Re: [POLL] Should Alternative Currencies Have Their Own Forum Section ?
Although philosophically I'd like to vote "yes", I voted "no" because the reality is the scams are the BTC economy:
Potentially another manipulated market such as the argument about Mt.Gox bubble upthread. We could be witnessing a cashing out from recent altcoin bubbles while buying from himself to create the illusion of a rising price while doing so as they ostensibly did for the ETH bubble, e.g. Vitalik using Coinbase to cash out from ETH -> BTC -> USD.
Free markets = decentralized markets.
When you have whales and most volume going through 1 or 2 exchanges, you don't have decentralized markets.
I agree the two go hand in hand. Since alt coins are really the biggest thing you can purchase with BTC, ...
This is true. Most people don't want to trade their BTC for a non-CC asset, because this their gambling money. They can't buy mining equipment with BTC to increase their holdings of crypto-currency. This is why ICOs have become more popular than mined distribution, with the ASIC resistant Monero as an exception.
ASICs killed the mining ecosystem. This has been r0ach's point, that if the coins don't circulate, then the ecosystem dies. Bitcoin is dying. Only the altcoin circulation kept Bitcoin alive.
Any way, I'd like to not see altcoins dominated only by get quick rich and not some serious attempts to fix Bitcoin's flaws and create a large adoption market. But the more I think about this, the more I realize if that ever happens it will be largely outside of this forum. This forum is a gambler's paradise. I need to remind myself that I we here are in an enclave.
At the moment, they don't really have any competition or at least any that markets their services very well.
Potentially another manipulated market such as the argument about Mt.Gox bubble upthread. We could be witnessing a cashing out from recent altcoin bubbles while buying from himself to create the illusion of a rising price while doing so as they ostensibly did for the ETH bubble, e.g. Vitalik using Coinbase to cash out from ETH -> BTC -> USD.
Free markets = decentralized markets.
When you have whales and most volume going through 1 or 2 exchanges, you don't have decentralized markets.
Nobody invests into BTC or mining equipment anymore. When did you bought ASICs valued 10.000 USD last time? Aren't those USD you now use to buy BTC just been taken from former BTC sales?
Bitcoin cannot do without Alts, both built up a complete whole economy. Remember people are not buying/selling anything using BTC, they just gamble on Alts. Basically I do agree on BTC up causing Alts going down and vice verse. Enclosed system like two water tanks with a flexible tube connecting them.
Bitcoin cannot do without Alts, both built up a complete whole economy. Remember people are not buying/selling anything using BTC, they just gamble on Alts. Basically I do agree on BTC up causing Alts going down and vice verse. Enclosed system like two water tanks with a flexible tube connecting them.
I agree the two go hand in hand. Since alt coins are really the biggest thing you can purchase with BTC, ...
This is true. Most people don't want to trade their BTC for a non-CC asset, because this their gambling money. They can't buy mining equipment with BTC to increase their holdings of crypto-currency. This is why ICOs have become more popular than mined distribution, with the ASIC resistant Monero as an exception.
ASICs killed the mining ecosystem. This has been r0ach's point, that if the coins don't circulate, then the ecosystem dies. Bitcoin is dying. Only the altcoin circulation kept Bitcoin alive.
Re: Bitcoin is the reserve currency of gambling?
Gambling industry requires a currency that's wild and free. Like Bitcoin
Evidence the explosive growth of ShapeShift.io:
More details at this interview:
https://bitcointalk.org/index.php?topic=1447019.0
Does gambling industry require a reserve currency in the first place ?
Gambling industry requires a currency that's wild and free. Like Bitcoin
Evidence the explosive growth of ShapeShift.io:
Quote from: http://moneyandstate.com/looting-of-the-fox/
Since its inception in the Spring of 2014, ShapeShift has been an evolving creature. What began as a quick experimental way to swap between Bitcoin and Litecoin grew into an advanced engine for the effortless exchange of all major blockchain assets, each one into the other, with no user friction. No user accounts. No signup process. It is the Google Translate of cryptocurrency.
And weve always been playing catch-up. Trying to build at the speed of this industry, not only along the vertical of Bitcoin proper, but along the breadth of all crypto, is a challenge.
Last Fall, we realized the minimum viable product server architecture established originally for ShapeShift was insufficient. We needed a professional to join the small team, and craft a scalable, and secure, server apparatus upon which our technology could grow.
[...]
In the first quarter of this year, as the market discovered what we already knew that our world will be one of many blockchain assets each needing liquidity with the other exchange volumes surged at ShapeShift. Ethereum was on the rise, specifically. Our infrastructure was not ready for the pace of growth. It was like riding a bicycle upon which jet engines suddenly appear full-thrust.
And weve always been playing catch-up. Trying to build at the speed of this industry, not only along the vertical of Bitcoin proper, but along the breadth of all crypto, is a challenge.
Last Fall, we realized the minimum viable product server architecture established originally for ShapeShift was insufficient. We needed a professional to join the small team, and craft a scalable, and secure, server apparatus upon which our technology could grow.
[...]
In the first quarter of this year, as the market discovered what we already knew that our world will be one of many blockchain assets each needing liquidity with the other exchange volumes surged at ShapeShift. Ethereum was on the rise, specifically. Our infrastructure was not ready for the pace of growth. It was like riding a bicycle upon which jet engines suddenly appear full-thrust.
More details at this interview:
https://bitcointalk.org/index.php?topic=1447019.0
Re: Bitcoin is the reserve currency of gambling?
Replies from others are emphasizing the use of BTC for gambling, but the keyword in my subject title is "reserve".
My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.
When someone gambles on an altcoin "investment" (speculation), they are hoping to get more BTC. They don't cash it out to fiat, they HODLit to gamble some more altcoin "investments". Even if you include gambling sites that accept Bitcoin, the gambler is likely HODLing their BTC gains (if any) and not cashing out to fiat.
Evidence the explosive growth of ShapeShift.io that the gambling is primarily for altcoin gambling:
Replies from others are emphasizing the use of BTC for gambling, but the keyword in my subject title is "reserve".
My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.
When someone gambles on an altcoin "investment" (speculation), they are hoping to get more BTC. They don't cash it out to fiat, they HODLit to gamble some more altcoin "investments". Even if you include gambling sites that accept Bitcoin, the gambler is likely HODLing their BTC gains (if any) and not cashing out to fiat.