Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Bitcoin's going great...

But what the hell is happening with altcoins? Roll Eyes

Can't we follow the old rule? When bitcoin goes up, alts go up too? Cry

If you think that there is such a "rule", then your thinking is deluded.

Sure, sometimes there is correlation... sometimes there is coattail dynamics, sometimes there is pumpening that goes beyond bitcoin, but these are not rules.. Every pump and dump cycle has it's own dynamics that may not be exactly predictable, but in this case there does seem to be some possible recognition of value.. that is bitcoin is much fucking more valuable than a bunch of copycat white papers, claiming to be bitcoin 2.0, with features that largely could be built upon bitcoin or a sidechain of bitcoin.. So it is not that the alts do not provide some value, but frequently their issuing of coins causes way more perception of value rather than fundamental value in terms of various networking and building that takes time rather than pure theories.

You cant do sidechains.. federated peg doesnt work. Spv proofs give miners too much power. You need quorum of oracles to sign off. It wont be done on btc as it requires bonded validators.. a pow+pos hybrid design. A trustless sidechain design isnt in the cards for blockstream

Well, whatever is the proper term, we do not need a bunch of these ICOs that are claiming to be able to do something better than bitcoin.. whether it is a sidechain or some other technical way in which a lot of the various proposed functionality (to the extent that they are valuable within bitcoin and blockchain) will likely become part of bitcoin or some kind of related bitcoin appendage.

Nope without sidechains.bitcoin cannot.expand usecases horizontally across markets. This is why alts exist and this is why the famous reddit posts.about how the announcement of sidecbains by blockstream devs were to officially kill any hope for alts will go down in in history as a fairly important and large scale miscalculation of this market dynamics. Well ofcourse sidechains were put on hold and alts gained vs btc because of the reason that some or a few actually do provide utility. We are still early on the curve so any short term blunders in price have no affect on fundamentals which are the true driver of any market. My thinking is that aslong as the macro trend is still intact regards to alts vs btc that the whole market remains bullish until that trend breaks. I leave the exercise to you on figuring out why.

You are coming off as a bit of a pretentious prick, in your attempt to assert that you have some kind of deeper understanding of the importance of alts - without citing any authority but merely referring to supposed authority and making vague amorphous statements about seeming inadequacies of bitcoin to provide certain use cases.

No matter the case, we can make our investment choices, and you seem to be a bit out of place here, in this thread, if you want to uptalk the importance of alts (and their supposed contribution the the crypto space). Largely and generally, alts are copying bitcoin, and trying to find various use cases to distinguish themselves from bitcoin. Sure some of the uses of these alt coins are going to get absorbed into bitcoin - whether you refer to the vague authority of some nonspecific reddit thread or otherwise (is that r/btc, by the way?)....

Anyhow, none of us are the complete knowledge of any of these crypto-space dynamics and there is a whole hell-of-a lot going on in the space - so I am not claiming to be some kind of deity regarding which alt cryptos are going to possibly be more useful than others, and I really don't give too much of a ratt's ass about them. Right now, the main player on the block remains bitcoin, and likely we are experiencing some realization from the crypto community regarding that reality..... .so all of this does not conclude that there are not some decent and wonderful cryptospace developments that are not pump and dumps, and surely there are - but I would suggest most of us keep our eyes on the prize, which remains bitcoin, and do not get too distracted by the multitude of bullshit alts that you are amorphously trying to claim some kind of importance.. and amorphously claiming BTC to be in adequate in order that you can perpetuate your nonsense and seemingly pro altcoin thesis.