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Why Bitcoin Is Different from All Other Cryptocurrencies

14 points by telotortium 4y ago

sposeray 4y ago
[dead]
m348e912 4y ago
At the very least we should consider ERC-20 tokens a separate class of crypto currency. The barrier to entry to mint a spanking new ERC-20 token is absurdly low and all you're doing is piggy backing on the Ethereum infrastructure. I would put coins that are not pre-mined or that at least have their own infrastructure in a different class and you can have a different conversation of risk vs value.
tromp 4y ago
The article fails to answer the question, only comparing bitcoin to some other cryptocurrencies (non-PoW smart contract platforms), while calling all them shitcoins. > Why (Bitcoin Version): Because fiat money is deeply unfair and is changing in ways that directly threaten democracy and human rights. Well, bitcoin money is unfair as well, concentrating wealth on early miners (including its creator). Some other cryptocurrencies are designed to be just as decentralized as bitcoin while avoiding this unfairness by having a fixed block reward, i.e. purely linear emission, that grants no advantage to early miners/adopters.
nking 4y ago
Such nonsense. It’s obviously a mania. It follows the curve. It’s so obvious, why can nobody see this?
- chii 4y ago
  It's easy to call it afterwards, in hindsight.
europeanguy 4y ago
Complete drivel. Just one example > fiat money is deeply unfair and is changing in ways that directly threaten democracy and human rights. > decentralized network, where decentralized means ‘there are lots of computers involved’ How will "lots of computers involved" solve "Fiat money is deeply unfair"? More computers don't help fairness.
- theCrowing 4y ago
  Maybe for the people that sell these computers...
namaria 4y ago
" There is always an easy solution to every human problem—neat plausible and wrong." The concept of evolution by natural selection is so powerful because it does away with design as a source of improvement. Yet nearly two centuries after it was formulated clearly, we still believe socioeconomic domains to be exempt of this process. Every crypto bro thinks they can overrule half a millennium of financial markets evolution with a neat new blockchain token. As it is often said, they just end up speedrunning the history of monetary instruments.

14 points by telotortium 4y ago

[dead]

At the very least we should consider ERC-20 tokens a separate class of crypto currency. The barrier to entry to mint a spanking new ERC-20 token is absurdly low and all you're doing is piggy backing on the Ethereum infrastructure. I would put coins that are not pre-mined or that at least have their own infrastructure in a different class and you can have a different conversation of risk vs value.

tromp 4y ago

The article fails to answer the question, only comparing bitcoin to some other cryptocurrencies (non-PoW smart contract platforms), while calling all them shitcoins. > Why (Bitcoin Version): Because fiat money is deeply unfair and is changing in ways that directly threaten democracy and human rights. Well, bitcoin money is unfair as well, concentrating wealth on early miners (including its creator). Some other cryptocurrencies are designed to be just as decentralized as bitcoin while avoiding this unfairness by having a fixed block reward, i.e. purely linear emission, that grants no advantage to early miners/adopters.

nking 4y ago

Such nonsense. It’s obviously a mania. It follows the curve. It’s so obvious, why can nobody see this?

chii 4y ago
It's easy to call it afterwards, in hindsight.

europeanguy 4y ago

Complete drivel. Just one example > fiat money is deeply unfair and is changing in ways that directly threaten democracy and human rights. > decentralized network, where decentralized means ‘there are lots of computers involved’ How will "lots of computers involved" solve "Fiat money is deeply unfair"? More computers don't help fairness.

theCrowing 4y ago
Maybe for the people that sell these computers...

namaria 4y ago

" There is always an easy solution to every human problem—neat plausible and wrong." The concept of evolution by natural selection is so powerful because it does away with design as a source of improvement. Yet nearly two centuries after it was formulated clearly, we still believe socioeconomic domains to be exempt of this process. Every crypto bro thinks they can overrule half a millennium of financial markets evolution with a neat new blockchain token. As it is often said, they just end up speedrunning the history of monetary instruments.