Wednesday 2 March 2016

Bitcoin competitor has me on edge


I've noticed a VERY strong trend lately on here. In nearly all of the doomsday posts, there are countless numbers of people pointing others to Ethereum as the solution. After looking into the technology, as a Bitcoin investor it has me very worried.Now, Ethereum users claim that Ethereum is not a threat to Bitcoin, that it is a benefit to Bitcoin. But I think that's total bull and only being said to appease the Bitcoin users so that they don't feel threatened by this technology, and as such will allow discourse about it on the Bitcoin forums. I mean, their technology has its own blockchain for crying out loud, how is that a benefit to Bitcoin? It doesn't even use Bitcoin, not even remotely. It IS a DIRECT competitor. And looking at the technology itself, it already offers most of the things that Bitcoin users have been excited about for the FUTURE of Bitcoin. The problem is, they've already got it, and they're starting to notice that things are not getting done in Bitcoin dev land, and so they're using these new applications to convince a large portion of the Bitcoin community to invest into ETH. We can't even agree on a blocksize increase, and yet they're over there making all of these strides, so it's no surprise to see that peoples attitudes are changing quickly. Compare the sentiment of their subreddit to ours, and you'll see what I mean.The problem with this is, it takes volume away from Bitcoin. Most Bitcoin investors who invest in ETH will not be buying ETH with Fiat, they'll be converting their BTC holdings into ETH. That means that overall, Bitcoins market cap and interest slowly wanes, and ETH slowly rises. This is a big problem for Bitcoin. They're literally poaching our userbase.So, I think it's about time we ban all discussion of this cryptocurrency on the Bitcoin related boards. With all of the blocksize drama and attacks on the Bitcoin network, I've noticed the general sentiment in here has been absolutely atrocious lately. The outlook has turned from bad to extremely bad. The attitudes of people, the bickering, the constant fighting, it's a SERIOUS problem, and the lack of progress being made by the Bitcoin community is the root cause. This leaves Bitcoin holders extremely vulnerable, and when they see people coming in here saying things like "Well you should look at Ethereum, it has none of these problems, all of these benefits and all of this interest from huge companies", they can be easily persuaded to make the move. I honestly believe the reason for their recent massive price rise is not due to the news about IBM and Microsoft supporting Ethereum, but rather due to a mass exodus of Bitcoin users, and if this continues things are going to get very bad, very quickly.So please, mods, community, can we agree to do something about this? It's hurting Bitcoin's future. via /r/Bitcoin http://bit.ly/1oOq5lY

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