BURST my bubble : an opinion on the dangerous influx of altcoin posts
BURST my Bubble : why you might want to reconsider your altcoin investment.
Now as with anything involving crypto-assets, this is highly speculative and any information must be taken with care. I want to explain my position as to why I feel altcoins such as boolberry and burstcoin are poor projects to support; although it may be profitable to speculate and day trade on an exchange like Poloniex, supporting projects with flawed fundamentals like burstcoin or unnessacary cryptonote forks like boolberry is harmful to the overall decentralization movement.
Flawed fundamentals:
Burstcoin uses a new proof of capacity (POC) mining algorithm and claims to be completely ASIC proof. I will say right off the bat this proof of capacity algorithm is not the direction to push crypto. First, the economics of scale for storage is very unfavorable, large buyers have huge advantages and others have diferent levels of availability. They advertise on their web site how they have tons of nodes setup and how this leads to decentralization. The deal is, this is a tiny project with ~1000 BTC market cap; pure speculation and people making some money with their HDDs sitting around. There is really no long term future in this asset and although they may have ~1.5 PB of disks on their network, they don't do anything. What a waste, irregardless of how everyone's mining efforts could be crushed once a big player decided to throw their drives around. Talk about decentralization now.
This is an untested concept from a game theory and economic perspective. I don't think scale will treat this concept well.
A better option
Burstcoin miners drives don't do anything useful. Supporting a project based on speculation takes drives away from legitimate projects that are doing really cool things with decenteralized storage with blockchains. Take projects like MaidSafe Coin, Ethereum Swarm and IPFS (Interplanatary File System). These projects provide tokens of value or compensation for providing disk space to the network. The main difference here being these projects provide services like a decentralized and distributed alternative to Google Drive or store a new uncencorable and decentralized internet. Burstcoin, I hate to burst your bubble, but you don't do anything useful and leach market cap from useful projects.
These random forks that atempt to do something novel with crypto, are certainly not run by expert cryptographers and this project is a prime example of untested game theroy. It is just a SHA256 hash anyways no extra security; this coin is providing no utility over bitcoin and under my philosophy should be completely avoided. Everyting about this project screams scam.
but, by all means speculate and day trade all you want.
Berry bad
Boolberry, another speculative asset I have seen a lot of posts about lately is another annoying altcoin. Bool is a Cryptonote fork like FantomCoin and some other scammycoins. The bool project, dispite implementing some privacy features like ring sigs and wallet aliasing doesn't really bring any value to the table more than coins like Zcash and Monero. Both implement privacy features and have a much larger community and development network. Not to mention value. This is a project clearly designed to make some developers some money, who knows how long it will even be listed on exchanges like Poloniex.
But again, by all means speculate on these altcoins all you want.
For long term holding though, these should be avoided like the plague. Think about running a Monero GPU miner, stake some Ether or buy some SafeCoin. These are projects that have long term viability and utility. Giving attention to these scam coins whose developers are often just trying to make a buck and end up abandoning the project the second they don't make as much money as they wanted. My philosophy pushes me away strongly from speculating with these scam coins.
Stay encrypted,
Kyle
if Burstcoin surges up 10000x in 2017 and crashes because of whatever reason, I would have enjoyed the ride and earned tons of the profit on thee way up. My attitude towards earning profit puts my profit ahead of everything else, this is the attitude that keeps me blogging on steemit. Every blog post or upvote earns me profit.
I made a video today about my steem power, and after the video i realized I have already earned and cashed out the $6000 worth of Ether I invested in steem back in June 2016, so every penny I get from steemit now is profit. I am on the same path with burstcoin, for profit.
Boolberry was a fast profit for me, and If I never see Bollberry of Pascalcoin again it wont matter, as it took less than 1 week each for me to earn profit trading and promoting them with my youtube videos. Crypto is a very small space, and those involved often talk about changing the world, it's like a religion to them. I'm not religious about crypto, but I can pretend like I am, to take advantage of those who are.
There are reasons people feel so strongly about crypto, and you are certainly right saying the scene is small and undervalued. My point here is that speculating wildly on projects and assets with flawed fundamentals is only harming those projects with sound ones.
But again, you have made it clear you enjoy day tradeing these assets and by all means, make yo money.
competition is used to figure this out.
If Burstcoin bubbles it proving its own authority to exist, because this presents a note of demand.
That could not be further from the truth. A bubble is just that: a bubble. I hate to burst yours but it is certainly not proving its own authority to exist.
@kyle.anderson - "Burstcoin, I hate to burst your bubble, but you don't do anything useful and leach market cap from useful projects".
Funny! Burst is solving a problem by conserving energy by being able to mine with your hard drives which proves to be effective with me being one to witness as I am mining myself and absolutely l0ve it! Not everyone has insight into the near future. We are going 'green' ppl!
There will always be ppl who try to discourage others but not this time - https://www.burstnation.com/
I did my h0mework and besides, I mine f0r free ;) If I purchase, it's small change sitN around.
