Topic: Eth being sold to buy Sol - meanwhile BTC keep winning... (Read 383 times)

Well, with respect, people need to understand that whilst some traders "make more money trading altcoins compared to Bitcoin", overall more traders in total lose money trading altcoins compared to Bitcoin. Its a mugs game. The "winners" in the alt coin game are primarily those who launch such coins - and guess what they do - they buy Bitcoin!

But yes, there will always be a new fool who believes they can consistently outperform BTC with alts. Most sadly need to learn their lesson the hard way. But I agree, if we can educate them in advance then we all benefit (other then the shicoin founders).

You need to understand that many traders make more money trading altcoins compared to Bitcoin that is hard to manipulate. Manipulation in the market makes many of these altcoins projects to be easy to trade without much technical analysis. This is not Forex Marketplace where a trader would have to keep reading charts to understand what price could be capable of doing so they can position their trades. Bitcoin can not be compared to altcoins including Ethereum and it's high time we start to think smartly so that we don't have to keep making mistakes of seeing altcoins doing better tna Bitcoin just like you have said. Bitcoin still remains my favorite cryptocurrency in the market.

Yes, LTC founder dumped all his coins at the peak of the market. Actually it turned out to be the peak because when people heard about his decision they panicked and sold, ending the bull run prematurely.
He claimed that he did it so that he wouldn't be accused of pumping the coin for his own benefit, but that's what he was doing and that's what he did at the end. He sold at the peak of the pump that he took part in. Then, probably because he was afraid of being sued for it, he donated most of the profits.

Here's an article from 2018

“People lose money and they want someone to blame,” Lee said in an interview Tuesday. “And they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”

Lee announced his decision on Dec. 20, 2017, a day after the token reached a record high of about $375. It’s been falling ever since, and is now trading at about $30. The sale was done via several trades at an average price of about $200, he said.

https://www.livemint.com/Money/Ryp8lvHyp2wIQU5rMwm9KK/A-year-after-Litecoin-founder-sold-most-of-his-crypto-holdin.html

Re "There are lots of alts, big ones with potential, however, the ETH stands proudly above them. Even with all of its flaws and technicalities which were mentioned above and much more throughout the threads."

Eth may stand proudly above other alts. But it time, it seems to be shrinking in status among alts, being viewed as old, stale, directionless, and a jack of all trades but master of none. We certainly see this in the relative decline of ETH in value and % of total alt market cap over the last 3 years. Reality is, in terms of price, speculators have moved on...

There are lots of alts, big ones with potential, however, the ETH stands proudly above them.
Even with all of its flaws and technicalities which were mentioned above and much more throughout the threads.

I really agree with your opinion which states that Ethereum is an alternative that is always closely related to Bitcoin. In a few days, the increase in Bitcoin has not had a big effect on the price of Ethereum. Currently, Bitcoin's movement continues to peak. Everyone says Bitcoin is the number 1 coin in the crypto world and vice versa.
I still believe that Ethereum has good potential for the future and will not be the same as other niche coins that we cannot rely on in the long term, whereas Ethereum already has strong financial standing in the market among the most popular altcoins after Bitcoin.

Did the founders of LTC cash out previously? Didn't hear about it.

I totally understand why Ethereum is being called an alternative to Bitcoin, but in reality, ETH isn't a true alternative to BTC. ETH is too different than BTC and fits another niche in the crypto world. A pump-and-dump shitcoin, whose price goes up by 1000% overnight definitely "outperforms" Bitcoin, but such achievement is totally fake, because the shitcoin cannot sustain that artificially pumped price.
Anyways, BTC is having a bull run right now and everyone is making posts about how "Bitcoin is king". When the BTC price inevitably crashes, everyone will suddenly start complaining about Bitcoin. We've seen this before and it will happen again.

In some ways, Eth was a scam from the outset, trying to create a "Better than BTC" Bitcoin, with additional features, and trying to steal value from BTC into the scheme. This plan succeeded initially, due to human's innate gread, lack of knowledge of economics, and innate curiosity. However, that how now reversed, as a portion of that investor group wised up and moved to BTC, and another portion were disloyal from the outset and chased the next hot thing being Sol or whatever. Either way, Eth is now in a tough spot as money continues to drain out.

For the same reason shitcoiners do it. Why did Do Kwon do it? Why did SBF scam people?

The way I see it, the goal of ETH was to become the most popular cryptocurrency. From the start they wanted to make a better bitcoin. A cryptocurrency that can be mined, but also allow others to launch shitcoins on its chain. It was supposed to be a coin of opportunities and a coin for building. If that eventually fails this will most likely lead to devs leaving the project, just like Hoskinson did years ago.
As enough people abandon ETH, founders will cash out whats left and move on.
Hasn't that happened before? Just look at LTC. 

Blockchain with a proof-of-work consensus algorithm is, first of all, a digital currency. People need decentralized money, which is why Bitcoin has become a mega-popular project.

A decentralized global computer (the original positioning of Ethereum) turned out to be unnecessary for most people. People are not smart enough for such a computer, they are satisfied with a laptop and a smartphone. In addition, governments of all countries are more or less tolerant of various centralized operating systems, centralized app stores, etc.

However, a decentralized operating system and a decentralized app store are not what governments and intelligence agencies want to see. This is too powerful an entity.

