Coinbase CEO: bitcoin is far ahead! Altcoins are distractions! - page 2.

pitham1

legendary

Activity: 1232

Merit: 1000

Quote from: picolo on March 04, 2015, 07:51:17 AM

Quote from: Herbert2020 on March 04, 2015, 02:00:21 AM

Quote from: bitcoinmonk on March 03, 2015, 04:24:28 PM

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

at this moment, the only use any altcoin out there has is just to put money in a few people's pockets. if you see the price change of any altcoin, you can see lots and lots of pumps and dumps which a few people are getting rich by.

Most the use of most altcoins is indeed to make money to a small number of people.

If an altcoin truly had an innovative feature, I am sure it will get adopted in Bitcoin as well.

TheMage

hero member

Activity: 812

Merit: 1000

Litecoin Association Director

Quote from: Btcvilla on March 04, 2015, 11:29:11 AM

Quote from: ChuckBuck on March 04, 2015, 08:48:22 AM

Very important video interview! Brian Armstrong talks with Altcoin developers on how to integrate into Coinbase.

Must watch:

https://www.youtube.com/watch?v=cIasr2AiyZ0

My sides, that is just amazing, the best version of this is the Minecraft one.

The vid was pretty damn funny (saw it last night btw unrelated to this thread).

Just an FYI, Brian never answered publicly as far as I know. But I have heard he would rather not take me up on my offer

.

Btcvilla

sr. member

Activity: 1078

Merit: 270

Quote from: ChuckBuck on March 04, 2015, 08:48:22 AM

Very important video interview! Brian Armstrong talks with Altcoin developers on how to integrate into Coinbase.

Must watch:

https://www.youtube.com/watch?v=cIasr2AiyZ0

My sides, that is just amazing, the best version of this is the Minecraft one.

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Very important video interview! Brian Armstrong talks with Altcoin developers on how to integrate into Coinbase.

Must watch:

https://www.youtube.com/watch?v=cIasr2AiyZ0

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: BayAreaCoins on March 04, 2015, 07:16:13 AM

Bitcoin is plenty corrupt and plenty of Pump n dumps...

What's the matter capitalist, the market leaving you butthurt? You don't like the game because other people have more pieces than you do?
Awwww, poor little guy, he still thinks he can win the game! I'm afraid there's no room for you at the top of the pyramid, my child. You will have to remain poor forever.

Harsh reality: If you're not already among the global wealthiest ten percent, odds are high you'll be getting poorer in the coming decades. Automation is a bitch of a thing.
This is the beginning of the end of the nation state and capitalism as we know it. Divesting everything from fiat is your only hope to survive the coming transition.

picolo

hero member

Activity: 1022

Merit: 500

Quote from: Herbert2020 on March 04, 2015, 02:00:21 AM

Quote from: bitcoinmonk on March 03, 2015, 04:24:28 PM

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

at this moment, the only use any altcoin out there has is just to put money in a few people's pockets. if you see the price change of any altcoin, you can see lots and lots of pumps and dumps which a few people are getting rich by.

Most the use of most altcoins is indeed to make money to a small number of people.

BayAreaCoins

legendary

Activity: 4004

Merit: 1250

Owner at AltQuick.com

Quote from: Herbert2020 on March 04, 2015, 02:00:21 AM

Quote from: bitcoinmonk on March 03, 2015, 04:24:28 PM

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

at this moment, the only use any altcoin out there has is just to put money in a few people's pockets. if you see the price change of any altcoin, you can see lots and lots of pumps and dumps which a few people are getting rich by.

Bitcoin is plenty corrupt and plenty of Pump n dumps... last one was cause of Coinbase actually and their Rick Rolling news. I wonder if Coinbase tries to grab the lime light again on this little rise.

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: bitcoinmonk on March 03, 2015, 04:24:28 PM

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

at this moment, the only use any altcoin out there has is just to put money in a few people's pockets. if you see the price change of any altcoin, you can see lots and lots of pumps and dumps which a few people are getting rich by.

koshgel

legendary

Activity: 1162

Merit: 1001

Quote from: bitcoinmonk on March 03, 2015, 04:24:28 PM

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

They aren't useless but they don't present anything new that would overshadow Bitcoin.

Btcvilla

sr. member

Activity: 1078

Merit: 270

I use altcoins all the time (mainly just Dogecoin now). But its annoying when people who love these altcoins say it will take over Bitcoin, That will never happen..

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: Joshuar on March 03, 2015, 05:37:52 PM

Yes, I already agreed to this. Bitcoin only solves the BGP if you assume the network isn't compromised. Strictly speaking, Bitcoin cannot solve the Byzantine Generals' Problem, but neither can anything else with 100% confidence. This is why it is a "dilemma" or "problem" and why researchers study probabilistic solutions to solving the Byzantine fault tolerance problems.

Strictly speaking, on paper the dilemma may remain forever "unsolvable". However, each and every day of bitcoin's existence, the problem of trust is solved in practice.

And it's getting bigger and more valuable.

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Quote from: bitpop on March 03, 2015, 05:51:57 PM

Quote from: inBitweTrust on March 03, 2015, 05:43:54 PM

Brian Armstrong must have come to this conclusion after watching this interview with an altcoin developer:
https://www.youtube.com/watch?v=cIasr2AiyZ0

That was a great interview

Best I've seen so far. Just spot on take by this alt coin developer. They really get to the nitty gritty and technical focus of why Altcoins matter.

