Post
Topic
Board Altcoin Discussion
Re: rpietila Altcoin Observer
by
drawingthesun
on 27/06/2014, 06:39:55 UTC
Am I right in thinking that every time Monero goes lower than what we expect. It'll encourage the price to go even lower?

The way I see it. Many people called a bottom of about 0.005 to 0.006. However now we're close to 0.003 - 0.004. People might start selling off because they are losing confidence that even people in this thread cannot predict the price.

I wouldn't be surprised if we hit the 0.002's again. Until the development branch incorporates a GUI it'll look like to the average investor that Boolberry is in fact gaining ground. I am certain Boolberry isn't gaining ground, the Monero team are working on what's important, but the average user or investor does not see this.

Most people are only interested in fluff. Hense Hal Finney's fears about a clone coin overtaking without being valid enough to warrent a takeover. Only coins with an order of magnitude leap in technology really warrant having an existance at all let alone overtaking a market leader.

I have great faith in Monero. If another Cryptonote coin takes over it'll be a realization of Half Finney's fears. Because the clone coins are not innovative enough to warrent a take over. My stand is simple; If Monero loses because of the marketing hype of Boolberry, I will get out of all CryptoNote and back into Bitcoin as it would be proof a CryptoNote coin cannot be a store of value. I will not have my wealth held hostage to the pump and dump of the alt coin world. I only invested in Monero because I saw it as being a true second coin to Bitcoin. Apart from Monero I have never dealt with alts. Even though I invested before rpeitila ever mentioned Monero I completely agree with his rational for investing.

Boolberry's slight modifications do not warrant destruction of a market leader. This is the same argument the Litecoin supporters came up with. The litecoin supporters said that Litecoin deserves to overtake Bitcoin because of the 4 times speed gain.

They didn't consider the disastrous precedent that would set. Because then the next coin to offer a slight improvement would have its argument that they should now overtake the market leader. This was the crux of Half Finney's argument. Only a coin overwhelming better should overtake Bitcoin. If anything less were to take over all confidence in crypto being a store of value would forever be lost.

Sorry for any spelling or grammar mistakes I wrote this on my phone. :p