Topic: Will Scamcoins hurt adoption of cryptocurrency? (Read 2822 times)

rhetorical question.. of course it will and has already.
and your topic has nothing to do with the title at all and is off topic and will prob be moved out of here soon i bet..

here is an analogy i like to use..
imagine you pay bums $100 everyday and let them hang out on your lawn feeding them etc
what is it going to look like down the road ?
And what is the first thing a real-estate agent say ? It's in a good neighborhood ?
Does having human waste living next to you lower your property values ?

and it goes waaaaay beyond that also ..that is just the tip of the ice berg !
Scam coins cause people to lose money and dilute the market.. etc

Nov 2013 is over.. they left.
It's not up for debate it's a fact !

and ya all know who is to blame for that now don't you ?
all you guys that fed me bs excuses for supporting them all along.. that is who

it is possible i think, only time will tell

I have done fairly well riding some of these scam coin pumps, however i was burnt in the beginning by one, and since then have never invested more than 0.1 btc into any of them, their only true purpose is to make people more bitcoin, i can only see a few alts lasting for the long haul.

But I could see it scaring some people away who trade and lose all they have.

tl;dr

"Bitcoin is broken economically, but got the code generally correct "

yes indeed lucky Quark was created that fixed all the economic flaws.

i'm sure there are others -

my opinion is; no, scamcoins don't hurt adoption; its more about a "Darwin" thing, kind of like people drinking fluoride or diet drinks even after reading scientific papers on the results.

Scamcoins/shitcoins are a black eye to the industry.

Noobs would be turned off from buying their first bitcoin if they saw the hundreds of other coins on the market. Makes it look like a little hobby, like trading sports cards.

The article you referenced has absolutely nothing to do with alternate coins and/or "scam coins".

Second - a lot of those scam coins have virtually no userbase and thus there's technically no one who can be alienated away from crypto currencies.

Third, off topic and directed at that article, the author is obsessed with volatility but fails to realize that (except for the Petro $Fiat USD) many national currencies have volatility comparable or worse than Bitcoin and it doesn't stop commerce from happening.

Technically once Bitcoin hits several hundred billion or trillion capitalization it'll be stable enough in pricing for those people but by then there'll be no investment opportunity in Bitcoin (no more than currency trading).

tl;dr

Absolutely if only answering your Subject though!

Heres a good article on bitcoin and the quantity theory of money.

(http://www.kitco.com/ind/Weiner/2014-01-28-Bitcoin-Gold-and-the-Quantity-of-Money.html)

This article breaks down exactly why bitcoin will never remain stable because its only real value besides from mining expenses comes from speculation.

Satoshi nakamoto was a programmer with good intentions not an economist or currency analyst. He saw the value of gold and tried building similar positive traits into bitcoin as seen with the bitcoin mining analogy. This analogy has no basis in reality. A better anology is weaving (http://bitcoinmagazine.com/12311/weaving-better-metaphor-bitcoin-instead-mining/).

"The value of bitcoin will be set entirely by speculators. In gold, there are numerous forces in reality—i.e. numerous arbitrages—that will keep the value of gold tied to the values of every other thing in the economic universe. The value of gold in a free market is the exact opposite of untethered and arbitrary. The value of gold cannot crash and it cannot shoot the moon."

Keeping that in mind I think scamcoins will hurt adoption only because its more profitable to scam people than actually devote time and effort into technology that actually innovates crypto currency.

"Businesses keep books to measure profit and loss. The very principle of bookkeeping depends on a constant value of the unit of account, the numeraire. When the value of the numeraire spikes and crashes, then business which produce wealth go can bankrupt. At the same time others, which destroy wealth, can grow larger, employing more people and more capital to scale up their wealth-destroying activities. This is occurring today on a massive scale."

Professionals will take advantage of the people who genuinely believe in crypto-currency.

 "The speculators will use bitcoin as a toy to generate profits (as they already do). When the value of bitcoin is rising, it will be obvious. Everyone has a chart, and they can pile on. The value can rise much farther than anyone would expect. Eventually, the chart will show a topping pattern. Momentum will dry up. The speculators can see this too, and thus will begin a collapsing wave of bitcoin."

Bitcoin is not anonymous and it seems people do not care.

"Bitcoin works well as a foil to fiat currencies. It makes it possible for people to conduct business that would otherwise be impossible. If enough people participate, then it becomes more difficult and more unpopular for governments to act to squelch those activities. It’s a pointed object lesson, showing people what is possible in a less-unfree market. Hopefully it will motivate them to clamor for more freedom."