Bitcoin is I'm afraid doomed by this video's developer take on Altcoins. Cry

bitpop

legendary

Activity: 2912

Merit: 1060

Quote from: inBitweTrust on March 03, 2015, 05:43:54 PM

Brian Armstrong must have come to this conclusion after watching this interview with an altcoin developer:
https://www.youtube.com/watch?v=cIasr2AiyZ0

That was a great interview

inBitweTrust

hero member

Activity: 658

Merit: 501

Brian Armstrong must have come to this conclusion after watching this interview with an altcoin developer:
https://www.youtube.com/watch?v=cIasr2AiyZ0

Joshuar

hero member

Activity: 504

Merit: 500

eidoo wallet

Quote from: Beliathon on March 03, 2015, 05:27:18 PM

Quote from: Joshuar on March 03, 2015, 01:50:08 PM

There have been other digital "currencies" before Bitcoin, so Satoshi essentially reinvented the wheel as well. In fact, every invention that came after the discovery of fire and the making of the wheel, is what we deem "reinventing the wheel", as we base and grow inventions based upon what others invented in the past.

Flatly incorrect. Satoshi solved the byzantine general's problem, a solution which had eluded computer scientists for decades.

Satoshi did not solve the Byzantine generals problem. He "partially" solved it. It's fully unsolvable as of yet.

There's even a thread on that exact topic.

https://bitcointalksearch.org/topic/who-solved-the-bizantine-generals-problem-934626

Quote from: inBitweTrust on January 25, 2015, 10:50:56 AM

Quote from: Come-from-Beyond on January 25, 2015, 10:45:14 AM

Quote from: inBitweTrust on January 25, 2015, 10:34:57 AM

Does HYPERLEDGER really solve the Bizantine Generals problem if it has to assume that 66.6% of nodes are trusted?

I can't say anything regarding this issue.

Well, maybe BGP is not solved yet. Anyway, this doesn't change the fact that Satoshi didn't solve BGP.

Yes, I already agreed to this. Bitcoin only solves the BGP if you assume the network isn't compromised. Strictly speaking, Bitcoin cannot solve the Byzantine Generals' Problem, but neither can anything else with 100% confidence. This is why it is a "dilemma" or "problem" and why researchers study probabilistic solutions to solving the Byzantine fault tolerance problems.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: gentlemand on March 03, 2015, 05:27:33 PM

Quote from: Beliathon on March 03, 2015, 05:24:42 PM

Quote from: coblee on February 25, 2015, 07:07:01 PM

The "there can only be one" camp of Bitcoiners do not understand that altcoins supporters don't necessarily think that any altcoin will overtake Bitcoin in value. I can't speak for everyone, but I believe that Bitcoin will always be the "one" cryptocurrency, the crypto reserve currency.* But there will always be room for a few more cryptocurrencies that are adopted widely just like Bitcoin. These cryptocurrencies will have independent economic models and not pegged to Bitcoin and will have a free-floating market price.

All true, except you conveniently didn't mention the free-floating market price of all these reinvented wheels will be free-falling down to zero as bitcoin matures.

Sperm is a fun analogy. There are currently lots of swimmers furiously trying to get to the egg of mass adoption. Once the strongest fights its way in the rest will fall away.

Well said!

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: Beliathon on March 03, 2015, 05:24:42 PM

Quote from: coblee on February 25, 2015, 07:07:01 PM

The "there can only be one" camp of Bitcoiners do not understand that altcoins supporters don't necessarily think that any altcoin will overtake Bitcoin in value. I can't speak for everyone, but I believe that Bitcoin will always be the "one" cryptocurrency, the crypto reserve currency.* But there will always be room for a few more cryptocurrencies that are adopted widely just like Bitcoin. These cryptocurrencies will have independent economic models and not pegged to Bitcoin and will have a free-floating market price.

All true, except you conveniently didn't mention the free-floating market price of all these reinvented wheels will be free-falling down to zero as bitcoin matures.

Sperm is a fun analogy. There are currently lots of swimmers furiously trying to get to the egg of mass adoption. Once the strongest fights its way in the rest will fall away or just swim around forlornly until they're dead.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: Joshuar on March 03, 2015, 01:50:08 PM

There have been other digital "currencies" before Bitcoin, so Satoshi essentially reinvented the wheel as well. In fact, every invention that came after the discovery of fire and the making of the wheel, is what we deem "reinventing the wheel", as we base and grow inventions based upon what others invented in the past.

Flatly incorrect. Satoshi solved the byzantine general's problem, a solution which had eluded computer scientists for decades.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: coblee on February 25, 2015, 07:07:01 PM

The "there can only be one" camp of Bitcoiners do not understand that altcoins supporters don't necessarily think that any altcoin will overtake Bitcoin in value. I can't speak for everyone, but I believe that Bitcoin will always be the "one" cryptocurrency, the crypto reserve currency.* But there will always be room for a few more cryptocurrencies that are adopted widely just like Bitcoin. These cryptocurrencies will have independent economic models and not pegged to Bitcoin and will have a free-floating market price.

All true, except you conveniently didn't mention that the "free-floating market price" of all these reinvented wheels will be free-falling down to zero as bitcoin matures.

Baghead

full member

Activity: 223

Merit: 100

Quote from: bitcoinmonk on March 03, 2015, 04:24:28 PM

Altcoins are basically useless except for demonstrating/testing out new ideas or perhaps as a fork if Bitcoin got too corrupted.

Which comes from someone who does not make money from alts because if he did he would know they are more than useless and they in fact a money maker. You are right about them being good for testing out new ideas etc but one of these will creep up before you know it, can't put a lid on better tech for long.

Topic: Coinbase CEO: bitcoin is far ahead! Altcoins are distractions! - page 2. (Read 10474 times)