That is fine that you want to speculate around this coin. What I am saying about their POC mining is I believe it is fundamentally flawed. From a security and incentive perspective in adition to being an entire waste to the storage. BTC might burn some serious power, but it does so securing a 18 billion network. If you are worried about being green take a look at Ethereum's Casper algorithm, completely does away with mining altogherther, no waste at all.
Burst is a poor project to donate to
Of course you want people to get on board, them giving legatamacy to your holdings is the only reason your coins have any value.
I guess time will tell and thx f0r the tip on Ethereum's Casper Algo - I don't keep up with Eth, too much going on there lol but you caught my attention to check this out.
I still don't understand why you would feel Burst P0C system is flawed? It's absolutely genius if you ask me and everything is running smooth.
It might seem like everything at this early stage is running smoothly but nothing is taxing the network, from either a security standpoint or a load standpoint.
I outlined a bit as to why I don't think POC is a smart way forward. The economics of storage don't follow the GPU, memory or even ASIC limitations and I would argue does not provide an equal hashing landscape. Even worse, the network is simply wasting the storage. Check out projects like MaidSafe Safecoin or Ethereum Swarm where you will be able to earn money from your hard drive mining, but at the same time providing useful storage to the network.
I see! I never paid any attention to MaidSafe and now know that they too are about hard drive mining. I will do some research on this coin later as well. Thx f0r your opinion, good to see others views as well. Won't hurt me to think on it but hard to get me out of this 'Burst'. BurstNation4Life haha
YEs the fact it uses almost no energy compared to other coins is a huge plus.
Thirds Rule...Thank me laters
https://steemit.com/burstcoin/@cassidyandfranks/burst-thirds-rule-trading
FranksIn©
I agree,
not sure how good it helps the crypto movement with all his pumping up of new alt coins.
Not sure of the moral side of it either, its becoming a dirty business, rather like the stock market.
I see people all over the web talking about a certain new alt coin as though it is the nest great coin thing ever and then the next thing you know those same people are dumping them.
Well I guess thats just business and I suppose people eventually learn who to trust and who is a scam artist.
But I would also say do your own research.
It must be very confusing to newbies and I hope people dont put money in they cant afford to lose.
If you must decided if you want to trade or if you want to invest.
You give good advice and see the bigger picture.
With that said I was having a look at Zcoin and its burn up idea for anonymity, looks amazing to me, what are your thoughts on that?
Yes, research is absolute KEY! You have to be the 0ne to read, feel and understand! Getting involved to see if there's any flaws and what not! I have always been strictly about bitcoin when first learning of digital currencies so, I always ignored the other coins as if no one can compare. But hey! We the ppl are coming up with ways unimaginable thx to '0pen-Source' Projects.
Burstc0in - https://web.burst-team.us/ 0ut of all the alt-c0ins I heard 0f f0r almost 3yrs now of dealing with Crypto, seems to be the m0st promising! You have to j0in the community and see their line of products and realize potential. I feel stronger about Burstc0in then I do Bitcoin now haha - Along the journey there will be ppl who disagree 0r disapprove 0r are simply n0t understanding the movement. Again, time will have to tell!
Burst makes it easy to obtain m0ney by simply allowing your free hard drive space to run. If someone already has space, it's considered free m0ney and if you do happen to g0 out to purchase a hard drive 0r two, you won't be spending a lot of money on the investment as you would with GPU/CPU mining needs ;)
https://www.burstnation.com/
I too was reading of Zc0in the other day and like what I hear. I will have to do more research with this c0in as well :)
Thirds always.
I think I was trying to get across how it is overall harmful to the movement. Sure speculate all you want and make a buck or two. But the pump and dump in these are just so obvious. Are you talking about Zcash? They use this fancy math called zero knowledge proofs that hide the sender and transaction details on the blockchain. The funding of the project and the launch were a bit weird so I have my issues with the project but overall really cool coin for anonymity. I would prefer Monero for anonymous coins though. The development is much longer and community much larger. But all this annon tech is being built into Ethereum so what can you say.
Zero Coin I meant.
Since then I have dug a little deeper I have a feeling it is just an experiment to see if new investors will take a jump onto it.
I watched a guy do a talk on it and he seemed like a complete bull shitter so that put me off the thing anyway Its not on Poloniex anyway.
It was only that the concept looked interesting to me .
Yeah Ive been looking a Zcash but I really like Monero.
Cant quite get my head around Ethereum and so I have no investment in that at all. I have DASH but it seem so boring, it does seem to have a good long term view ahead.
I often ask myself what would happen if Bitcoin crashed - if trump went to war with China for example - who would be positioned to take over, and I would say DASH would win. What are your thoughts on that?
