Topic: Ethereum KILLING BITCOIN! (Read 10111 times)

Not all. I've invested in Reddcoin and it was not a scam.

btw http://www.reddit.com/r/reddCoin/

I was thinking the same thing.  I think a modern loose translation of "Ethereum" would be "Vaporware"

It is great news for current bitcoin holders. 

Funny that "ether" and "vapor" are kinds of synonymous, no?

From a marketing/branding perspective, they picked a great name.  It almost guarantees failure!  

Exactly why IPOs are pure scams.... too many greedy pigs got slaughtered.

Imagine Linus had IPOs for his linux kernel.... it would have died in 1993.

Now that is funny!  Peter may have singlehandedly killed off all past, current and future alts that do not use this method of initial coin distribution, including  Ethereum.  Fastest destruction of an alt in history.  Ethereum dead before it even made it to the starting blocks. He is my new hero. This also has the potential of eliminating most of the incentive to make new alts for the pump and dump of it and reducing the entire alt space to serious coins only.

I'm saying that in USD terms (4 trillion "official" monetary base, 2.1% "official" yearly infation rate) the equivalent of 8 days of inflation is almost 2 billions - ask Soros what can you do on Forex to major currencies like the British pound with much less than that, some creativity and a bit of leverage. You can definitely influence the price for weeks if you dump or short, especially if you add margin trading to the equation.

If you consider the fact that BTC's inflation rate is currently 11.11%, and that it will go down to less than 2% only in 2020, you get another idea of how much money 26k coins are in relation to both the final and the current bitcoin monetary base.

You can also see it this way: 26k btc are aprox. 0.2% of the current Bitcoin monetary base (not taking into account lost or destroyed coins). In USD terms that would mean at least 8 billion (probably much more because the real USD monetary base and inflation rate are impossible to verify and thus probably fake).

The fiat value of 26k coins (aprox. 12 million USD) might be nothing in relative terms (because Bitcoin is still extremely small), but it is a huge amount in absolute bitcoin terms - that's all I'm saying, especially when you consider that the total supply is limited (only 13 million now; only 21 million in total) and unalterable.

The bottom line is that 26k coins are a sum that definitely allows you to depress the bitcoin price if that is the goal you wish to achieve - especially during a time in which Bitcoin demand has obviously slowed down.

Well Etherium might be trying to kill Bitcoin..but in my opinion, I highly doubt that will happen anytime soon. Prices have crashed all the time and then gone back up just as fast..maybe this is the Bitcoin fall at the moment...it did hit a record high..hopefully it will go back up there once more..or it might go somewhere between 600 to 700...per coin. Lets just give it time and observe instead of blaming people.

Could you elaborate on this - what specifically is the nature of Vitalik's "naivete"?

because there are always people who feel butthurt for missing the boat and want to compensate I tell you altcoins are the HYIPs (ponzis) of this decade. Getting rich ain't simple I tell you h'wat. There are traps everywhere. Back then when I was 16 years old I invested into FastMarket and SolidInvestment HYIPs all my pocket money. I used e-gold as a transfer of value. Of course they were scams but I was too inexperienced to know. I think the question is whether failing makes you stop messing around with something forever or not. My friend told me once that he invested money into IsraCoin and he was excited about it. I never asked how much he invested and he hasn't talked to me ever since. No pain no gain, good old truth

A couple of years ago local newspapers warned about http://emgoldex.com/
I was sure it is a classic scam but now that I see the website is still online it makes me wonder whether they really are legit.

Altcoins come and go, but there always seem to be investors in altcoins.

It is just another worthless coin in the making. I doubt anyone will be brave enough to put money into altcoin again.

the question for me is that, if they do indeed have 3k+ coins, why wouldn't they just sell it at secondmarket or to a private party? by dumping the coins onto exchanges, that will affect the price.

The massive sell off of altcoin last week may or may not have something to do with Ether. It would be interesting to watch if there is an active market place for Ether and see how the coin will react to the massive downtrend for all coins.

good point. in fact, that's how all altcoins should be distributed. altcoins that don't use this way of distribution are competing with bitcoin while altcoins that use such distribution cooperate with bitcoin. Ethereum is doomed for that reason.

LOL Ethereum will die because of this : https://bitcointalksearch.org/topic/rfc-aethereum-a-turing-complete-coin-distributed-as-per-bitcoins-blockchain-563925

Only idiots who invested donated into Ethereum are being bearish about bitcoin. They're hoping to hype up Ether so they can dump it.

that is funny. bitcoin i think will die...PoW is an old idea. better solutions are available and people will obviously pick them over something as archaic as PoW. it's no longer logical...but most people are neophobes. they will hang onto their old ideologies until the day they die, clutching in their hands a USD drive containing worthless bitcoins


bitcoin has done its job...time to go home and let crypto 2.0 take the stand


maybe i'm wrong though and BTC will stick around; allowing exchange between 2.0 coins. oh but i guess that's what the AEs are for


someone sell me on bitcoin when ethereum/nxt are available? the only advantage is the strength of BTC network

lmao this is going to be a priceless quote going into the future to become the meme to refute the 'price doesn't matter' crowd.

Although they are selling some BTC, they're mainly not dumping, but paying people in BTC.  However many of the people they're paying might (probably are) selling some or all of the BTC.

Full details here:

https://blog.ethereum.org/2014/08/08/announcement-on-planned-exodus-withdrawal/

According to that, the absolute maximum they will withdraw from their wallet is 5000 BTC (but probably only 4150 BTC).  And a chunk of the coin they withdraw will continue to be held as BTC anyway.  Some will be sold.  And the biggest chunk will be paid to third parties as BTC (who of course may hodl or sell).

Doesn't sound like enough to really move the market, IMHO.

roy

Failing and scamming are not the same thing.  Indeed, in a venture as speculative as this, it would arguably be a scam to claim that the project will definitely succeed, when we all know it might not.  (And BTW that statement is probably only in there because the lawyers insisted on it - you shouldn't read too much into it.)

I have no horse in this race, though, and no strong opinion on Ethereum one way or the other (because I don't care about it enough to research it thoroughly).

roy