BTS is Not an Alt Coin

[Mysto]

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)

[Method-X]

 +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.

[monsterer]

Here's something to turn this on its head: alt-coins are DACs.

[cn-members]

 :o  Bitcoin is alt-Bitshares  :P :P

[Riverhead]

I like that Tonyk2.

Also like alt-share 8)

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[zerosum]

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...

[donkeypong]

We all struggle with the proper terminology (crypto, bank, etc.) to describe just what we have here.

[Markus]

Its an altcoin until it unseats bitcoin.

... and bitcoin becomes just one altshare.

[clout]

Its an altcoin until it unseats bitcoin.

[Ander]

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. :)

[House]

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

[starspirit]

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?

[julian1]

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.

[Riverhead]

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.