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18707484 No.18707484 [Reply] [Original]

Is 0xbtc a shitcoin pretending to be a meme coin? I don't get it, is Bitcoin on Ethereum a deliberate joke?

>> No.18707499

> is Bitcoin on Ethereum a deliberate joke?
Yes sir, very funny joke. Buy now or stay poor.

>> No.18707546

>>18707484
>"I don't get it"
you clearly don't. do more research

>> No.18707930

>>18707484
>man, I wish I bought bitcoin back when it was being used to buy pizza.
>i'll just copy it over here, people buy knockoffs all the time

>> No.18708092

>>18707484
the fact it has "bitcoin" in the name should tell you everything. Just riding the brand name on a useless contract

>> No.18708126

>>18708092
>the fact it has "bitcoin" in the name should tell you everything.
0xBitcoin isn’t a project I’d heard of prior to researching this report, and even the inclusion of Bitcoin in its name made me a little dubious to begin with, if I’m honest. More often than not, any project that attempts to leverage Bitcoin in its name turns out to be at least somewhat suspect, if not an outright scam. However, I was pleased to find that this was absolutely not the case here, as you shall discover. In fact, this was one of the most interesting and unique small projects I’ve had the pleasure to research, though it is not without its faults, by any means.
https://www.altcointradershandbook.com/coin-report-0xbitcoin/

>> No.18708130

>>18707484
Neither, in my opinion it should be viewed as a tech experiment, like people getting Doom to run on their refrigerator or something like that.
The inventor just took the bitcoin whitepaper and implemented its ideas on the ethereum blockchain. There's no point arguing about whether the implemented pow algorithm is reasonable or not, it just is what it is.
If you think it's nonsense just don't buy it.

>> No.18708142

>>18707930
nobody's confused and buying 0xbitcoin thinking it's bitcoin. people who like bitcoin appreciate 0xbitcoin having the bitcoin rules they know, but being an erc20 and thus tradable on dexes and settling in 15s.

>> No.18708791

>>18708142
>people who like bitcoin appreciate 0xbitcoin
tosti fucked up the diff adjustment though.

>> No.18708914

>>18708791
your comment tells me you don't understand the basic fundamentals of bitcoin. No point in feeding this pleb

>> No.18708995

>>18708914
I appreciate bitcoin. 0xbtc is just a cheap knock off on eth without much effort, 0 outreach, after 2 years 5k bagholders, 1 megaminer which mines all the coins and dumps every few days on the market and a diff adjustment which has a cap (how dumb) and takes ages to adjust to the mean 10 min. imagine that on btc...

>> No.18709389

>>18708126
based

>> No.18709402

>>18707484
It was a decently coded idea that 50x'd and then exited, just like all scam-coins.

buy UND before main net.

>> No.18709487

>>18708126
Why would I buy this?

>> No.18709571

Ethereum is a joke, so make your decision based on that.

>> No.18709832
File: 26 KB, 750x268, scam.jpg [View same] [iqdb] [saucenao] [google]
18709832

>>18709402
you can't explain the supposed scam because it isn't a scam. there was no "exit". there's no secret "take all the money" function in the smart contract.

>> No.18709849

>>18709487
dunno, i can't read your mind.
personally i think it sucks if somebody declares himself king and generates a bunch of tokens in a microsecond and starts selling them for real money based on special authority.
that didn't happen with 0xbitcoin. nobody started out with all of it. everybody started with zero.

>> No.18709858

0xBTC is not a scam
the same way OMG, XRP, Bob's Repair (BOB), TRX, XVG, etc, are not scams.

>> No.18709860

>>18709571
ethereum is groundbreaking tech that is allowing things to happen in software that have never happened before, like "servers" that do useful stuff, and can be trusted, but do not actually exist in the physical world and cannot be shut down. that's not a joke.

>> No.18709941

>>18707484

0xbtc is still, to this day, the worst idea I've ever seen in crypto.

