Do we need a black based alt coin?

[heisenburrr]

Bc ppl are viewing bitcoin as an end all be all and not understanding the basis of alt coins in general.

For example you have the dollar which can be used in 60% of places but ppl dont use the dollar bc its not prevalent in 40% of places. Does that not make the dollar valid and the most used, no? It just gives the opportunity for other currencies to establish their own trust system of whats that's worth. Like the yen, the euro etc. Another altcoin gives us the basis of establishing our own system. Idk why nikkas cant comprehend that. Im not saying bitcoin wont be number 1 but Im saying why cant we do our own just bc something else is number 1?

What about alternative Bitcoin-like currencies? They all provide the same security risks and benefits. Nominally, they all have different divisibility (so called “larger number of coins”), but at the scale of trillions of smallest units in total money supply extra divisibility does not really matter.

Economically, all Bitcoin clones (altcoins) have the same problem: they all have much smaller market exposure than Bitcoin while not technically superior. When people decide in which one to keep their money, they would keep it in the money with the biggest market. There is not point in “diversification” in the long term. If Bitcoin fails for some reason, all its clones fail for the same reason automatically. If Bitcoin works well, any amount in altcoins is simply inferior in its purchasing power. It does not mean there won’t be any market. You can always keep some empty plastic bottles for selling later, but the bottles can only buy cash, while cash can buy anything.

You african american coin = plastic bottles

 

[jalamanta]

www.coinbase.com
www.circle.com

Thanks breh. One more thing. Let's say I will buy some on coinbase. If somewhere in the future this company and their site disappear, what will happen to my bitcoins?

 

[heisenburrr]

Thanks breh. One more thing. Let's say I will buy some on coinbase. If somewhere in the future this company and their site disappear, what will happen to my bitcoins?

Once you buy them on coinbase you should move them to a personal wallet where only you control the private key to your bitcoins.

There are many options out there such as :

www.blockchain.info
www.bitgo.com
www.greenaddress.it

Some of these are multisig and will allow for easier recovery of your coins if ever you lose your private key or password. Note that you should always have a paper backup of your coins physically printed and kept safe somewhere.

There are more secure options but they are less convenient. Unless you hold an important amount of coins, the options mentioned above should suffice. At worst, keeping them on coinbase using their "Vault" option is a pretty safe bet IMO, this is a company that is highly regulated and it would be near impossible for something like the Mt Gox fiasco to happen to them

 

[Warren Moon]

Once you buy them on coinbase you should move them to a personal wallet where only you control the private key to your bitcoins.

There are many options out there such as :

www.blockchain.info
www.bitgo.com
www.greenaddress.it

Some of these are multisig and will allow for easier recovery of your coins if ever you lose your private key or password. Note that you should always have a paper backup of your coins physically printed and kept safe somewhere.

There are more secure options but they are less convenient. Unless you hold an important amount of coins, the options mentioned above should suffice. At worst, keeping them on coinbase using their "Vault" option is a pretty safe bet IMO, this is a company that is highly regulated and it would be near impossible for something like the Mt Gox fiasco to happen to them

If you want scraps that's all you'll deserve.

 

[heisenburrr]

If you want scraps that's all you'll deserve.

So I assume you saw the light since you are not commenting anymore on our little argument right

 

[Warren Moon]

So I assume you saw the light since you are not commenting anymore on our little argument right

Naw went to bed with my girl. But every link your posting is how simpletons make money off of alt coins but actually don't know what they're doing. However I dropped two links validating how I get 10-20 times more returns than you. Yet you're still trying to give knowledge when you know I'm right breh. Just admit you just got into the game and no nothing besides some promo links that take more of your money. Ask yourself this why would coin base give you a free $20 but not allow you to tranfer fund for 3 days due to the "market". Who's really wining in that situation?

You see the light?

 

[heisenburrr]

Naw went to bed with my girl. But every link your posting is how simpletons make money off of alt coins but actually don't know what they're doing. However I dropped two links validating how I get 10-20 times more returns than you. Yet you're still trying to give knowledge when you know I'm right breh. Just admit you just got into the game and no nothing besides some promo links that take more of your money. Ask yourself this why would coin base give you a free $20 but not allow you to tranfer fund for 3 days due to the "market". Who's really wining in that situation?