Perhaps (by the way), in the near future, artificial intelligence will learn to use this entity (for example, to create monetizable content and independently purchase computing power and electricity).

I think I get what you mean but I meant something different with "real world problems". The "real world problems" I was talking about are, imo, necessities of people which are not related to the cryptocurrency sector. They can exist even in the virtual space, but they are real necessities.

"Transferring value without being censored" is such a "real world" necessity which Bitcoin solves, even if the transaction itself occurs in the "virtual world". My favourite example is an opposition movement in an authoritarian country. They need funding for their activities, and Bitcoin can provide an electronic means if the banks are denying an account.

Or take a stateless person who doesn't get a bank account anywhere and wants to save some money.

On Ethereum at the start there were some projects which looked interesting at a first glance. For example there was some kind of trust which allowed to pool people together to finance projects, and basically they were promoting it as an alternative to a bank credit and/or insurance-style services. I think it was this one (Wetrust Platform). The market for such a platform should be enormous if it works. However, I never heard anything from this project again. My guess is that people learnt to game the DAO of the project, or that it was simply a scam, and I have had also doubt such a community can work.

ICO tokens to finance a startup, on the other hand, is a solution for a real world problem where Ethereum did work a bit. But ... you don't need a Turing complete scripting language for that. Coloured coins can do that trick on Bitcoin, LTC and friends since 2013 or so. Idem centralized stablecoins like Tether (which started on BTC). And the enormous amount of scams and rugpulls didn't really favour it as a platform for "serious" startups, above all outside the crypto sector.

Thus the problem for Ethereum is: how can it justify its Turing complete language which makes everything much more complex, but provides little solutions for "real world" problems?

Why would they do it, though? 

I just don't think cryptocurrencies can solve real world problems. The real world is run by completely different people (people using 20th century social technologies, not 21st century ones).

The virtual and real worlds are different kinds of worlds. In the real world, everything is based on laws and regulations. In the real world, it is very difficult to take an action if it contradicts the law (and it is completely impossible to take an action if it contradicts the physical world).

In the virtual world, you can take any action if it does not contradict the program code (which can be changed quite easily if necessary). It is certainly possible to take actions in the virtual world that are simultaneously consistent with the code and laws created by the elites of the real world, but it is essentially meaningless. Such actions will essentially be no better than the actions you can take in the real world.

How, for example, are real world stocks worse than digital tokenization of assets? No better ...

This is why it is impossible to create an ideal application on Ethereum for the real world.  Bitcoin has such enormous value precisely because it uses real-world resources for the task of transferring value exclusively in the virtual world. Bitcoin, in a way, says to people - "I don't care about you and your real world." And people say to Bitcoin - "This is exactly why we are interested in you!"

I agree fully, well said.

And that's also exactly the problem I have with Ethereum, so I don't understand why you on the other hand don't insist on a "killer app".

Bitcoin, as a value transfer tool, has characteristics no other medium of exchange can provide, like its strong censorship resistance. While other altcoins provide that too, none is as secure as BTC.

Ethereum positions itself as an application platform. That's completely okay. The problem is with the applications themselves. They should solve a real world problem. And that's where I think most Ethereum projects are failing. They are creating solutions in the virtual space which are not related to a problem in the real world. Not even in a "virtual world" outside of the crypto space.

There are very few exceptions, I think for example that Dai is really an interesting project, even if I wished it would be even more decentralized. But most other projects are basically marketplaces either of cryptocurrencies or tokens (which is why I wrote about the "circlejerk" problem) of "some virtual data entity", like AI agents. These marketplaces normally don't really need a blockchain to function.

Yep, exactly.

I just have one question to ask all those hardened ETH supporters.

Where's the flippening?

I've been waiting to see it for the last 5 years, with every few months someone saying ETH will be the new king it's just a matter of time and all that shit.
The only thing that is a matter of time is that Buterin and Lubin will one day be dead and before that they'll fill their pockets dumping their ETH and moving to other projects, like so many other devs did.

For the record, I still have a few bucks in ETH just in case they pump it one last time before they exit.

Interesting that even with the BTC pump last few days, whilst Eth also up, ETH to BTC is right now at yet another 3 year low.

The absence of a killer app for real-world use in the Ethereum ecosystem does not bother me much.

The main trend of the 21st century is the digitalization of real things and the creation of a virtual space. According to the general concept, Bitcoin is a global decentralized protocol for transferring value in the virtual space. That is, Bitcoin is developing within the global trend of our century.

This circumstance, in my opinion, guarantees its further development and a good future. The Ethereum cryptocurrency is highly respected by developers (they are captivated by the capabilities of this software platform).

However (unlike Bitcoin), the future of Ethereum is not yet entirely clear. This cryptocurrency has certain difficulties with positioning and uniqueness.

Or that the gold is the same as oil  

They don’t call Bitcoin the father of all crypto for nothing.
The fact that no particular person or group can create new Bitcoins makes it super unique and absolutely different from other cryptos, be it Sol or Eth. Bitcoin’s mining mechanisms, the halving cycle and of course its limited supply has made Bitcoin the best and safest asset, especially for those who wish to consider Bitcoin as a store of value, they can do so without fear that Bitcoin could be dumped one day. These attributes has placed Bitcoin so high above other digital currencies making it to maintain its position as the pioneer and father of all cryptocurrency, created or yet to be created.