BURST my bubble : an opinion on the dangerous influx of altcoin posts
cryptocurrency·@kyle.anderson·
0.000 HBDBURST my bubble : an opinion on the dangerous influx of altcoin posts
<html> <h2>BURST my Bubble : why you might want to reconsider your altcoin investment. </h2> <p>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. </p> <p><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Hard_Disk_head_top.jpg/1024px-Hard_Disk_head_top.jpg" width="1024" height="682"/></p> <p><br></p> <p><a href="http://web.burst-team.us">Burstcoin website<<</a></p> <h3>Flawed fundamentals:</h3> <p>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, <em>they don't do anything</em>. 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.</p> <p>This is an untested concept from a game theory and economic perspective. I don't think scale will treat this concept well. </p> <h3> A better option</h3> <p>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 <a href="https://maidsafe.net/safecoin.html">MaidSafe</a> Coin, <a href="https://github.com/ethersphere/swarm">Ethereum</a> Swarm and <a href="https://ipfs.io">IPFS</a> (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. </p> <p>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.</p> <p>but, by all means speculate and day trade all you want. </p> <h2>Berry bad</h2> <p><a href="http://boolberry.com/theory.html">Boolberry</a>, 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. </p> <p>But again, by all means speculate on these altcoins all you want. </p> <p>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. </p> <p>Stay encrypted,</p> <p>Kyle</p> </html>
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