You see the light?

why is it you keep moving the goal post?

the richest people in crypto have made their money buying Bitcoin and holding for more than a year. that's fact.

while you are possibly making returns off your altcoins mining, you are also exposing yourself to more risks than necessary.

I'm still waiting for you to put forward a legitimate use case for your "african-american coin"

 

[Warren Moon]

why is it you keep moving the goal post?

the richest people in crypto have made their money buying Bitcoin and holding for more than a year. that's fact.

while you are possibly making returns off your altcoins mining, you are also exposing yourself to more risks than necessary.

I'm still waiting for you to put forward a legitimate use case for your "african-american coin"

That @heisenburr is the right question.

The richest ppl in bitcoin havent held the coin for a year, the richest ppl in bitcoin were ppl who just invested in in it on a whim when it first started, hell one guy threw away 9mill http://money.cnn.com/2013/11/29/news/bitcoin-haul-landfill/ and he got on it a little after most

So the basis of of any currency is consumer backed. Such as the dollar which is backed by gold which humans think is valuable.

So we go to bitcoin which has the most liquidity, Why? Because people such as yourself and myself believe more people find it valuable. Other people use it and thus we will, which makes it valuable. Hell thats the basis of anything valuable.

Now why I believe we should have a blacked based coin. First, there are many altcoins which you find volatile that collectively are worth over 300 million keeping in mind most have been launched in the past 2-4 years. Yet the general public has zero to any knowledge of these coins. Why? Because they aren't actively seeking out knowledge of them besides the ppl thinking its a money making opportunity.

Bitcoin was launched I believe maybe under 6 years ago with little to no public buzz. By public I mean no one knew until nytimes started dropping articles and ppl such as yourself got on coinbase bc they found a money making opportunity. Anyone who deals with this type of currency knows its not going anywhere, and knows it just a matter of time before the big dogs move in and take control. The currency is simple and cant be controlled by the higher ups.

So with there being no true currency that has really been launched to the public masses (i mean there's ppl reading this thread trying to figure out wtf we are even talking about) African americans have a chance to establish, our own coin threw promotion. We have the establishments to get in contact with ppl that can speak to the masses. Every nikka i know, knows somebody that knows somebody. By establishing our own backed coin and promoting it in our community we can push up the value of our own coin through promotional based assets that honestly havent happened. Can you imagine the next big 10-15 mixtapes just saying out a line of our coin and then we giving them some coins for that line or even song. Its more than possible.


Ppl such as yourself like established things that are backed up by cacs, ppl such as myself think about our community. Not only would it work it would thrive, for generations. But hey some dude just cashed out for 10 mil in altcoins and rap was just some bs music not wouldnt last that long/

 

[heisenburrr]

That @heisenburr is the right question.

The richest ppl in bitcoin havent held the coin for a year, the richest ppl in bitcoin were ppl who just invested in in it on a whim when it first started, hell one guy threw away 9mill http://money.cnn.com/2013/11/29/news/bitcoin-haul-landfill/ and he got on it a little after most

So the basis of of any currency is consumer backed. Such as the dollar which is backed by gold which humans think is valuable.

So we go to bitcoin which has the most liquidity, Why? Because people such as yourself and myself believe more people find it valuable. Other people use it and thus we will, which makes it valuable. Hell thats the basis of anything valuable.

Now why I believe we should have a blacked based coin. First, there are many altcoins which you find volatile that collectively are worth over 300 million keeping in mind most have been launched in the past 2-4 years. Yet the general public has zero to any knowledge of these coins. Why? Because they aren't actively seeking out knowledge of them besides the ppl thinking its a money making opportunity.

Bitcoin was launched I believe maybe under 6 years ago with little to no public buzz. By public I mean no one knew until nytimes started dropping articles and ppl such as yourself got on coinbase bc they found a money making opportunity. Anyone who deals with this type of currency knows its not going anywhere, and knows it just a matter of time before the big dogs move in and take control. The currency is simple and cant be controlled by the higher ups.

