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they're doing so so that their same investors who have investments in these garbage tokens, can off load them - and leave retail people holding those bags full

they're doing so so that their same investors who have investments in these garbage tokens, can off load them - and leave retail people holding those bags full of non-sense. Ethereum and 1000 other coins have simply created too much hype first and then bad reputation for the original cryptocurrency i.e. Bitcoin. There are people who think Ethereum is Bitcoin 2.0 but they don't understand that Bitcoin is built with the strongest fundamentals. First of before making guesses, if you really want to know about this industry - try the applications, try to play with it (even if you put $10) - run full nodes, try wallets, try sending transactions. Trust me it is fun and you understand the basics then. Secondly, separate out the financial markets side from the technology and it's potential itself. Even gold use-case initiated at some point in history. Not everyone started thinking of gold as store of value, so initially it price must have fluctuated quite a bit as well. Third, try to understand how Bitcoin actually works - what is proof of work and why it is such an innovative idea to implement a decentralized network. I mean this is a very large network with almost 100% uptime, close to 10 years of history, storing Billions of dollars of worth of value and that people have moved 100s of millions of dollars worth Bitcoin with very little tx cost and time. I mean this alone requires a lot of credit as technology - no one needs an affirmation from someone like Jamie Dimon to know it is valuable or not - he doesn't know, no one does at this point. Statistically speaking, most experiments fail so it is a risk-averse position for someone in that position to say it will fail IMO. But opinions don't matter. Rome was not built in a day. Even the central banks and modern banks were not built in a day. Whatever these cryptocurrencies can replace or improve, let them take their due course or even if they fail. People are too much stuck on the financial market side of it, it is important to bootstrap it and take it mainstream but what happened in 2017 was a unsustainable and hack-ish way of bringing hype to this industry. Please read if you're really interested : book:Bitcoin standard, please read works of Nick Szabo, read upon origins of digital money and cypherpunks behind Bitcoin

whoisninja 8y ago
I should also mention that biggest technical debate to understand right now is scaling in this space for most part. Smart contracts is not that big of deal at the moment IMO. These are all open-source developments, adding proven features from one to other is always going to happen over time. For scaling - you need to read understand a bit about pros and cons of on-chain scaling(ex. bigger block sizes,proof of stake, sharding etc.) and off-chain scaling (ex. layer2/lightning). You might be surprised to learn that Bitcoin might be the only one or at least one of a couple that has/have the right fundamentals in terms of technology, which of course can still fail.
- whoisninja 8y ago
  Finally, lightning network seems to be having a good growth at the moment, if it holds up for another year or two - i think Bitcoin will be in a very sound position for adoption in places where it is most needed. Financial markets will def react accordingly at that point. Until then I think it will cycles of busts/capitulation with speculators and wall-streeters.
  - wereHamster 8y ago
    Lightning development is taking much longer than I had hoped. There are still some serious issues with the implementations. But what I miss most is focus on UX. If we ever hope for wide-spread adoption we need to start to focus on regular users: Offer nicely designed wallets, good UX, teach new users about how LN works during onboarding etc. The current generation of LN-wallets is poorly designed and often confusing, even knowledgeable about how lightning works. I was however positively surprised by https://lightningjoule.com/ https://lightningjoule.com/, it is going in the right direction (even though it's not a full wallet, just a UI for lnd).

whoisninja 8y ago

I should also mention that biggest technical debate to understand right now is scaling in this space for most part. Smart contracts is not that big of deal at the moment IMO. These are all open-source developments, adding proven features from one to other is always going to happen over time. For scaling - you need to read understand a bit about pros and cons of on-chain scaling(ex. bigger block sizes,proof of stake, sharding etc.) and off-chain scaling (ex. layer2/lightning). You might be surprised to learn that Bitcoin might be the only one or at least one of a couple that has/have the right fundamentals in terms of technology, which of course can still fail.

whoisninja 8y ago
Finally, lightning network seems to be having a good growth at the moment, if it holds up for another year or two - i think Bitcoin will be in a very sound position for adoption in places where it is most needed. Financial markets will def react accordingly at that point. Until then I think it will cycles of busts/capitulation with speculators and wall-streeters.
- wereHamster 8y ago
  Lightning development is taking much longer than I had hoped. There are still some serious issues with the implementations. But what I miss most is focus on UX. If we ever hope for wide-spread adoption we need to start to focus on regular users: Offer nicely designed wallets, good UX, teach new users about how LN works during onboarding etc. The current generation of LN-wallets is poorly designed and often confusing, even knowledgeable about how lightning works. I was however positively surprised by https://lightningjoule.com/ https://lightningjoule.com/, it is going in the right direction (even though it's not a full wallet, just a UI for lnd).