Topic: Coinbase CEO: bitcoin is far ahead! Altcoins are distractions! - page 6. (Read 10465 times)

I don't see what point you are trying to make with your USD analogy. Fiat is a source of wealth for governments (printing money doesn't increase a countries wealth, but it increases the printers portion of the pie). Now why would China for example want to give the United States the ability to constantly decrease China's portion of the pie?

I've said it before and I'll say it again, why create entire new coins/distributions for every new idea/feature/use (micro/merchant transactions, smart contracts/properties, anonymous transactions, etc), when those features could simply be built upon Bitcoin's rock solid system/distribution?

in the same circles is one things and running the SAME business is other thing.

Coinbase has shareholders same guys who are shareholders for Bitstamp, BTC-China, Ripple and many others. Don't take my words. Make a search.

You will observe that they own/share the same businesses; same exchanges, same news media websites(these are very important in promoting their shit).

Who? around of 6-7 people.

In other words, this gang is controlling the Bitcoin  

Chuck knows better than to overly rock the boat. He's expendable.

By "Chuck", I mean Charlie(Chuck), not you, ChuckBuck. 

Dang, you know shit just got real when CobLee dusts off his Bitcointalk account trying to defend his invention!  

Not trying to incite an alt-riot, but shouldn't you focus your disdain on your boss and put him on blast instead?

It's your employer's words that brought about this thread.  Maybe prove your superior wrong, not the people here?

Here's my take on it!

https://twitter.com/EMC2Whale/status/570767517016309760

 

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The points you have presented are valid, LaudaM just lost $ trading Darkcoin, and is "mad" at all altcoins. Shame.

Are you serious ? Leeching off what marketcap ? Nobody owns this market. Altcoins have attracted their own markets through distinctive technologies that others do not support. They haven't "leeched" off anything.


There are 2 "flavours" of fiat pegged alt currencies - 1 which uses supply restricted algorithms to manage the flow of coins to market and another who's blockchain supports the dynamic creation of pegged currencies by the matching of short and long positions in that currency - sort of like very granular banking.

In the latter case, as the adoption of the pegged asset increases, so does the value of the underlying collateral. This makes for a very elegant solution because it satisfies 2 disparate market requirements in a complimentary way - 1. The demand for risk assets which deliver a return on investment 2. The demand for a stable trading currency for use in retail and commercial markets.

You only have to look at coinmarketcap.com to see that they work:

Everything listed could have been done, without leeching off of the market cap.

How are altcoins addressing this (bold)?

They are distractions when they are all based on the price of bitcoins.

Words of wisdom, makes sense.

For me its words of wisdom.
Whenever it cause someone got angry or not.

You know Bitcoin is a joke when it's lead developer and creator stops developing for it. :p

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. As toknormal said, the market has already decided that altcoins have a future. The market is smarter and more efficient that any one of us. You can say "shitcoins are dead" a million times, but that doesn't change the fact that Litecoin has a $60M market cap and that people are willing to trade them at ~$1.80 a coin today. This doesn't guarantee that Litecoin will survive in the long run. But one thing I know for sure is that there will always be altcoins.

For those that think Bitcoin and sidechains (pegged Bitcoin) will cause market cap of all altcoins to go to 0, do you also think that all countries should adopt the USD or peg their currency to USD?

* And that is why I work for Coinbase.

 • so solving Bitcoin's lack of fungibility is a waste of time ?
 • improving on its epic 30 minute confirmation speed is a waste of time ?
 • exploring alternative inflation rates is a waste of time ?
 • testing un-mineable algos are a waste of time ?
 • supporting asset exchanges on a blockchain is a waste of time ?
 • addressing the need for a stable exchange with fiat is a waste of time ?
 • trying to match the demand for risk assets with stable currencies is a waste of time ?
 • addressing the need for contract rule-bases is a waste of time ?

If you really think that the Bitcoin blockchain or even sidechained cryptoes have a snowball's hope in hell of addressing all those demands - even on an experimental basis, never mind a production one - then I'd say stick with fiat because we're all at base camp and you've yet to look out the window.

altcoins are useless ripoffs of bitcoin, if bitcoins technology is to succed in some other project besides bitcoin, it certanly wont be some coin, but rather something entirely different.
people are sometimes confused with all the fuss about 999 altcoins, making them believe that bitcoin can be copyed,and for that reason has little value, but the hard fact is that only bitcoin has interest, comunity and infrastructure to make it, and all other alts are just feeding on bitcoin image like parasytes.

cheers

he's a clown but he's right that altcoins are a waste of time.

Bitcoin is subject to just as many scams, lies and robberies as alts are - if not more. Scammers don't limit themselves to any particular generation of cryptocurrency.

Some people posting on this subject are like an obsessive bunch of howling hyenas...."it's gonna be bitcoin ! it can only be bitcoin !!...alts are scams !...there's only room for one..!

Put a sock in it and accept the fact that the world is a diverse place (and that includes the CEO of Coinbase who has no business attempting to quell the natural course of innovation as if it's some kind of threat to growth).

There are 500 odd altcoins out there - they aren't going away. Some of them will disappear and others won't. Scare stories about 50% attacks and rocketing difficulty "killing all coins except bitcoin" are hypothetical nerd garbage. These things get solved by the markets and the general evolution of technology.

Alts will grow in diversity and marketcap for no other reason than they have to and that bitcoin needs them. They will be backed by bitcoin's value but not its blockchain which would otherwise just get strangled in a spaghetti of mismatched monetary demand, code, technology and adoption.

It's nature. Accept it.

Clowns have feelings too, man.

These scams do damage bitcoin's brand because average joe news listener probably doesn't make the distinction between any given shitcoin and bitcoin.

They don't yet know even the most fundamental Bitcoin (protocol) vs bitcoin (currency) or the fact that every altcoin from Litecoin on down is just a self-aggrandizing knockoff of Bitcoin (the protocol)

Sure, as long as they don't cry afterwards and say that Bitcoin is a scam, or cryptocurrencies in general, after they get burned in the altcoin market.

ALT coins certainly aren't in the spotlight like they once were. A lot of bubbles, but its a free market and people are entitled to choose whatever currency they wish to use.

Too bad mircea is a clown