Yeah Zero coin seems like a copy. Ethereum might be nice to take a look at, there are some videos that explain the platform pretty well. I do have some reservations about DASH so follow for my upcoming coin wall of sheep posts
I would say that either Monero, Zcash, or Ethereum would quickly eat the market cap. BTC is at full capacity right now, can't take any more transactions per second. Ethereum could easily double that, not to mention that block times are in seconds so you get fast conformations. 10 mins my ass.
I have avoided Ethereum for years lol! so I guess its on time I check it out.
I like the underlining principle behind it and I can see it has tremendous growth potential.
Yeah Bitcoin times are pissing me off right now and I cant see it getting better anytime soon.
Thanks for the time man. I will certainly look out for your upcoming report - I have not followed you but I will now, you seem to have a good and honest overview of the market and thats not easy to find these days.
Cheers!
Its the same! Thirds Rule. Buy in 1\3rds. Sell in 1\3rds. No matter price goes up...No matter price goes down...YOU WIN!!!
FranksIn©
Annomonity is the trend I see as this is what it was meant to be but I am however, still lost. Aren't all of the transactions suppose to be viewed on the blockchain(s) f0r every0ne to see? So what is the big deal about trying to be anonymous?
This will get us caught up no?
There is an argument that, in the future any Alt coin should have the ability to be private / anonymous anyway.
In the beginning Bitcoin was used in the Dark web as in Silk Road transactions, but now the Govt has worked out how to use "Pattern" mathematics to be able to trace addresses. So Bitcoin is no longer is used as much in the Dark web. Monero has taken over this area very because it is very very difficult to trace and therefore the drug lords on the dark web are mostly using it for transactions.
One concern is if Govts will even allow any Alt coin to be anonymous because it is not in there favor. They want t be able to track every cent we have as long as its not their money.
However, as I see it, this creates a problem for the banks too because the financial world is full of crooks worse than the underworld and that means it is getting harder for then to hide their own money so that the Govt does not see it.
I mean if the shit hit and the economy was about to crash and you knew about it, where could you put/store your money so that the banks/Govt could not get their hands on it. As long as any form of money is traceable then they can get it it they really wanted. No one ever beats the state
Exactly! Nice input/insight and even though I know of this, it's hard to see where the Gov't(s) will take this. Will they j0in the boat(revolution) & come up with new ways which will help them to mint their own m0ney(mining) 0r will they continue treating their citizens poorly! What d0es the future h0ld, we shall see ;)
interesting perception.
I am still trying to get my head around the future of decentralized cloud storage by hard drivers.
But i can imagine much more potential of growth for now !
There is a lot of space (based on volume) for Burstcoin to grow even more.
crypto is still moving quick sometimes.
But i do have concerns about the long term valuation.
As you mentioned this could be easily replaced by something more disruptive one day.
Check out projects like IPFS and Ethereum Swarm if you are interested in storage decentralization. Burstcoin only has potential because people here are speculateing wildly without rational insight. Very risky invenstment.
;)
Nice one @kyle.anderson. Thanks for your info. It's always good to find out the team behind the altcoins and the vision they have with such projects.
There are certainly some projects out there that look promising but most of these altcoin projects exist simply to make some few people some money and prey on the crypto suckers hopping on the "next big thing"
Then what do you suggest is the "next big thing"? @kyle.anderson
Well at this point in time, blockchain development is concentrated around just a few projects with Ethereum IMO leading the pack. Projects built on top of existing blockchains like Ethereum are clearly the future. Usually these projects deploy a token of value that can reside inside an existing and secure blockchain like Ethereum. Some examples of cool projects like these are Augur, Golem, Gnosis, Melonport, Chronobank, Maker DAO and many more in the works.
The important thing here being blockchain development becoming separate from the application development. For example, there is no need for the Augur project to build and implement their own blockchain (which would be riddled with bugs most likely as new apps won't be able to replicate the security of established blockchain platforms), they can simply build their application on top of Ethereum utilizing its consensus and security platform.
Can you apply my Thirds Rule to MAID, ETH SWARM, & IPFS???
FranksIn©
You can apply your arbitrary rule to any asset, doesn't mean you will be successful. But you can certainly trade their tokens.
Im not gonna brag. Thirds Rule minimizes your loss and allows positive gains regardless. All it takes is paper, pen, and calculator recording historical chart data on the spikes and the dips and using a calculator to set your buys and sells with even measurement. Try it! Thank me laters...
FranksIn©
... this is it guys, the 100% proven way to always make money. You can't lose.
Just being Frank
EDIT comment
perfect !
The support of projects has competition as well :).
If you like ethereum (and its projects) but want digging something else...
check out Rchain respectively Rholang... !
This hole synereo(company)-disaster is very annoying...
So for NOW theres is no way to commercialize or support this.
R is an interesting project
Good post. I was about to start a similair discussion. Blockchain is the fututure but how are we gonna kill all those scamy cryptos out there? This is quite an interesting website I found: https://www.coincheckup.com This site gives you a complete in depth investment analysis on every crypto in the market.