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Offline Riverhead

BTS is Not an Alt Coin
« on: November 14, 2014, 11:46:28 PM »

While Bitcoin was the first crypto currency and currently has the largest network effect and market capitalization it doesn't mean that every other technology that uses a blockchain is an alt coin.

First and foremost BTS is not even a coin. It is not designed or marketed to be a currency. Secondly BTS shares very little with Bitcoin in terms of actual functionality.

BTS is not just a better mousetrap. It's like referring to a 747 as an alt-car.

For these reasons, and more, I cringe when I hear BTS referred to as an alt-coin.

Discuss.

julian1

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Re: BTS is Not an Alt Coin
« Reply #1 on: November 14, 2014, 11:54:34 PM »
BTS is a store of value, a medium of exchange and is highly liquid. It fits the definition of money, but is not limited to the money analogy.

Offline starspirit

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Re: BTS is Not an Alt Coin
« Reply #2 on: November 15, 2014, 12:11:32 AM »
Its a stake.
Whether they are more like currency, shares, bonds, donation receipts, etc etc, they all are stakes in something. The trouble is many of these things sit on a spectrum and there are hybrids. For example, are convertibles equity or bond? Are bank deposits currency or bond? Is non-redeemable currency money or confetti?

Offline House

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Re: BTS is Not an Alt Coin
« Reply #3 on: November 15, 2014, 12:11:48 AM »
Must admit, I am guilty as charged Sir.
Not that I think of bitshares as an alt-coin but just lazy vernacular.

It pisses me off when people refer to indigenous peoples (the native population of any land) as Aboriginals when they are in fact ORIGINALS... Ab nothing M.F.ers  >:(

So... I feel your pain Riverhead

Offline Ander

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Re: BTS is Not an Alt Coin
« Reply #4 on: November 15, 2014, 12:28:37 AM »
I understand the pain.

We want people to realize that bitshares is something new, a new usage of the blockchain technology.
In that sense, Bitshares is not an alt coin, and neither is Ripple, NXT, Etherum, and some of the other '2.0 coins'.


In most people's mind, the blockchain tech withthe highest market cap is the real deal, and every other blockchain is 'an altcoin'.   In that sense, we are still 'an altcoin'. 


Its all about arguing terminology. :)
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clout

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Re: BTS is Not an Alt Coin
« Reply #5 on: November 15, 2014, 01:51:09 AM »
Its an altcoin until it unseats bitcoin.

Offline Markus

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Re: BTS is Not an Alt Coin
« Reply #6 on: November 15, 2014, 02:07:34 AM »
Its an altcoin until it unseats bitcoin.
… and bitcoin becomes just one altshare.

Offline donkeypong

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Re: BTS is Not an Alt Coin
« Reply #7 on: November 15, 2014, 02:10:31 AM »
We all struggle with the proper terminology (crypto, bank, etc.) to describe just what we have here.

zerosum

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Re: BTS is Not an Alt Coin
« Reply #8 on: November 15, 2014, 03:06:48 AM »
Yee one of those times in history....

BTC is a 'carriage'/'coin'.

For a while people will refer to BTS as 'horseless carriage'/'alternative carriage'/'alt coin'.

Then they will chose automobile or a car as a better term..

...no biggie Riverhead...

Offline Riverhead

Re: BTS is Not an Alt Coin
« Reply #9 on: November 15, 2014, 03:09:58 AM »
I like that Tonyk2.

Also like alt-share 8)

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Offline cn-members

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Re: BTS is Not an Alt Coin
« Reply #10 on: November 15, 2014, 03:21:15 AM »
 :o  Bitcoin is alt-Bitshares  :P :P
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Offline monsterer

Re: BTS is Not an Alt Coin
« Reply #11 on: November 15, 2014, 03:54:56 PM »
Here's something to turn this on its head: alt-coins are DACs.
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Offline Method-X

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Re: BTS is Not an Alt Coin
« Reply #12 on: November 15, 2014, 04:20:41 PM »
 +5% great post. I like to explain BitShares as a p2p company, like how Bitcoin is described as p2p money; a company built on a blockchain. I've had lots of success convincing people this way. They all seem to have an "aha" moment and realize BitShares is trying to do something very different.

Offline Mysto

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Re: BTS is Not an Alt Coin
« Reply #13 on: November 15, 2014, 06:13:42 PM »
Its an altcoin until it unseats bitcoin.
Yea I think that's how people out side this community see it (and apparently some inside the community do as well :P)

 

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