """"""""market cap"""""""" would be phantastillions of dollars and XRP shills would have to type their shill messages with one hand while jerking off with the other all day long Roll Eyes

just add "000000000000000" into the code, that's how they "mine" tokens, by typing numbers into a sourcecode

It makes me laugh; when Onecoin issued their internal, useless token, they were called fraudsters, but Ripple does precisely the same thing, just that XRP is on Poloniex so they have a "value" which is then multiplied by a huge number.

Market cap means nothing. The orderbooks for XRP are thinner as paper.... Grin

MingLee

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Quote from: freedomno1 on May 16, 2017, 06:14:13 PM

I forgot to mention the obvious last time real reason we are seeing the shift to alts.

Bitcoin is to slow for transactions to different users particularly newbies who have no clue why the transaction is so slow and too costly in comparison to altcoins this is causing people who want faster usage and lower cost to move to altcoins.

Should be seen as natural as Bitcoin is moving to a premium coin while the rest are transitioning into the standard coins since we are stuck on a fork path the pattern may reverse somewhat if we get some consensus.

Sucks for the newbies who use faucets to learn about bitcoin, the transaction size and fees basically mean a faucet is a negative return which leads to another pattern in that altcoin faucets become popular and their usage increases instead.

https://bitcoinfees.21.co/
For the median transaction size of 226 bytes, this results in a fee of 81,360 satoshis. = $2 CAD is it really not obvious why we see this trend.

That's actually a good point when you think about it. It would make sense if other cryptos start to become a bit bigger as transaction fees increase with Bitcoin, and I'm not sure if that's a great thing but it would definitely make Bitcoin start to fulfill the roll of "digital gold" or being the reserve crypto for the rest of the markets.
Surprising that XRP is beating ETH right now too.

freedomno1

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Learning the troll avoidance button :)

I forgot to mention the obvious last time real reason we are seeing the shift to alts.

Bitcoin is too slow for transactions to different users particularly newbies who have no clue why the transaction is so slow and too costly in comparison to altcoins this is causing people who want faster usage and lower cost to move to altcoins.

Should be seen as natural as Bitcoin is moving to a premium coin while the rest are transitioning into the standard coins since we are stuck on a fork path the pattern may reverse somewhat if we get some consensus.

Sucks for the newbies who use faucets to learn about bitcoin, the transaction size and fees basically mean a faucet is a negative return which leads to another pattern in that altcoin faucets become popular and their usage increases instead.

https://bitcoinfees.21.co/
For the median transaction size of 226 bytes, this results in a fee of 81,360 satoshis. = $2 CAD is it really not obvious why we see this trend a toonie to spend a nickel ^^ no spam indeed.

Yakamoto

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Quote from: Enjorlas on May 16, 2017, 05:12:06 PM

It's hilarious seeing all these triggered Bitcoiners.

M8 I have bad news for you, Ripple literally doesn't matter when it comes to being $12B and having a less than 50% total of the market cap for all cryptos doesn't really mean anything either, especially since it's basically a fiat currency taking on a digital form. With a total supply of 38B (that I believe is growing) and being valued at ~$0.38, it's nothing like a "normal" crypto and simply an extension of fiat.

Will it grow in value? Probably, but right now it doesn't really mean all that much.

Enjorlas

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It's hilarious seeing all these triggered Bitcoiners.

XbladeX

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Quote from: richardsNY on May 16, 2017, 04:22:55 PM

Completely nonsense news. ***

To be honest another metric like trading volume is dropping below 50% from time to time.

richardsNY

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Completely nonsense news. How on earth can you add any value to the fake market caps of altcoins with billions and billions in premine. As others explained -- even if the total coin supply is 10,000 billion, if you buy 1 coin at $1 -- the coin in question will have a $10,000 billion market cap. It's a cheap form of manipulation to make newbies fall for it.

GetClams.com

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Quote from: SaShiRaJaVu on May 16, 2017, 03:10:13 PM

Quote from: btcforall777 on May 16, 2017, 01:52:06 PM

Yeah and to buy those altcoins you have to buy bitcoin first. So it is actually helping bitcoin.

That is not entirely true you could purchase altcoins using fiat too and all the major exchanges do accept dollars. One coin that has a major volume is Ripple and it is not a big issue as the alt coin scene has more than 260 coins and you really cannot compare one coin against the rest and say the dominance is less.

An infinitesimal number of coins are bought using fiat and while that is slowly changing, as of today it thats the way it is. If fiat becomes the dominant way to purchase altcoins btc price would drop.

cryp24x

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Quote from: DeathAngel on May 16, 2017, 06:17:44 AM

Doesn't really mean much, bitcoin is so much further ahead in every other aspect. New altcoins are popping up all the time so it's only natural that bitcoin's dominance will drop below 50%.

I guess it is New altcoins is pumping and with large total supply, it is natural that bitcoin dominance will look like it drops below 50% but the truth is, the computation or calculation is flawed Tongue

. How can you compare a billion coins to a 21 million coins and claim that 21 million coin is dropping in dominance when the truth this billion coins are just being pumped hard?

pressureonme

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