eBTC - What Are Your Thoughts?
See @bohemian's comment below for an important update that he provided. Keep it in mind heavily.
I've recently come across a new token issued on top of the Ethereum blockchain that touts itself as a tokenized version of bitcoin. The creators argue that faster transaction times (24 seconds, they measure) and the same functionality as bitcoin make it a better alternative or, at least, an alternative that has its place. That said, it's no surprise that something like this has been created. Constantly, new 'versions' of bitcoin are created in an attempt to dethrone the most valuable cryptocurrency, although there are pros and cons to this approach. Some think that bitcoin's dominance is one of the main things that is making this whole market not collapse. Weakness in the value of bitcoin will drag the entire market down, showing that the value of these coins are heavily subjective and that there isn't a consensus among us about the currency that we choose to support. This happens due to many motives, opportunism being the most powerful driving force of them all in this space (imho).
That said, a faster version of bitcoin could at least have it's place, imo. It's compatibility with the Ethereum blockchain and the growing list of associated apps give it certain advantages, technically, that Bitcoin doesn't have. That, coupled with the functionality that comes with the ERC20 standard, makes some enthusiastic about the project. Bitcoin, though, is working on implementing smart contracts as a enhancement for the near term though, working on increasing transaction speed in an ongoing way, and it is THE most trusted coin among beginners all the way to the many who have been in the space since the beginning.
I think that if they have a solid roadmap and can make a case as to why this is truly better than bitcoin, they may gain a place as a decent coin. Keep in mind though, they are trading right now, at least on Ether Delta, for a very low price, a price that has dropped by about 99% since the triple/quadruple that occurred soon after it's launch. Some may see this as a buying opportunity, others see it as a sign of weakness, and some will want to watch to see how the price movement looks over the next month or so. I think I may take a small position, because if it is considered the bitcoin of the ethereum blockchain, there could be strong potential for a price increase, especially if it is listed on a popular exchange like bittrex or poloniex.
Some possible red flags include:
- deleted content ranking high in Google (ex. https://medium.com/ebtc/introducing-ebtc-the-new-erc20-bitcoin-2fcce9e57d50 - maybe they recommended buying and then it dropped 95%, so they took back their article )
- A lack of content surrounding it (although it is growing) - I had some trouble finding articles and I initially stumbled upon it in a promoted FB post
I think today is a bad day for blockchain, cryptocurrencies, steemit and steem. Newbies in steemit are loosing their power vote (delegated power vote) so they are upset and leaving the social media. That is very bad news not just for steemit but also for this new tokens. Trust is very important and people do not rely on cryptocurrencies anymore, that is very sad.
It is only that people are confused because they do not find information. For example this one was four months ago https://steemit.com/steemit/@shmu28/why-have-i-lost-my-delegated-steem-power-approx-145-sp and this week it happens again, plenty of people lost the delegated steem power and they do not know why (it is difficult to understand why a few friends lose it and others do not lose it). And because of this lack of information there are so many rumours, about steemit, why it was down a few times last week (ddos attack maybe), about steem value... I want to be positive and think that it is the moment to invest, but this lack of information make us think that we have to be cautious (to me and to my friends).
Ah, thanks for the clarification. I thought you were referring to an overall 'elimination' of delegate steem power. That's actually very alarming. I'm going to to do a little digging and see what I can find. I'll follow up with you if I hear anything!
I'm sorry about that! That's a tough situation for sure! Can I have a link to an article discussing the change you're referring to? I hadn't heard of it yet! :)
I think it is definitely a reach to say that people aren't relying on cryptocurrencies anymore though. There is still a huge, growing following on steemit and the market cap of BTC is at its highest ever, but it can be a pain when changes come, I completely understand!
I got an airdrop from ebtc when that happened, the prices shot up to $.80 per token and then the price plummeted when people found a bug in the contract that would allow the developer to mint new coins, so the supply really wansn't limited to 21 million coins. The developer bailed, and some other developers have the contract key, and are working on creating a new token for a token swap for the current ebtc holders. There is alot of people that participated in the airdrop, so I believe if the new developers actually created the new token and are successful with the token swap and have a good road map then the price will really explode, but if the token swap doesn't happen, I don't see this token going very far....IMO. https://bitcointalk.org/index.php?topic=2210565.4920 thats the link for the token on bitcointalk, it already has 247 pages for that token, so its pretty big talk over there. I would follow that page to see how it all unfolds.
Thank you for that invaluable information @bohemian ! I just edited this article to point people to your comment, as this is a HUGE PROBLEM and I don't think I'll invest much, if anything at all, because of it.
great post!
+1
follow me... i will follow you
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Thanks for sharing this post