It's basically a coin that does nothing over any other Ethereum ERC20, except they have simulated artificial mining to distribute the tokens. And worse still, some people strongly defend it like mining-based distribution is what gives crypto value. Literally no one gives a fuck except a minuscule minority of purists.

I only realized how stupid the crypto community can be when people genuinely thought this would appreciate in value.

>> No.18709949

>>18709941
we'll see.

>> No.18709972

>>18707484
its a simple scamcoin, it has no pretensions to be anything more. bazingacoin this, all the other shilled pumped pointless shitcoins that have come and gone. Only Eth and Link matter and beyond that the dying dino BTC

>> No.18709989

>>18709941
>purists
funny term for curry and shit covered indians

>> No.18710035

>>18709972
scam scam scam scam scam, hahaaa, wheeee.
it's fun to say random words, isn't it. poopity scoopty.
on biz you never have to try to make any sense, or even read the thread.

>> No.18710059

>>18710035
5 rupees have been deposited to your account

>> No.18710076

Buy 0xmonero. Its monero on eth. Fair launch. Like 0xbtc it does nothing but its monero on eth

>> No.18710104

>>18710059
that's it, there you go. feels good to pretend that other people are indians, doesn't it?
it'll really make it all better!

>> No.18710165

>>18710104
give me a good reason to buy 0xBTC over BTC

>> No.18710269

>>18710165
unlike btc, 0xbtc is trustlessly tradable on dexs.

>> No.18710310

>>18709949

You are a prime example of such a brainlet.

> Muh King
> Muh special authority
> Muh everyone starts with zero

Pro tip: Look at the top 100 projects by marketcap. That's ample evidence that no one gives a shit about any of that. Projects gain value through either direct ROI (such as staking), tokenomics that increase demand vs supply, and/or through partnerships and adoption.

0xBTC actually goes in the opposite direction as it's an inflationary asset, unlike the vast majority of large caps. Why is it an inflationary asset? Because it has artificial mining. Why does it have artificial mining? For no reason other than muh fair distribution.

Mining is a BAD THING for crypto price appreciation. All projects are better off without it. But they only have it because it's essential to secure the network with PoW. Meanwhile 0xBTC has actually ADDED THAT IN VOLUNTARILY for no reason other than fair distribution, and they somehow think that package will lead to 0xBTC mooning.

I can't quite put into words how brainlet that is.

>> No.18710351

>>18710310
i said we'll see, dickhead. it's your armchair prognostications versus the actual future. we just have to wait and see. i get your opinion.

>> No.18710404

>>18710269
Like everything on eth...nothing special.

>> No.18710474

>>18710404
i only answered the question i was asked.

>> No.18710516

>>18708995
go on tell me more about the early days of bitcoin... oh wait you were describing 0xbtc ahhh

>> No.18710598

>>18709941

ok then give me a more fair trustless way to distribute a token. Go on I'll wait...

pow distribution isn't perfect but it's the best we currently have.

>> No.18710612

>>18710598
Airdrop?

>> No.18710628

>>18710310

i bet you're the type of guy who told people not to buy bitcoin in 2010

>> No.18710650

>>18710598

The point is that NO ONE CARES. And if no one cares, no one is going to buy the token.

The masses buy tokens based on tokenomics, partnerships and adoption. As clearly shown in almost every top 100 project, they couldn't care less about how "fair" the distribution is.

You're more than entitled to enjoy your 0xBTC and admire the fairness of its simulated PoW distribution. Just don't expect 99.9999% of people to care, and don't expect it to go up in value.

>> No.18710709

>>18710612
it took energy expenditure to get it, so nobody's eager to airdrop very much of it.
airdrops happen when somebody just generates a huge pile of integers from nothing.

>> No.18710743

>>18710650
for the millionth time, there is nothing "simulated" about the proof of work in 0xbitcoin.