So with there being no true currency that has really been launched to the public masses (i mean there's ppl reading this thread trying to figure out wtf we are even talking about) African americans have a chance to establish, our own coin threw promotion. We have the establishments to get in contact with ppl that can speak to the masses. Every nikka i know, knows somebody that knows somebody. By establishing our own backed coin and promoting it in our community we can push up the value of our own coin through promotional based assets that honestly havent happened. Can you imagine the next big 10-15 mixtapes just saying out a line of our coin and then we giving them some coins for that line or even song. Its more than possible.


Ppl such as yourself like established things that are backed up by cacs, ppl such as myself think about our community. Not only would it work it would thrive, for generations. But hey some dude just cashed out for 10 mil in altcoins and rap was just some bs music not wouldnt last that long/

I understand what you are trying to do. But what I am saying is. It's too late. There is no room for competition or diversity in currencies. Winner takes all. Did you even read the article I linked you to? Do you understand the concept of network effect ?

Digital currencies have no color, no barriers of entry. There is already too much value into Bitcoin for someone to intently invest their money into some other digital currency HOPING that others will do the same considering there are NO incentives. This is the point you seem to be missing. No matter how much you'd like for there to be a community effort to promote a blacked based coin, greed will attract HUMANS to the most financially viable market. And there is NOTHING wrong with that. Everybody can profit from this. What you are suggesting is an experiment destined to failure because the VALUE PROPOSITION is simply nonexistent.

Second problem of alt coins is mining. In the long term, any miner will throw 100% of computing resources into the most profitable currency. Even if Bitcoin is only 1% more profitable than Litecoin, since there is no fundamental difference between them, all the resources will be thrown into Bitcoin. In the short term, there are plenty of enthusiasts who find themselves equipped with a lot of outdated GPU hardware that was once used for Bitcoin, but now cannot compete with specialized ASIC hardware. These people now mine Litecoin in short-term expectation for any amount of reward. It is sort of a private club of people trading in their own funny money. All new miners devote all their energy to Bitcoin, while people who will sell or retire their GPUs will make Litecoin network weaker and less technically stable.

Realistically, this is the state of most altcoins right now. It is only a matter of time until the majority of them die their slow death.

 

[Warren Moon]

I understand what you are trying to do. But what I am saying is. It's too late. There is no room for competition or diversity in currencies. Winner takes all. Did you even read the article I linked you to? Do you understand the concept of network effect ?

Digital currencies have no color, no barriers of entry. There is already too much value into Bitcoin for someone to intently invest their money into some other digital currency HOPING that others will do the same considering there are NO incentives. This is the point you seem to be missing. No matter how much you'd like for there to be a community effort to promote a blacked based coin, greed will attract HUMANS to the most financially viable market. And there is NOTHING wrong with that. Everybody can profit from this. What you are suggesting is an experiment destined to failure because the VALUE PROPOSITION is simply nonexistent.

Based off of HUMAN history no currency will ever be the basis of world unless everyone believes. There is too much value in the top 3 currencies right now the euro, the dollar and the yuan. Yet guess what there are three? Why is it so hard for you to think that there wont be any other currencies that are online based in ten years besides the bitcoin. Hell if this acually goes through the black based currency would be lucky to be top ten honestly. if there isnt value proposition in any currency besides the dollar? Why are there other currencies? Bc CERTAIN subsets of the human population identify it as valuable. Simple as that, all it would take is black ppl thinking it was valuable, instead of someone else telling you bitoins are valuable. I could have these same arguments 6 years ago trying to convince that bitcoins would be valuable and you would wipe your ass with it bc it had no value proposition. VALUE PROPOSITION can be created by ANYBODY, why not by us?

 

[heisenburrr]

Based off of HUMAN history no currency will ever be the basis of world unless everyone believes. There is too much value in the top 3 currencies right now the euro, the dollar and the yuan. Yet guess what there are three? Why is it so hard for you to think theirwont be any other currencies that are online based in ten years besides the bitcoin. Hell if this acually goes through the black based currency would be lucky to be top ten honestly. if there isnt value proposition in any currency besides the dollar? Why are there other currencies? Bc CERTAIN subsets of the human population identify it as valuable. Simple as that, all it would take is black ppl thinking it was valuable, instead of someone else telling you bitoins are valuabe. I could have these same arguements 6 years ago trying to convince that bitcoins would be vaulable and you would wipe your ass with it bc it had no value proposition. VALUE PROPOSITION can be created by ANYBODY, why not by us?

