Topic: THE ALT CURRENCIES BUBBLE IS BURSTING... (Read 5690 times)

Can't resist necroing this thread 

Actually you did not, since you never even once mentioned the word scam. Perhaps due to the fact that Blackcoin is probably the biggest scam perpetrated on Alts so far. And that, not innovation or differentiation, is the subject of this thread.

Good point, that's something I should have anticipated.

Cheers

Graham

I fail to see the point of your dissertation. It was simply referenced to show the FACT that bitcoin is much better known -albeit having a bad reputation- in the UK (and by extension, everywhere) than it was 10 months ago. No one with half a brain can dispute that. Are you disputing that argument of just offering a lecture in validity and context of modern polling? Sheeesh!

http://www.digitalcurrencycouncil.com/professional/the-bitcoin-barometer-a-study-of-sentiment-in-the-uk-toward-bitcoin/

It's a very limited survey: quota-based sampling, weighted by census, online interviews with 527 “nationally representative adults aged 18+” conducted by Reputation Leaders Ltd. and likely obtained from an MROC. So that's n=527 from a population of 70000000+ and, because the sampling is quota-based, no estimate of sampling error is possible.

Following the latest trend in survey methods, it basically canvasses respondents' views of other people's perceptions --- which is what you'll get from answers to the question “how do you view the reputation of these payment systems ...” and so, when interpreting the results, you also have to bear in mind the context in which these reputations have been acquired, a context which, for instance, includes these loaded phrases used by the British Daily Mail ...

“If you are a computer genius you could make money by creating Bitcoins through 'data-mining.'”
“troubled bitcoin digital currency”
“the crisis-ridden bitcoin currency”
“as Bitcoin lurched from one disaster to another”
“Speculative investors have jumped into the bitcoin fray, ...”

The survey reporting hints at conflicts of interests. Reputation Leaders sell reputation action services to the commercial providers in the market that they are surveying. There are clear hints with “nearly a quarter of Brits say Bitcoin has a fair to very bad reputation” (13% say "very good/excellent"). The collapse of “fair” and “very bad” obscures just what percentage said it had a “very bad” reputation - which could be as low as 0.00000001% or as high as 23.99999%.

And there's an elephant ... “if you were seeking professional advice on bitcoin, which of the following individuals would you speak to”

Someone certified by the ... DCC
A financial advisor
An accountant
A lawyer.

The DCC are the “Digital Currency Council” a New York-based web site outfit striving for credibility and whose regulatory remit (should they manage to achieve one) cannot cross the pond so the rationale for referencing a nascent US-based voluntary standards org in a UK-facing survey is a puzzle ... unless the survey is another example of the increasingly popular trend to exploit interest in low-power surveys to serve as a promotional clothes horse --- in this instance, for the DCC. That would explain the unlikely inclusion.


Cheers

Graham

Edit, added URL

We wrote about this and the cryptocurrency ecosystem after launching our new alt currency exchange: https://blackwavelabs.com

During 2000 we had many search engines and Google has become the most popular search engine.
Market always consolidates to 2 or 3 big players, the rest disappears.

Bitcoin and Litecoin are here to stay, imho.

Alts are like HYIP. 90% of HYIP are scams but it always exists... (the population of greedy idiots is greater than you think)

Fortunately, there's no possible doubt about the quality or even quantity of your brain power. You make it evident with each post and futile attempt at defending the invitable embarrassment, falling way deeper into it.

As you should know -and if you were even minimally intelligent you would have re-read it for confirmation-, I did not it was more popular or had better press. I did say more people, many more, know of bitcoin now, in almost December 2014 than they did in February. Exponentially more. Specifically I pointed out that, even though the numbers in the poll showed that 72% of people in the UK knew about bitcoin, it had an image problem, due to the scams and scandals. Anyone with 1/4 of a brain knows that scandals, more than anything, make people, things and events known. And, as such, every new one adds to people having heard of, being curious about or otherwise know of bitcoin.

Additionally, Bitcoin size of the overall economy continues growing, albeit slowly. More merchants adopt it. More customers use it. If the size of the cake has gone from 2% in 2013 to 2.8% or higher in 2014, it means, logically, not only that many more millions of people know of bitcoin now than in February but also the millions more are using it too.

