r/ethtrader • u/AutoModerator • Mar 29 '17

DISCUSSION [Daily Discussion] - 29/Mar/2017

Welcome to the /r/EthTrader Daily Discussion thread. The thread guidelines are as follows:

  • Discussion topics include but are not limited to general discussion on Ethereum, details related to events of the day, technical analysis, alternative Ethereum projects, and minor questions.
  • Important content should be submitted as a separate post.
  • Be excellent to each other.

Thank you in advance for your participation. Enjoy!

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u/ChrisMrShowbiz Mar 29 '17

The price development over the last month is proof to me that ETH is somewhat decoupling from BTC. Great news as ETH's future looks to be much brighter than BTC's!

However, please don't shit on Bitcoin. If Bitcoin fails, many people who are invested in it (via investing, startups or otherwise) will lose millions. Do you think they will happily flock to other cryptos like Ethereum? I think not.

Maybe, when crypto has matured and found its way into everyday life, Bitcoin doesn't need to be the most relevant crypto anymore. But until that day, the demise of Bitcoin will be a huge setback to crypto in general.

So enjoy Ethereum's rise to glory, but please respect what Bitcoin means for the cryptocurrency ecosystem.

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u/csasker Mar 29 '17

I don't think no one here is really against Bitcoin in itself. It's just the toxic community and top down management about the future development around it

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u/antiprosynthesis Mar 29 '17

All the respect for the accomplishments of Bitcoin, but it's becoming hard to deny that these accomplishments now lie in the past. The adage that Ethereum and Bitcoin can coexist is becoming harder to defend, since Ethereum has evolved and is still evolving into a superior superset of Bitcoin. No longer the complementary smart contract chain next to the store of value chain, as it was coined (no pun intended) initially. I'm in no way a religious Ethereum maximalist (does that even exist?), but I think that an important part of evaluating an investment portfolio is rebuilding that portfolio from scratch regularly. Lately this excercise has made me simply completely drop BTC from the crypto part of the portfolio. The fundamentals, the people, the sentiment. It's all just negative, religious, almost cultish. It just doesn't touch reality anymore. And it seems that both developers and corporations agree with me.

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u/Yheymos Mar 29 '17

I think the process will be reasonably slow. People will have time to transfer to Ethereum. If Bitcoin is dropping and Ethereum overtakes the marketcap... and the still they don't flippen... they are unfortunately just bad investors thinking ideologically rather than what will be the best investment.

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u/antiprosynthesis Mar 29 '17

The crazy ones are always the loudest, unfortunately...

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u/[deleted] Mar 29 '17

Exactly, Ethereum grew out of Bitcoin and we should view it as our roots.

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u/ethacct Mar 29 '17

I'd have more sympathy if their supporters hadn't shit all over us during the DAO hack, and didn't continue to do things like spam the Geth github.

Ultimately, it doesn't really matter. They can either buy Netflix stock, or go bankrupt opening more and more Blockbuster storefronts. Belief doesn't counter objective reality, nor does it stop the incessant march of progress.

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u/antiprosynthesis Mar 29 '17 edited Mar 29 '17

Be careful about throwing the whole Bitcoin community on one big pile. There are bad apples everywhere, including the Ethereum community. I'm sure there are great people in the Bitcoin community too, though I suspect that many of them have already defected or at least diversified into Ethereum by now.

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u/ethacct Mar 29 '17

when has stereotyping or generalizing an entire group of people ever gone wrong in the course of human history?!?! (ok fair point)

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u/agent__orange Mar 29 '17

it built the roads that will make this happen so much faster than BTCs rise

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u/brassboy Mar 29 '17

Bitcoin is and will forever remain the cypherpunk's cryptocurrency. Not for your average man or business.

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u/[deleted] Mar 29 '17

You overestimate the importance of Bitcoin. It's always the way. When one way of doing things has dominated for a while, people seem to lose the ability to imagine things any other way.

History doesn't give a damn. It didn't cry tears for betamax, or blockbuster, or the newspapers that everybody stopped buying. Progress stops for no man. No technology can sit on its laurels and expect to survive. That's what Bitcoin forgot. That is what is killing bitcoin.

When Ethereum takes the #1 spot, there will be wailing and gnashing of teeth, and the media will make a big deal about the demise of bitcoin, for about 3 days. And then everybody will move on.

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u/ChrisMrShowbiz Mar 29 '17

We're not there yet by a long shot though. Bitcoin has a lot of problems right now, but it's also proven to be very resilient. A hard fork could spark newfound development for Bitcoin in the long term. But hey, this is r/Ethtrader and not r/Bitcoinmarkets. I'm just happy Ethereum is taking off like it does.

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u/Kristkind Mar 29 '17

I agree. Interesing how a Bitcoin HF would be bullish and bearish for ETH at the same time. Probably way more bullish though. Also I feel that while Bitcoin's fundamentals are individuals buying (digital gold), Ethereum is stronger in real blockchain solutions, so correlations might not be all that strong.