Colonel32



Offline



Activity: 31

Merit: 0







NewbieActivity: 31Merit: 0

Why it all went wrong in 2014 - but why 2015 can be better. December 30, 2014, 11:50:19 AM #1 2014  Where it all went wrong.



2014 should have been a great year for Cryptocurrency  instead, it has been a disaster. There will be many other people giving their opinion, but for what it's worth, here's my own personal take on what went wrong in 2014, and why 2015 will be much better.





2014 saw the rise and rise of altcoins, and the rise of alternative markets and exchanges to accompany them. New coins were produced on a daily basis. These 'scamcoins' were born to die. All bar a few were designed to be pumped to the highest value possible against bitcoin, and then dumped in exchange for bitcoin.

The pump and dump mentality is that of a parasite, and just like true Darwinism, this parasite has killed it's host, and it's lifeblood.

The pump and dump era is now over  and I hope it never reappears. Altcoins started out as worthy project, with Litecoin for example, but soon flooded the whole arena with pointless creations.

In order for any Cryptocoin to be sustainable, it has to have the infrastructure behind it. It needs a full network of nodes to process the blockchain, and to continue to process that data. Without this support, the coin only exists in a few places and has no means of expansion or survival.

Most of these altcoins were created for the sole purpose of gaining nominal value against the real prize  bitcoin, and then simply unceremoniously dumped on that market for whatever bitcoin could be gained. Then the next day, produce another scamcoin to do the same.



This false market has driven down the price of bitcoin, stolen bitcoin and money from everybody, and led to derision from onlookers. The whole concept and momentum of bitcoin has been diluted by this idiocy, and I am relieved that this altcoin bubble is now imploding.



The onus is on all of us to concentrate our effort on worthy projects. If we all pull together, bitcoin litecoin, and a couple of other worthy coins can then gain acceptance and adoption. Their is only room for a few right now, although at some time in the future this may change, for now perhaps 4-5 coins will cover all options.

If we do this, then the price of these few worthy coins will rise fairly quickly, and the rewards will be more than just short term  they will change the world around us. That was the original intention of bitcoin, and so many of you have lost sight of those societal aims for your own personal greed.



In my own case, I have foregone personal income for the last year in order to help bitcoin gain traction. I have put in thousands of hours  for no return whatsoever, and I have watched thousands of you getting fleeced for your bitcoin from these pump and dump thieves. The individual stories have revealed personal tragedy and loss at the hands of these scavengers, and despite my best efforts to warn people, greed has driven people to take huge risks  and live to regret those gambles.



Lets make 2015 a lot better. Stop playing the markets and stop supporting these scamcoins.



ViK.

Project Lead

The Badbitcoin Project.