>> No.18710850

>>18710650

i don't know why you keep saying simulated. The nonces you find are real. The energy you use is also real. You use a real pow algo to solve real challenges by finding real golden nonces and receive real 0xBTC that can't be created any other way, oh and did I mention it's ownerless, trustless, and immutable?

It's a no brainer... what you're saying does not make sense especially since real people transact real value who see real potential for a decentralized trustless currency for ethereum applications.

>> No.18710857

It's a /biz/ meme but not inherently a joke. It's a smart contract and it works, it's just useless and no one is ever going to use it

>> No.18710889

>>18710857
people are using it now...

>> No.18710894

>>18710857
I do think the immutable emission rate is very cool btw. No other PoW coin can really promise this

>> No.18710900

>>18710857
>it's just useless and no one is ever going to use it
random opinions and prognostication about the future can and should be freely disregarded.

>> No.18710909

>>18710889
No they aren't, they're mining it and hoarding it hopefully it'll get listed on a real exchange so they can dump their bags

>> No.18710920

>>18710900
Ok bagholder

>> No.18710983

>>18710920
brainlet

>> No.18711038

>>18710983
OP asked about our opinions on 0xBTC, so I gave my opinion on it which I think is a fair and balanced one. I appreciate it for what it is, but I don't think it's going to make you guys any money. Why does this make 0xBTC pajeets seethe so much?

>> No.18711059

It's literally the only crypto that combines smart contract compatibility with a trustless and decentralized supply mechanism. All others have to choose between one or the other. Comparing any other ERC20 token to 0xBTC is exactly like comparing fiat to bitcoin - "why do we have to waste so much energy mining it? Banks can just create new dollars out of nothing by pressing a few buttons in a computer terminal".

I don't see how anyone who thinks that smart contracts have value and trustlessness has value can possibly think that 0xbtc is worthless.

>> No.18711066

>>18710628
And you are the type of guy who is telling people 0xbtc will have a btc like runup, which is obviously stupid as it brings nothing to the table

>> No.18711080
File: 47 KB, 607x632, pow.jpg [View same] [iqdb] [saucenao] [google]
18711080

>>18709860
How is ethereum scaling? Also
>PoS
kek

>> No.18711209

>>18710850

Jesus christ. Do you know what proof-of-work is for? It's to secure the blockchain network and validate transactions. That is its sole purpose. ERC20 tokens are already on a network secured by Ethereum PoW. They do not need their own PoW system. Creating one does nothing other than achieving a side effect of PoW, which is distribution relative to energy input.

The PoW requirement in 0xBTC is entirely simulated. It's not validating transactions or maintaining security in the ledger. It's a basic script which says "because you spent this much resource solving pointless computational puzzles, you receive X amount of 0xBTC".

That being said, you seem to think making a token inflationary for no reason other than muh fair distribution will result in higher demand than supply to cause price appreciation, so I'm not sure if you'll be able to grasp the above.

>> No.18711294

>>18711209
>Do you know what proof-of-work is for? It's to secure the blockchain network and validate transactions. That is its sole purpose.
nope, sorry. we use it for distribution. we don't ask you for permission to use pow in some way that didn't occur to you.

>> No.18711393

>>18711209

the value lies in 0xbitcoin does not require me to trust. Other tokens that represent pow coins do require me to trust a 3rd party. I never said it was mooning, the inflation is quite high actually till it halves about twice which is when things will get interesting. You're blinded by the fact that you are thinking short term and that I'm here to pump it. I'm keeping it simple for you.

>> No.18711441

>>18711209
I already said it's kinda pointless to discuss 0xbtc pow in a direct comparison to btc since it is implemented simply to emulate btc on ethereum as exactly as possible.
That being said I just think of it as another supply demand channel, kind of parallel to normal buying/selling on exchanges. You can get 0xbtc for a certain amount of money (energy) even if no one is selling. Total hashrate, difficulty and actual asset price is just a more complex structure of your normal price discovery game.
And to be honest I don't think some chinese bitcoin miner cares about muh decentralization or muh chain security or even muh tx validation as his first priority, the security aspect of bitcoin's pow is just a byproduct, created by market participants playing that more complex supply/demand game I mentioned.
So I think it's completely valid to have a pow system just for distribution, but maybe it should be named differently since btc's pow is actually something like 'consensus by proof of work', which obviously isn't true for 0xbtc, but nobody even tries to market it as the same.

