Wow the world when crypto-crazy. More and more humans continue to take notice of the rising value of Bitcoin. My friend group spans a wide range of ethnic and socio-economic groups. All of them smell blood in the water after watching bitcoin’s huge value increase since I started telling them about it in 2011. All them asked me about Litecoin trying to catch the next upswing. Now they are asking me about Ripple. I have long thought I am a victim of a “Truman Show” scenario, which I’ve heard is an actual -ism that I’m sure I could get prescribed those tasty little xanax bars for. Seriously, the characters are sometimes just too fucking good (MethBoobs).
Anyway, while reading Erik Voorhees latest brilliance rebutting some donk that dismissed bitcoin as a Ponzi, it dawned on me the main reason why Litecoin, whatever Ripple is, and all other alt-cryptos are useless: there is simply no need for them.
You do not need Litecoin, Ripple, or any other alt-crypto if you have Bitcoin.
“but it’s cheaper than Bitcoin. No one wants to buy a $1k btc when they can buy a $40 ltc.”
Warren Buffet would slap the shit out of you if he heard that kind of poop come out your poop-mouth. You know why he never split Berkshire Hathaway? Because he wanted you, the dumbass public investor to at least glance at the “market cap” column and understand it doesn’t fucking matter what the stock price is because you multiply it by the number of shares to solve for the valuation of the company. Can you believe I dropped out of Indiana University’s prestigious Kelley School of Business? Why buy 1 full piece of shit that is currently at $40 when you can buy a fractional piece of unicorn tears that is likely to trend higher over time? LTC being cheaper that BTC does not make it more useful than Bitcoin. You can send 0.00004000 bitcoin easily. That’s about $0.04 USD normalized. I left the 0′s to show the 8 decimal places you can divide a bitcoin into. There is no reason not to use fractions of a Bitcoin instead of Litecoin. Blocks every 4 minutes? Doesn’t matter at all. Bitcoin 0-confirmation double spends seem rare, so Bitcoin is basically instant already. 6 confirmations is paranoid IMO. In a 51% attack or some other technical fumble multiple confirmations would be prudent. For everyday bitcoin business today 0-confirmations is fine. Litecoin offers no advantage in transaction speed. While confirmations pile up faster, it is of little to no value.
The world is crypto-crazy. Everyone wants to catch the next bitcoin wave from pennies to $1k. It’s not like a stock, there is not another one coming. Luckily Bitcoin is still young, and the same principles still apply: earn / buy / trade / win / save and I believe the price trends higher over time. No price targets for me. IMO anyone calling short-term bitcoin price targets is going to be wrong most of the time, and occasionally get lucky, but it is quite arrogant to claim to be able to predict short-term world-wide supply-demand for this extremely volatile crypto-currency. Because everyone now is curious about Bitcoin, some try and find “the next crypto-currency” in hopes of another meteoric run-up.
Curious entries have popped up to try and capture some of this alt-exuberance. Ripple, the “The Future of Payments,” is simply not needed at all. Totally, utterly worthless. It’s “Fast, Secure, and Global.” Gee… Let me see if I can think of anything else like that. I have tried so hard to understand Ripple. I have spent hours researching it. I read the Ripple wiki. Take a look for yourself at the Ripple Payment Network page. Seriously if anyone out there can explain this to me please call in DonkDown radio or post on the forums. You need to find a gateway or something, the currency is actually trust or IOUs or something, it’s supposed to work superb with Bitcoin but I see no reason to ever use Ripple over Bitcoin. The answer is always Bitcoin. Certainly tons of layers will be built on top of Bitcoin – but Ripple won’t be one of them. 100M Ripples, or XRPs, is the total currency supply and the 3-letter code it seems every one of these alt-cryptos must claim to be a player in the game. (Currently around $0.05 each representing a $5B market cap – go nuts kids) A Google-backed company called OpenCoin created Ripple and auto-gets 80M of the 100M Ripples in a “pre-mine.” Yes, the company that created Ripple gets most of the Ripples. They are supposed to give ‘em away or something, but I don’t fucking care, and I’m not buying, because it seems totally useless. The big Ripple-win was supposed to be the ability to easily and seamlessly converting btc to any flavor of fiat. I have never seen someone do this or claim to know how to do this. I don’t know which exchange deals in Ripples, but I’m sure I wouldn’t use it. LocalBitcoins, Coinbase, MtGox, and BTCChina all exchange bitcoins for fiat in huge quantities. I have never seen someone post or heard a guy say “I needed some USD for my BTC so I just Rippled $1k and here is now in my hand.” I see no need at all for Ripple. Like Litecoin, it confuses the message of Bitcoin and I feel many would-be Bitcoin backers are going to lose big in alt-land.
A word needs to be said for Namecoin. Namecoin (NMC’s, market cap $69M) is a decentralized DNS system somehow built into a cryptocurrency. I don’t quite get how it works, but I see huge value in anything that takes power from ICANN and hands it to mathematics. Is it’s $69M valuation justified for this implementation of the Distributed DNS idea? Is that entire market cap evaporated if the next version of Bitcoin contains the same functionality? Maybe Jeff Garzik can speculate with me on that point.
CoinMarketCap is now tracking 42 crypto-currencies. That’s up from 37 during last week’s DonkDown radio. That’s just retarded. JunkCoin moves to 38th on the list on Colossuscoin now rounds out the bottom with a $13k market cap. 3B coins and each one is $4.1e-06.
My advice is simple: just stick to Bitcoin. It has the largest cryptographically secured network, best engineers keeping it safe, most nodes connected, most users using it, huge community of supporters behind it, divisible to allow small transactions, basically instant, always imitated, never duplicated, the original, the only crypto-currency you will ever need: Bitcoin.