5 ms·

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the b

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

bartvk 6y ago
Absolutely all of them? You may want to look for some subtlety. There are coins with a specific purpose, for example Monero, that have a clear purpose which is separate from Bitcoin.
drchopchop 6y ago
And the vast majority of people "investing" in it have no concept of the underlying tech/utility/scalability/whatever, they only care "token go up!" and essentially treat it as a penny stock. It'll eventually tank, but not until the insane FOMO ends. For example, the completely useless Dogecoin still has a $600M "market cap", and at one point popped over $2B.
- randomopining 6y ago
  Yup, I think the same. I think there’s a lot more “hype runway” left though. It’ll prob hit at least 50k
hanniabu 6y ago
While I generally agree, there are a few exceptions. Ethereum exists because Bitcoin isn't capable of running complex scripts. Monero exists because Bitcoin is too transparent.
dylkil 6y ago
>There are all pyramid schemes Do you include ethereum here? if so you are woefully misinformed.
UShouldBWorking 6y ago
Amazing such obtuse comments like this even show up on HN still. The BTC GitHub repo was hijacked years ago by corporate interests and Blockstream. They artificially limit the number of transactions to try and push people onto their "second layer" products. BCH (for example) forked just in time and follows the original Bitcoin White Paper. Ethereum aims to be a global decentralized computer, XMR is building an anonymous version of BCH. Wake up dude, it's almost 2021 and even central banks has realized the benefit off crypto currency. Users like this are either trolling for Blockstream or legitimately have no place commenting about crypto.
Sargos 6y ago
>All the alt-coins exist only because BTC got too expensive and they wanted in Ethereum was explicitly created because Bitcoin doesn't support decentralized applications or really anything beyond sending tokens between humans. Vitalik tried to work on the Bitcoin codebase but was shunned and was forced to start a new project.

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

bartvk 6y ago

Absolutely all of them? You may want to look for some subtlety. There are coins with a specific purpose, for example Monero, that have a clear purpose which is separate from Bitcoin.

drchopchop 6y ago

And the vast majority of people "investing" in it have no concept of the underlying tech/utility/scalability/whatever, they only care "token go up!" and essentially treat it as a penny stock. It'll eventually tank, but not until the insane FOMO ends. For example, the completely useless Dogecoin still has a $600M "market cap", and at one point popped over $2B.

randomopining 6y ago
Yup, I think the same. I think there’s a lot more “hype runway” left though. It’ll prob hit at least 50k

hanniabu 6y ago

While I generally agree, there are a few exceptions. Ethereum exists because Bitcoin isn't capable of running complex scripts. Monero exists because Bitcoin is too transparent.

dylkil 6y ago

>There are all pyramid schemes Do you include ethereum here? if so you are woefully misinformed.

UShouldBWorking 6y ago

Amazing such obtuse comments like this even show up on HN still. The BTC GitHub repo was hijacked years ago by corporate interests and Blockstream. They artificially limit the number of transactions to try and push people onto their "second layer" products. BCH (for example) forked just in time and follows the original Bitcoin White Paper. Ethereum aims to be a global decentralized computer, XMR is building an anonymous version of BCH. Wake up dude, it's almost 2021 and even central banks has realized the benefit off crypto currency. Users like this are either trolling for Blockstream or legitimately have no place commenting about crypto.

Sargos 6y ago

>All the alt-coins exist only because BTC got too expensive and they wanted in Ethereum was explicitly created because Bitcoin doesn't support decentralized applications or really anything beyond sending tokens between humans. Vitalik tried to work on the Bitcoin codebase but was shunned and was forced to start a new project.