>> No.18711460
File: 490 KB, 950x534, QmabiQSs42xSAnZ3PJdNzZmTM6eDdkuDVTjjZYzUhnUJjt.png [View same] [iqdb] [saucenao] [google]
18711460

>>18711066

>> No.18711520

>>18711294

Okay great. Be my guest. PoW though is a necessary evil when it comes to price appreciation which allows proper blockchains to exist. It makes the asset inflationary, but provides the rewards which encourage people to mine and therefore allow the blockchain to exist in the first place.

If you want the value of a token to go up, you don't add that in unnecessarily just to improve the distribution fairness of a token that does nothing else and has no purpose or value.

Also, for price appreciation too occur, people need to buy the token from exchanges. Why the fuck should they care about how it was initially distributed when it doesn't affect them? All it does is put people off buying the token, and encourage people to mine it instead and create tokens out of thin air to try and dump alongside everyone else doing the same thing. And you think that encourages pumps?

>> No.18711680

>>18711393

99.99999% of people don't care about that, and if they don't care about that, it doesn't give the token value.

Also, your theory about trust only applies to the original source of the tokens. That has zero impact on people much further down the chain of buying and selling.

Let's say I make an ERC20 and sell all the tokens on exchanges so I have none left. Now let's say the people who bought them from me are now trying to sell them on exchanges themselves. From the perspective of new potential buyers, what makes the tokens any less trustable or any better in terms of value compared to 0xBTC that people have mined and are now trying to sell on exchanges themselves?

"What gives this token value?"
"Well the first owner out of 10 that have bought and sold it since mined it instead of buying it from an ICO"

You think that will incentivize anyone to buy it?

>> No.18711767

>>18711520
i don't care very much about the price. i just like the project and the community. it would be cool if the price went up, but i'm not sitting at a screen drooling about pumping and dumping and bags and shilling and all the other standard biz crap. i legit think it could be good money someday, used for everything. there is low adoption now, but nothing really blocking adoption either.
it's not so much that i think people care about how it was distributed. it's more like i think people may learn to care about strict implementation of monetary policy. the strictest is when nobody anywhere can change it.

>> No.18711792

>>18711680
yes assuming bad actors don't find an exploit in your crazy wacky pyramid chain and it all tumbles down...
It's like building a great brick house on sand.

>> No.18711803

>>18711680
>What gives this token value?
wrong question. value is assigned from outside a thing. it doesn't come from within a thing.

>> No.18712260

>>18711767

You're more than welcome to like the principles of the project and whatever else takes your fancy. I have no issue with that. I do have an issue though with people buying this thinking they can make an ROI from it, as it's not going to happen.

>>18711792

Dude most people store their crypto on Binance. You greatly overestimate how much the masses care about such things.

>> No.18712378

>>18711038
>Why does this make 0xBTC pajeets seethe so much?
They hated him because he told them the truth

>> No.18712467

>>18712260
i think most people in 0xbtc do not in fact overestimate how much the masses care. i'm completely aware of it, and i've been noting sentiment in crypto for the last decade. there is a trend here, and it's not toward centrally issued shit tokens. i think your perspective about PoW being a necessary evil is a preconception based on the information we've had up until this idea, which is fair. but try separating the concept from the idea of bitcoin and looking at it again. if you can give me a single more direct, more trustless way of acquiring tokens than proof of work mining ethereum or 0xbitcoin, let me know. and what do we do when eth is PoS? where does that set our barrier of entry into the ethereum ecosystem?

>> No.18712515

>>18711441
this guy gets it. i think the name "0xbitcoin" makes sense from an idealist standpoint but it causes people to conflate bitcoin with it so directly that they start with their construct of "bitcoin" as their starting point with which to form the rest of their opinion.

