Topic: The point of cryptos is sadly being destroyed (Read 2975 times)

Any type of currency will have the shadows of greed and theft linked to it.

Well i hope you proceed with this idea, and create an initiative that shows a coin is legitimate, almost a certification for cryptos.

You could create a symbol that is added to a coins website or similar that shows the coin has been audited and meets the criteria of a legit crypto.

One test you missed though would be a determination of a coins capacity to be adopted as a currency!

As far as looking to create more coins, like seriously don't we have enough?

Perhaps pm me and we'll talk some more!

ebliever has a point, and you do too. I think the trouble is, we're relying on emotionally-charged buzzwords like "free market" and "greed" that conflate more than one issue.

When a new frontier generates sudden wealth, there'll always be a boom-town mentality: always. The history of every gold rush and oil boom shows it.

What's interesting about those booms is that they always attract rough-hewn characters who rise to the fore when the boom goes into top gear. Which makes sense: when wealth comes quickly, impulsiveness pays off. "Buy now or pay double" is insane in a quiet marketplace - no-one thinks that when they buy bread, except in hyperinflation - but it's a rule that works when the marketplace is volatile and what you're buying is going "to the moon!" Also, "rush this thing out or we'll be beaten!" makes sense in a hothouse of turbulent innovation but nowhere else.

The trouble with the cyber world isn't the "free market," it's that boom-town mentality combined with de facto anarchy. No sensible definition of the free market lets in outright theft: I don't mean the buzz-word "theft," I mean literal theft. Incidents where cybers are, quite literally, stolen by malicious hackers.

Related to the theft problem is an influx of people providing services who don't know what they're doing. A lot of what's called "theft" falls into this category. When combined with people coming in who don't know anything except how to use a wallet and how to hit the "buy" button on an exchange, it's inevitable that there'll be a lot of accidents waiting to happen. What else can we expect in a boom-town environment that puts a cash value on impulsiveness?

To make things even more confusing, even the smartest and most careful thinkers miss wrinkles and exploits that can only be revealed by field tests and real-world experience. Even the geniuses have limited CPU power in their wetware. Add that to the boom-town mentality and you get that limited CPU power conflated with outright incompetence. That's part of life when real-world field tests combine with quick money.

"Do something!" Another buzzword. Yes, life would be easier and we'd all be less embarrassed if the government would step in and whack the people we think act egregiously. The fact is, government officials aren't interested (outside of money laundering) and for good reason. A regulatory framework, or even a set of statutes, depends upon a stable pattern of business in the industry. One where best practices are reasonably clear-cut, and where there's a solid database of bad practices that can be clamped down upon. The reasonableness is crucial because people are good at seeing self-interest behind any purportedly idealistic reform. In this context, "reasonable" means "obvious to the point where who benefits doesn't matter." After all, people who aren't brawlers have a vested interest in the assault laws. 

Case in point: airline safety regulations. They don't grate because the regulators have the knack of coming up with safety regulations that make sense. Note, though, that those regulations make sense in the context of a mature industry. Imagine imposing a regulatory framework or set of statutes on the biplane stage...

In the absence of government interest, we're basically on our own.

P.S.: "Let the free market sort it out" is another way of saying "experience is a dear school, but fools will learn in no other." (Benjamin Franklin) The former has the advantage of being more polite. 

Well, I posted my idea for a solution...  https://bitcointalksearch.org/topic/honest-coin-initiative-fighting-the-shitcoin-insurgency-541165

True in part but what about coins that are about to be completely mined? Where do they sit in your logic?

How does "no mining = no dumping"?

What percentage of the pre-mine is held by the principal of the coins you mentioned? 

All is lost. Botnets have driven prices almost below profitability, mass asic farms starting everyday, vertcoin isn't the answer asic got that to...all down hill from here.
POS is the only way to go now, Blackcoin, Mintcoin, AndroidsTokens. Less energy, faster transactions, no 51%, no mining which = no dumping,
its all up hill if they have good communities and devs. Seems they faster technology comes out the faster it becomes outdated  

Countries are overated

But, but, America, america, fucn amerii thts wht matters righttttt....

I'm quite sure most people who are into Bitcoin did not buy them to pay their taxes

Its so wild can we all tell each other that the alts will never go anywhere.. You are all wasting money STOP.. I promise you that you all can pay your taxes in USD!

There's nothing wrong with social darwinism, it's the only thing that triggers evolution

By my opinion people cannot protect themselves.

They are gamblers or they are manipulated by scammers or big players. Protecting them is not fascistic. "Free market" is never free but it might be fascistic (or social-darwinistic).

Good way to selfprotect is not to buy everything new and mostly very overpriced. I don't know where does that mania of buying something new and very overpriced comes from?   

I think I should open new simple topic

Insecure blockchains are stupid, its like a bank without a vault, planning to keep people's money in a wet paper bag labelled "free money".

Best comment in this thread so far ^!

Also Mark is right scammers are cashing out of bitcoin and sucking the liquidity out of the market!

One scam coin dies another 5 replace it. IMO All the pre-mine country based coins are the biggest scam yet you can bet your ass that the owners of the pre-mine are the dumpers causing the drastic drops, then as Mark said they are converting to btc and cashing out. Then you throw in some false rumors by anonymous source causing panic in China and you get what we have right now!

Not many posters have put forward any options of how to address the current flurry of scams.

Saying "The free market will sort things out." is clearly not so as things are deteriorating and scams are increasing 10 fold under the current market environment.

  

Check its hash power. Way more than Aurora's I expect.

Insecure blockchains are stupid, its like a bank without a vault, planning to keep people's money in a wet paper bag labelled "free money".

-MarkM-

Assuming people can't protect themselves and by some ways doing it for them seems quite fascist to me.
I say let them learn from their mistakes, that's the only way we can build a free and prosperous economy.

I agree, no system is perfect. We can make it better by learning from mistakes.

I think only one of those were the real point why we are getting into altcoins.

Thefts and greed were long before altcoins, it is nothing new. We have same problems everywhere else. We can't believe in utopia and run away crying when not everything is perfect.

People are still posting in the ixcoin
each ixcoin is still worth money!

scrypt asic will kill all the shitcoins, well it already is

If you ask me if there are way too many useless coins coming out... yep, of course. As for saying there is no need for any more coins at all, I don't agree, as I believe it's usually easier to make a new coin if it has a lot of new features, than fork older ones (will vary of course depending on what is added). And it's human nature to prefer to put one's hard work on their own project, rather than someone else's coin.

Junk coins will fade away on their own. Ideally big exchanges wouldn't even list junk coins, but we have no control over that. As to what is a junk coin... what is a scam... what is a good coin... again, let the market decide.