Wrong, because Bitcoins have inherent value and not only market value. Someone familiar and well versed into bitcoin should understand this.

For 5000 years gold was the currency that served the basis of any financial transaction in this world. For different reasons, silver came along to complement it. Bitcoin has the necessary properties to replace gold in that sense but also has features that improve upon the value proposition of gold. People like to say that there should be a silver to BTC but that is fundamentally wrong.

You simply cannot compare fiat currencies to hard currencies and say "hey there's multiple fiat currencies, why shouldn't there be multiple digital ones". That's because they have different properties and features. Fiat currencies are state-issued and there are laws that enforce or restrict their usage depending the case. Fiat currencies are very different from hard currencies such as gold, or bitcoins.

People use that money, though, because various controls and regulations make it almost impossible to use gold, silver or respective certificates in daily transactions. Every bank needs expensive license and must not be very creative at what it can offer to its clients.
Dollars can buy things in U.S., euros can buy things in E.U., but if you try to use them in inappropriate places, you would have to pay very high conversion fees. (Setting up your own clearing house or exchange with the lowest fees is not possible due to regulation.) It should be clear now that if, for instance, U.S. Dollar can buy more than Russian Ruble, Russians would tend to use Dollars in daily life. The reason why it does not happen anymore (it used to during liberal times in the 1990s) is stricter controls on currency exchange that make it illegal to price goods in dollars and expensive to exchange currencies frequently.

 

[Warren Moon]

Wrong, because Bitcoins have inherent value and not only market value. Someone familiar and well versed into bitcoin should understand this.

For 5000 years gold was the currency that served the basis of any financial transaction in this world. For different reasons, silver came along to complement it. Bitcoin has the necessary properties to replace gold in that sense but also has features that improve upon the value proposition of gold. People like to say that there should be a silver to BTC but that is fundamentally wrong.

You simply cannot compare fiat currencies to hard currencies and say "hey there's multiple fiat currencies, why shouldn't there be multiple digital ones". That's because they have different properties and features. Fiat currencies are state-issued and there are laws that enforce or restrict their usage depending the case. Fiat currencies are very different from hard currencies such as gold, or bitcoins.

How do bitcoins have inherent value besides consumer trust? And how can inherent value not be created by other peoples consumer trust such as gold? Gold is worth nothing btw it has no value besides what ppl place on it so why can't black ppl put that same trust on our own coin?

 

[Warren Moon]

Wrong, because Bitcoins have inherent value and not only market value. Someone familiar and well versed into bitcoin should understand this.

For 5000 years gold was the currency that served the basis of any financial transaction in this world. For different reasons, silver came along to complement it. Bitcoin has the necessary properties to replace gold in that sense but also has features that improve upon the value proposition of gold. People like to say that there should be a silver to BTC but that is fundamentally wrong.

You simply cannot compare fiat currencies to hard currencies and say "hey there's multiple fiat currencies, why shouldn't there be multiple digital ones". That's because they have different properties and features. Fiat currencies are state-issued and there are laws that enforce or restrict their usage depending the case. Fiat currencies are very different from hard currencies such as gold, or bitcoins.

Actually why are trying to say black can't make our own alt coins when there aw multiple altcoins that are collectively worth over 500 millions some are Russian based some are us? Yet a black based coin would be worth nothing

 

[heisenburrr]

How do bitcoins have inherent value besides consumer trust? And how can inherent value not be created by other peoples consumer trust such as gold? Gold is worth nothing btw it has no value besides what ppl place on it so why can't black ppl put that same trust on our own coin?

I agree that gold is worth nothing.

But Bitcoins have inherent value because they are sufficiently scarce and unlike gold have a utility outside of their dollar value.

 

[TRFG]

have you checked out www.coinbase.com . It's pretty easy. you could even try to get an invite to www.circle.com and if you do you can buy right away using a credit card

breh how do you make a profit from btc tho?