As the Bitcoin forks start piling up, isn't it starting to look more like a bunch of dubious token grabs? Or perhaps it's rearranging the deck chairs on the titanic?
Either way, a single token or menagerie of tokens that have flawed governance design, which fracture and confuse it's community, rely upon silly analogies to precious metals to attempt to defend monumental performance and scalability issues on top of being astronomically wasteful, expensive and centralised, are in trouble.
Eventually a blockchain platform will launch that unlocks utility at scale. That platform will rapidly acquire users, market share and network effect.
Will that platform be Bitcoin (which one is actually the closest to the real Bitcoin again?) or one of it's freaky forks? I have my doubts.
Happy Steeming
Thanks for sharing this my buddy @benjojo, always nice to see your posts. I think that out of greed, that we will see more bitcoin fork and funny thing is that those involved will make millions from it...I wish you a blessed holiday season.
In my latest post (pls see it) I indicated an abuse going on here and I want you to see it and take action. I wish you more success.
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Sadly I agree. These arguably ill-gotten gains only serve to further entrench the interests of people happy to treat the blockchain opportunity with distain. Appropriate distribution is critical in the health of a public blockchain. I wish you all the best too!
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F*rk Bitcoin.
Can it scale? Can it truly handle all the Tx/s needed to do what the world needs?
Besides, bitcoin and blockchain is already incredibly difficult to understand, when these forks happen, things get even more bizarre, this will only slow down adoption rate of crypto-currencies.
But, the trend of more and more adoption will continue, maybe not so much with bitcoin, but maybe with the better, quicker, safer and more powerful delegated proof of stake based blockchains.
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I completely agree. I think it's important to get the message out so that people have a chance to understand the risks involved with Bitcoin and it's forks. Eggs and baskets spring to mind! Once you understand that the foundations are on shifting sand, you prepare and build differently.
Those currently outside the crypto market are not so much of a concern because when blockchain tech is ready, they don't have to know what it is built upon, they can concern themselves with the tools that sit upon the solid foundations, using the dapps and participating in the communities they like.
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With all the money involved, odds are eventually they will find a way to scale. Still, most of my money is with Ethereum.
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Do you believe that Bitcoin can scale after all this time? Do you really believe Ethereum can scale? Have you heard of cryptokitties?
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Ethereum might not scale yet (hence cryptokitties) but several great scaling solutions are worked hard on by the dev team (sharding, state channels, POS, plasma), and some of them are even talked about being implemented in the near future (2018).
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I believe Vitalik said that scaling Ethereum wouldn't be possible for 2-3 years. That's a long time in crypto. Ultimately, it appears they are tying themselves into knots attempting to re-engineer poor design. It was an experiment and from that perspective, potentially valuable, but other than the speculative mania in price, where is the value? POW bad, tx fees bad, solidity (when used by non experts to build smart contracts) bad, governance bad, centralisation bad, on and on. If Ethereum does become fixed, it will be completely different....forked into something else entirely.....more akin to blockchains that have been developed under a more successful set of guiding principals that have tested far better in the real world.
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He said that it wouldn't scale to "visa levels" in a few years... But yeah, I agree that this is still the wild west, but I have hope that Ethereum can achieve all these things, but it is obviously far from guaranteed. I just believe that Ethereum has the best shot at coming out on top, seeing what they have done in the past. Also Vlad said that Casper should be out soon (whatever "soon" means). Value is there, but the inflow of the money (i.e. speculation) has caught up with the technology unfortunately.
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I don't want any genuine project to fail or lose it's investors capital if they have invested with a degree of precaution. My overwhelming interest is that someone somewhere gets it right. If Ethereum succeeeds, that great well done those who believed. Looking at the fundamental facts in the present, I feel that is increasingly unlikely. Therefore my message is to be aware and take care. It was lovely chatting with you, thank you bud.
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Good post bro
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My dear,that's true.many people don't know the direction bitcoin will take.it has fuck me up yesterday ,i pray it will appreciate in value again.
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I'm sorry to hear that you had a problem. I'm glad you know how volatile Bitcoin can be. Take extra care.
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I am at a point where Bitcoin is of little interest to me. Sure it is still the originator but with all of the Bitcoin alts and the legacy chain itself failing to scale, I am looking other directions for our future as far as technology is concerned. Bitcoin may remain a store of wealth for some but I see it as outdated already. These are simply opinions of course but with networks like graphine it has to make you wonder why anyone would build on legacy.
Peace,
The Last Sage
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I completely agree. Peace :)
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Sentiment among bitcoin enthusiasts on online message boards has turned from broadly bullish to wary overnight as prices have dropped deep into a bear market, hours after shares in a drinks maker rocketed 500 per cent after it inserted 'blockchain' into its name.
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It's a crazy world. There is great misunderstanding out there about what is valuable and what isn't. I welcome the return of wary, caution and anything else that gives people pause and makes them think.
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very appropriate the image a cake that everyone wants to eat, and if some forks of dubious origin but to which there is to be attentive all the bitcoiner
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Cheers bud. It felt appropriate!
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It shows that there is no clear roadmap for bitcoin. And on top of that, people see bitcoin forks simply as a money grab! It truly is sad to see money influencing this potentially great technology to that degree. My bet is still on Ethereum, where the forks actually improve the blockchain.
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Yes it’s confusing but I don’t blame people for forking btc when all the transaction fees are skyrocketing. Take a look at the /r/btc on Reddit for some serious gripes from Bitcoin Cash users. Maybe crypto suffers from gossip and cliquey behaviors like any other scene... but utility and ease of use shouldn’t be thrown out due to squabbles...
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High tx fees is a flaw and completely unnecessary. It is an affront to the idea of utility actually :)
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It’s true. But do you wonder if the high tx fees keep people from making useless trades to game the system?
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I think I will fork Bitcoin and I will call it Bitcoin Grab or Bitcoin Free Coin Scam.
The roadmap: 10 Gillion Tx a second for free after appropriate time for me to skip town.
I will start the bidding at 0.5 BTC 😜
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😂
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Yes it's so true one day its up and another its down
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