309 karma · joined May 14, 2012
Thanks for the very valid counterpoint!
I feel like funding would be easy, but who would you trust being behind such an initiative though?
You have the worlds largest tech companies, banks (the IMF!), the Big Four advisory firms, top lawyers around the world, governments at all levels, and just some incredibly active open source communities, all working with this technology. Why belittle it like what was done in that comment? Can't we at least agree that after ten years, Bitcoin has been an experiment worthy of its own story rather than being lumped on either side of "beanie babies or baseball cards as opposed to the dot com bubble"
For a trader, that means that to them 1 ETH is currently worth 0.02678663 BTC. The USD price of Bitcoin doesn't come into play here. So, if Bitcoin goes down, the relation to ETH means that it follows, since 1 ETH is still worth 0.02678663 BTC.
Edit: Why would they do this? A number of reasons, the biggest two being habit and volume.
Most coins are traded on networks that don't have fiat currencies, so they had to choose a cryptocurrency base. Also, many traders in the realm started out with Bitcoin, and love Bitcoin, and want more Bitcoin. So they don't care if a trade gets them USD, they just want to grow their BTC holdings.
Finally, with trading, volume is very important - you want as much being offered for sale as possible. If you split up every order book (btc/eth, xrp/eth, ltc/eth, usd/eth, xrp/ltc, xrp/usd, ltc/btc, etc etc) then the volume of each 'book' is divided amongst the options, making it harder to move larger amounts from one to the other.
Investments aside, you should really try to get your hands on some Bitcoin testnet coins and play around. Alternatively, something like Defcoin (http://defcoin-ng.org/) is intentionally worthless and great for experimenting. It's neat stuff and helps you appreciate the technology, as well as appreciate the currency shortcomings that require smart people to try and fix.
Many of us talk about how this has happened and will happened again not because we want you to invest, but because it's old news and articles like this are super boring. We have spent time working with the technology and community and see value in it. Value you may not see without wanting to go deeper, but value that is real and exciting.
Just add this bad article to the 300+ Bitcoin Obituaries, and the even more writings that try to point out the hard lesson learned by us idiot Millennials.
A reminder that some Millennials are almost 40 now, we were the first generation to grow up with the internet, and we lived through things like the dot com bubble and the 2008 housing crisis. What could we possibly know about technology and money? What could we possibly desire to see possible change and improvement in?
This has been a common occurrence across many of the large classic players of the financial space. Keeping talent is difficult when a startup can be substantially more agile and effective. I know this isn't unique to the blockchain space, but it is certainly very prevalent. Potentially due to the fact that many leaders in the space were early investors in the technology too and a stable salary isn't top of mind compared to freedom and a challenge.
edit: for what it's worth, I use to be Canadian focused in my role, and this was not an issue. Then I became more globally focused and it became instantly a problem, but consistently only in America. Not in Europe, not in Asia, Canada still mostly chill, but America wants to have a call to discuss.
Take my original post with a grain of unproductive salt.
tks.
No agenda? No Call.
Edit: Sorry, you're all right. There wasn't any titlemania after all.
Perhaps information on a third party auditor?