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Because it's not Bitcoin. As far as I can tell, this is the number one piece of evidence that a cryptocurrency is a scam. I've been following Ethereum almost en
by rabbyte 11y ago
Because it's not Bitcoin. As far as I can tell, this is the number one piece of evidence that a cryptocurrency is a scam. I've been following Ethereum almost entirely because I'm a developer and I'm interested in using the technology for projects, and I can tell you the atmosphere is maddening. I'm accustom to welcoming communities that care about the tech, not cynical communities that care about pushing their particular interests because they have investments. The cryptocurrency space is awful and polluted with unhelpful attitudes but the tech is too important to be pushed aside for that reason.
Ignore the FUD, Ethereum is not a scam. It's actual open source software with multiple popular implementations successfully delivered from a toxic environment with an impressive level of care toward getting the technical aspects right while being as transparent as possible. It's not perfect, about as perfect as any startup I've watched. Don't dump money into anything you don't understand.
EDIT- just as an illustration, I think it's interesting to use the Bitcoin Talk forum search tool. There are 464,000 results for "scam" and 484,000 results for "currency". Spend 5 seconds on the forum to find the word used like it's the coolest slang around. Everything is a scam, because evidence.
- ThomPete 11y agoThats also my experience.
- davidgerard 11y agoWhat I see is Bitcoin fans pointing out the glaring problems in every altcoin, but not admitting that every single one of those problems applies to Bitcoin as well.
- brighton36 11y agoBecause Bitcoin is immutable and blockchains are a codification of the network effect. Altcoins are themselves competing chains, and thus compete with the main chain. Because the 'first mover' is Bitcoin, then the incentive for any miner is to join that chain. The problems in other altcoins are particularly important because their miners always sell that altcoin to the greater fool... in exchange for bitcoin.
- davidgerard 11y agoAltcoins are (amazingly) even worse, but that doesn't make the Bitcoinsphere good. It still has no actual use case beyond illegal drugs, and is riddled with scammers and criminals at every level. I detailed the problems as I saw them as of January here: http://reddragdiva.dreamwidth.org/594396.html http://reddragdiva.dreamwidth.org/594396.html Things really haven't improved in any regard.
- brighton36 11y agoAgreed. The black market is the smallest sector of the world's economy. If the best Bitcoin can do is service that market, its safe to say the Bitcoin is a massive failure.