Are altcoins bitcoin’s friends or enemies_ _ _ cryptocoins4you. net

Johnny Dilley, who runs strategy at Blockstream, was recently asked for his thoughts on altcoins during an interview on The Crypto Show. What is a bitcoin block Dilley believes the vast majority of altcoins are scams, and he also thinks Bitcoin developers are not threatened by the existence of these alternative cryptocurrencies. Bitcoin exchange comparison The incentive for altcoin speculators to promote uncertainty in the Bitcoin community was also discussed.

When first asked about altcoins, Dilley echoed recent statements made by Monero developer Riccardo Spagni and stated, “I continue to believe that the vast majority of altcoins are scams.

Rate bitcoin They provide no functionality whatsoever, or the functionality they could provide could very easily be implemented via a sidechain.”

A sidechain is an alternative blockchain to Bitcoin that uses the same Bitcoin currency through a pegging mechanism. Bitcoin value history chart The idea is to allow developers to experiment with completely new blockchains without having to bootstrap a new currency network (altcoin). Bitcoin trading value Bitcoin Hivemind and Rootstock are two examples of sidechains currently in development. What is a bitcoin faucet Blockstream has handled the vast majority of the development work for sidechains up to this point.

Dilley went on to discuss the security concerns associated with altcoins. Bitcoin price halving Critics often point to low network hashrates and alternative consensus models as potential risks of these alternatives to Bitcoin. Bitcoin trend Dilley added, “If you’re going to fall back to [a weaker security model], you might as well be piggybacking off Bitcoin via sidechains.”

“I don’t think the Bitcoin developers ‒ they’re not doing things from a perceived competitive perspective. Bitcoin sites Their perspective is: ‘I have this awesome piece of technology, and I want to be able to help develop it and bring it more into what I think is interesting to build on top of this.’ So no, I don’t think it’s from a perceived threat of any of the altcoins.”

In the past, many altcoins have marketed themselves with some sort of comparative advantage to Bitcoin. Rate of bitcoin For example, some altcoins have touted faster confirmation times; others claim to offer privacy enhancements. Bitcoin price increase For the most part, Bitcoin developers have focused on implementing their own innovations rather than responding to what’s going on with the altcoin market.

Although Bitcoin developers may not view altcoins as serious threats, Zcash CEO and longtime cypherpunk Zooko Wilcox-O’Hearn recently warned the Bitcoin community to not become too complacent in the push for Bitcoin.

There has been some uncertainty in the Bitcoin market recently due to the ongoing scaling debate. Bitcoin meaning Dilley was asked on The Crypto Showwhether he thinks this uncertainty has led to some Bitcoin holders fleeing into altcoins. Bitcoin price live chart At first, Dilley responded, “I think there’s some serious, perverse incentives [for altcoin holders to cause uncertainty for Bitcoin], and that’s a broader topic.”

Dilley went on to explain that there are definitely some members of the Bitcoin community who would seize on the opportunity to attack if they saw an opportunity to increase their return on an altcoin speculation. Bitcoin exchange volume The head of strategy at Blockstream pointed to the large number of scams in the Bitcoin ecosystem over the past few years as a way to explain that there is no shortage of nefarious actors in the space.

In addition to altcoin promoters, Mastering Bitcoin author Andreas Antonopoulos has noted the likelihood of attacks from various government agencies. Bitcoin exchange reviews Online Bitcoin discussions have turned into schoolyard-esque yelling matches over the past year, but it’s unclear how much of the divisiveness in the community has been organic. Bitcoin price today usd There are plenty of incentives for a variety of different types of non-Bitcoin users to throw gasoline on the fire.