It would be so easy to stop keeping on embarrassing yourself... and yet, it is a certainty that you will continue doing exactly that. Wow.

I'm truly starting to doubt that you have any intelligence whatsoever. This article, http://www.forbes.com/sites/perianneboring/2014/02/22/bitcoin-basics-for-the-76-percenters-who-dont-have-a-clue-what-it-is/, was written in Feburary 2014, this year, Bitcoin has been on a Huge downtrend from that point on, and lost a significant userbase(investment wise).

So, Bitcoin's popularity from last year, compared to now has dwindled enormously...It's price last year was $1200 ATH, now it's down 4x from that. And, because of the scams that have rocketed Bitcoin this year(Mt.Gox), we can only assume that the scams themselves and the negative attention it put on Bitcoin in the eyes of the public has actually Hurt Bitcoin's adoption rate.

You should seriously just stop posting, you're looking like a complete fool.

I agree. Mooncoin is an example.

Again, the problem with your posts is that they are STUPID. Which is made worst, exponentially, when you ridicule yourself calling people names or, in my case, a liar, being that I never, ever, lie. Ever.

And to "prove" that yopu are right -instead of posting the stupidities that you post- you offer 2 links from the beginning of this year, 9-10 full months ago, when in effect, the awareness of Bitcoin was ,truly, significantly lower than it is now. I, on the other hand, quoted the LAST, MOST RECENT published poll (Coindesk, I believe).

And I haven't been burnt by altcoins more than you or anyone one else that has ever traded or invested in them. I am just quite aware of what is going on and what is going one, shared as you can read, by a great amount of people, is that the liquidity is gone, there's no more money to scam and, still, there's nothing of any value offered by alts, any alt.

But, since I don't moderate -nor will ever- any thread, you are welcome to keep on embarrassing yourself posting more stupidities.

Your definition of shitcoin has clarified to me that you're a troll 100% and/or 100% idiot. Going by your definition, Bitcoin is a shitcoin as well, since it's been out for 5 years and has hardly had a definite impact on society, yet. And, with that I won't be responding to you anymore, you gave me your definition of "shitcoin" which encompasses all cryptocurrencies since none of them are that useful thus far.

Nice job there /sarcasm.

Reading your post and lack of knowledge on this made me literally facepalm myself multiple times in linear order.

I'm done, believe what you want. You're mostly wrong on your beliefs. Most altcoins are worthless or copycats, that's true, but you obviously can't see that Bitcoin isn't perfect. For ex: it's privacy is lacking, it's transaction times are lacking, etc, and of which altcoins improved/can improve upon. It seems you've been burnt by investing in altcoins, that''s you're problem. Open up your eyes.

You know, it's also funny when you make up lies mr barabbas, now everyone reading this thread can see you for the liar you are. Most people have never heard of Bitcoin, and those that have don't own any Bitcoin. So take your opinions and go elsewhere. All of your comments are opinionated without any knowledgeable thoughts behind them. You frankly make no sense. It's too early to argue whether "the altcoin bubble has burst", because it hasn't started yet.

http://www.thestreet.com/story/12306983/1/three-in-four-people-have-never-heard-of-bitcoin.html
http://www.forbes.com/sites/perianneboring/2014/02/22/bitcoin-basics-for-the-76-percenters-who-dont-have-a-clue-what-it-is/

The problem with even the alts that have an use for their coins, is that, IF THEY ARE SUCCESSFUL, which is difficult enough in and out of itself, for something like 95% new business fail, they DO NOT NEED any altcoin behind them, or along with them. The business of domain names has already enough sucessful providers heavily competing for the limited business available by offering other goods and services that differentiates them from the competition. And they accept payment in FIAT so why is there a need for crypto there? there isn't.

Similarly, 65% of payments to game sites worldwide is made in bitcoin. ALREADY. Even if Breakout Gaming is successful, they do not need BRLO at all. They are going to accept FIAT and Bitcoin payments of course, just like any other casino. They will only pay out in BRO. Than in itself is a hube barrier that makes much harder for them to be successful for the competition pays out in FIAT or BTC on demand, so their chances as a gaming/gambling operation are, in my view, greatly diminished by using BRO along rather than enhanced.

