For discussion about Litecoin, the leading cryptocurrency derived from Bitcoin. Litecoin is developed with a focus on speed, efficiency, and wider initial coin distribution through the use of scrypt-based mining.
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The foundational principle of Blockchain, which Markaccy operates on, is a digital network that oversees the initiation of speedy and transparent Peer-to-Peer(P2P) transactions @Markaccy #Markaccy #TokenSale #ICO #bitcoin #ethereum #crypto #cryptocurrency
The foundational principle of Blockchain, which Markaccy operates on, is a digital network that oversees the initiation of speedy and transparent Peer-to-Peer(P2P) transactions, via secure channels @Markaccy #Markaccy #TokenSale #ICO #bitcoin #ethereum #crypto #cryptocurrency
[July 2013] - Is Ripple a corporate scam? - Blog post about the new Ripple Scam on P2P Foundation 7 years ago, the same forum/site where Satoshi had also announced Bitcoin whitepaper almost 12 years ago
It is not Bitcoin which needs retooled to fit into legacy businesses, it is legacy businesses which need retooled to fit into Bitcoin. Bitcoin is much bigger than p2p cash. It creates the foundation for a new p2p economy.
Feb. 11, 2009: Satoshi Nakamoto posts about Bitcoin in the P2P foundation for the first time.
I've developed a new open source P2P e-cash system called Bitcoin. It's completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper: Download Bitcoin v0.1 at http://www.bitcoin.org The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible. A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what. It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless. One of the fundamental building blocks for such a system is digital signatures. A digital coin contains the public key of its owner. To transfer it, the owner signs the coin together with the public key of the next owner. Anyone can check the signatures to verify the chain of ownership. It works well to secure ownership, but leaves one big problem unsolved: double-spending. Any owner could try to re-spend an already spent coin by signing it again to another owner. The usual solution is for a trusted company with a central database to check for double-spending, but that just gets back to the trust model. In its central position, the company can override the users, and the fees needed to support the company make micropayments impractical. Bitcoin's solution is to use a peer-to-peer network to check for double-spending. In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle. For details on how it works, see the design paper at http://www.bitcoin.org/bitcoin.pdf The result is a distributed system with no single point of failure. Users hold the crypto keys to their own money and transact directly with each other, with the help of the P2P network to check for double-spending. Satoshi Nakamoto http://www.bitcoin.org EDIT: Original Link
“Bitcoin’s demand and appeal come from its fundamentals: decentralised, deflationary p2p money, whereas ethereum’s « appeal » come from the entrepreneurial, active strategy of its foundation, and its marketing/fundraising efforts”
Tweetstorm by @sovereign_ind :
A few thoughts about the recent ETH bull run:
Main driver is the fact that the ETH that’s raised in ICOs leaves the speculative flows and will be spent over years by the “companies”.
This drives the ETH price, driving up perception of the value of the whole network and guaranteeing it news coverage.
My guess: most of these companies are quasi-scams. They’ve a veneer of relevance/usefulness, but their projects are pie-in-the sky...
and will never turn a profit.This gives plausible deniability to the founders:
“we underestimated the challenge”, “there was a learning curve”, “pioneers don’t always make it”…
Those founders are lying to themselves as much as they’re lying to the investors. Truth and fiction just blur into one mess of...
...superlative claims with no technical backing.
They will spend the ether they raised very slowly, which aligns with the interests of the ethereum foundation and its objective of...
..driving up the price.
The Dark Lord Vitalik himself endorsed/served as an advisor to several ICOs. I think that this is a conscious, calculated strategy:
to drive up ETH price as high as possible, to gain ground in the media and in investor’s minds…
... and then switch to PoS before the consequences of its mon. policy are felt.
So theoretically, if ETH had the properties of sound money, it could leverage its recent media exposure...
to gain value as a legitimate currency with desirable currency-attributes.
But this isn't going to happen. ETH lacks all the characteristics of sound money.
At some point the appetite of investors for these scams will be more than satiated, and ETH’s undefined, currently inflationary...
...policy will prevent its monetary properties from picking up the slack.
But as the saying goes, the market can stay irrational loger than you can stay solvent.
This is particularly true when network effects and feedback loops are in play.
You typically don't see network effects in stocks or other assets.
but cryptocurrencies are protocols, and network effects make or break protocols.
Since ETH is a currency, and not a company, it doesn't have to make a "profit".
And none of those companies who ICOed have to actually make any profit for ETH to grow
or sustain its valuation. There's no pullback force.
Current consensus is that one cryptocurrency will become global money within two decades. But Mr. Market asks, which one?
If there's a perception by part of the markets that ETH can win this "duel of coins" and reach global dominance as a currency...
Then the discrepancy between its price and its fundamentals could be much greater than even that of a dotcom stock.
So I think it’s impossible to call the top on ETH/BTC, and it's dangerous to short this pair.
Assuming PoS is workable, there’s a way this could work. But Ethereum will remain politically/culturally centralised for a long time.
And it having already forked will make it less credible as a store of value than bitcoin.
An interesting difference between ethereum and bitcoin: bitcoin’s demand and appeal come from its fundamentals:
decentralised, deflationary p2p money…
…whereas ethereum’s « appeal » come from the entrepreneurial, active strategy of its foundation, and its marketing/fundraising efforts.
BTC’s appeal: store of value, decentralisation.
ETH’s appeal: none IMHO, but to those who value it, store of value isn’t what motivated their choice.
ETH also has low “investor quality” (uninformed speculators, completely unaware of the technological/economic fundamentals of ETH).
BTC investors’s base, on the other hand, has hodled through all the FUD of the scaling debate, and has learned many hard lessons.
All bitcoin has to do is to remain what it is: deflationary, decentralised, immutable. ETH/BTC can climb to scandalous heights,...
...without being a threat to BTC/fiat.
Because the fuel pumping ETH/BTC higher doesn’t not come from the same tank as the fuel pumping BTC/fiat higher.
Bitcoins demand and appeal come from its fundamentals: decentralised, deflationary p2p money, whereas ethereums appeal come from the entrepreneurial, active strategy of its foundation, and its marketing/fundraising efforts /r/Bitcoin
03-26 13:41 - 'I suspect like the Internet (there is really one "internet"), an "Internet of Money" would naturally, due to efficiencies and network effects, gravitate toward a single foundational P2P currency model. / It's worth noting...' by /u/SheHadMANHands removed from /r/Bitcoin within 2-7min
''' I suspect like the Internet (there is really one "internet"), an "Internet of Money" would naturally, due to efficiencies and network effects, gravitate toward a single foundational P2P currency model. It's worth noting - for new readers - that Bitcoin and Ethereum (just as an example) are very much apples and oranges. They were designed... engineered... for different use cases. As such, "ether", the Ethereum unit of account, will never be the "Internet of Money". It is not as efficient as money, simply moving bits around, because it wasn't engineered for that purpose. What you're seeing now in the Bitcoin space is the rising demand for usage of the network (space on the blockchain), and the exploration of scalability solutions specifically around scaling this one specific use case (moving bits around). I think we're in an altcoin bubble again currently. We're not seeing any real innovation or value creation, but rather a series of pumps (Azure related news, often), dumps and essentially Bitcoin "hedging". ''' Context Link Go1dfish undelete link unreddit undelete link Author: SheHadMANHands
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