Re:Ethereum Cloud Mining for Dummies
by brighton36 on Saturday August 08, 2015 @06:35PM
(#10028840)
Because Bitcoin is immutable and blockchains are a codification of the network effect. Altcoins are themselves competing chains, and thus compete with the main chain. Because the 'first mover' is Bitcoin, then the incentive for any miner is to join that chain. The problems in other altcoins are particularly important because their miners always sell that altcoin to the greater fool... in exchange for bitcoin.
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Re:Ethereum Cloud Mining for Dummies
by davidgerard on Saturday August 08, 2015 @07:11PM
(#10028923)
Altcoins are (amazingly) even worse, but that doesn't make the Bitcoinsphere good. It still has no actual use case beyond illegal drugs, and is riddled with scammers and criminals at every level.
I detailed the problems as I saw them as of January here: http://reddragdiva.dreamwidth.org/594396.html Things really haven't improved in any regard.
Re:Ethereum Cloud Mining for Dummies
by brighton36 on Saturday August 08, 2015 @08:10PM
(#10029042)
Agreed. The black market is the smallest sector of the world's economy. If the best Bitcoin can do is service that market, its safe to say the Bitcoin is a massive failure.
Agree. I'm assuming it's because dealing with technical difficulties meets reasonable expectations when diving into a black market. As the pieces come together and the experience improves, it'll fade I hope.