The same is true for any other altcoin I can think of. The ones with the cannabis or mariuana attached to them... what the fuck is that a need when you can order just the same paying with FIAT or BTC? the so called "ude case" is, in reality, not such a thing.

Anyway, about Namecoin, no, there's no reason for it to survive. None whatsoever.

Do you consider name coin one of the exceptions? It seems to have a viable use case of providing domain names.

I am well aware of the VC investment in Bitcoin start-ups and the fact that the Bitcoin ecosystem has been developing validates my argument that Bitcoin is a unique position, as I said a different matter.

As for the shitcoins, of course I can define what shitcoin is: virtually all altcoins as none of them has a viable use case. There are a few exceptions what I said to Barabbas in this thread, like the BRO gambling coin and a few technology coins, but I also admitted that even the aforementioned few with viable use cases have a remote chance to be successful.

I think your desire to succeed in this shitcoin field makes you blind and you ignore the reality, that's all right, I am just saying :-)))

The problem with your statements is that they are stupid. And, inevitably, uninformed.

As far as public awareness, the latest published poll, coming from the UK, shows that 72% of the people has heard of Bitcoin. There are very few single name things or people that the general population on any country has heard of at the level of 72%. So awareness is not the problem. Likewise, the bitcoin penetration in the general economy continues growing, albeit slowly. But growing.

Meanwhile, the shitcoin bubble, otherwise known as the altcoin scene, continues bringing in new shit projects that go by the wayside within weeks, 99% of the time.

A bigger problem for Bitcoin though is that, although it is generally know by the vast majority of people in most advanced countries, it has the worst reputation possible due to scams (such as Gox and other exchanges) and it's volatility which makes it unusable for most merchants since ity doesn't represent any advantage, in and of itself, to FIAT.

Altcoins aren't even close to the front door of entering the economy in ANY way. Nor will they ever... although the gaming/gambling industry cual become an exception if Breakout Gaming is successful with it's BRO project, which so far has been a terrible disappointment failing to attract any real investors or even pump and dumpers.

You have no idea what you're saying. Bitcoin startups has had over 200million in VC investments. Bitcoin obviously lacks the ability to just add on w/e features it wants because of politics and the rest, altcoins however are free to do so.

This phrase; "Bitcoin is a different matter, Bitcoin will be fine.", is 100% bullshit as well. Bitcoin on it's current track without intervention will inevitably fail due to being partly centralized by mining farms. Altcoins are new, they don't face such centralization, yet, so if any investor wants to invest in the cryptocurrency scene, he'd go for promising altcoins as well as Bitcoin. Until large investors can soundly invest a cool 100million in a cryptocurrency without raising the price skyhigh, then we haven't reached "mainstream" yet.

Take you bullshit, biased, beliefs elswhere. Your opinion doesn't matter, you can't define something as a "shitcoin" because it doesn't meet your expectations of what it should deliver and when etc. And as I said earlier, these small single digit million dollar marketcap's that some people think is "High", for altcoins shows that this entire cryptocurrency scene is just in the beginning.

That's absolutely correct, and highlights as well why you are completely wrong: people with serious money having serious money because they know how to invest, and people with serious money, plus VCs and institutional investors certainly will not invest in shitcoins that loose 90% of their values in 3 months. There is enough data by now to make conclusions about shitcoins - and you can see on the current market what's happening when such conclusion is about to be made.

Bitcoin is a different matter, Bitcoin will be fine.

Just reading the bullshit in this thread is like watching Fox Five news...

If we can estimate that there are around 1million Bitcoin users globally and most don't even own 1 single Bitcoin(according to a survey done here on bitcointalk). What does that tell you?

That tells you that the people with serious money aren't in the game yet, or not enough of them are. If you guys count these small million dollar marketcaps and etc, as Bubbles, then you need to rethink. Most people don't know Bitcoin exists, they don't own any Bitcoin, and aren't inclined to atm. When the average joe starts rushing to buy Bitcoin and/or altcoins, then that's when things really begin.

As of right now, you're all early in the game.