>> No.18712912

>>18711460
more like for people which like to baghold

>> No.18713189

>>18712467

If you care about making money from crypto and seeing your portfolio rise in value, it is a necessary evil, as it creates inflation which suppresses price. Obviously if you don't care about ROI then you could claim it's not an evil, but 99.999% of people do care.

There probably isn't a more trustless way of acquiring initial tokens than PoW. I will grant you that. The point though is most people don't really care, and don't see it as a reason to buy, or a reason for it to have value.

Now if you combined that PoW system with a token that has good ROI tokenomics, partnerships and adoption, then yes it will pump. But the initial distribution PoW aspect will have negligible, if any, positive impact on that. And considering it makes the token inflationary, it's far more likely to do more harm than good in terms of price growth.

Like I said before, someone trying to buy 0xBTC on an exchange doesn't give a shit about how the tokens were initially sourced, and you need people to buy it on exchanges to increase the price.

>> No.18713401

>>18713189
i agree that most people don't really care but i guess my point is that i feel that the trend is going that way, and that people will inevitably learn what is best for them in terms of maintaining their personal financial control. i'm aware that's a bit idealist, and giving people a lot of benefit of the doubt, but i choose to maintain optimism. for that reason, you won't hear me telling people to all-in 0xbtc, and that's why i DCA over time and hold other things i think stand to benefit me more in the short-mid term as well.
i also think however that PoW has a secondary function that you haven't mentioned, and that's compelling a >0 value. i say compel because people aren't forced to sell at their energy cost, but they are incentivized to. i think this is a powerful concept to introduce in an immutable way to ethereum. obviously you need liquidity to be able to confidently realize this, but how cool is being able to "inject" a >0 value into a decentralized ecosystem without anyone's permission, and be rewarded credits for that?

>> No.18713728

LURKERS & NEWFAGS BEWARE - 0xBITCOIN WAS A BIZ PND THAT THOUSANDS OF ANONS GOT BURNT ON IN 2018

0xBitcoin was a /biz/ invented FPGA miner scam token.
Almost everywhere online 0xBTC threads are deleted, ie plebbit, its that big of a scam.
The actual daily 24hr volume on 0xBTC is under $10,000 - CMC reported volume is 95% wash trading
Don't believe me then buy $300 worth of 0xBTC and watch the price move by 20%

Around the time that these miners were pumping 0xBTC they shilled /biz/ CONSTANTLY with it.
There was at least 15-25 spam threads about it daily up until they dumped their bags on all the anons buying in.
It was a coordinated pump and dump and these 0xBTC scamming faggots think that /biz/ has forgotten about what they did.
Lots of anons were fooled into buying it at $2-$4.
Now there are tons of bag holders of this shitcoin and ALL of the 0xBTC threads on /biz/ are made by these miner faggots where they coordinate /biz/ shilling in their 0xBitcoin discord.

This project has a better chance of always being worthless than even worth $5.
No one will really tell you the truth about this scam because so many ppl were suckered into buying it on /biz/
Truth is, not many ppl are smart and wise to scams and it takes a high IQ to realize that 0xBTC is a miners scam token.
What's more is the FPGA miners mining this shit are now only making about $0.08/0xBTC and it keeps dropping.
It's incredibly not profitable for anyone besides FPGA fags to mine this shit.

Don't fall for this fucking miner scam token, its always going to be worthless.
>entirely community driven
>zero money for marketing or exchange listings
>scam artists for devs - who literally orchestrated a pump and dump on bizlets
>miner shill faggots who constantly spam threads about it bc they are so desperate for you to buy their bags because LITERALLY NO ONE IS BUYING THIS SHIT ANYMORE

What's more is that 0xBitcoin DOESNT EVEN PUMP WITH LEGACY BITCOIN!!
>do not reply to 0xbtc shills

>> No.18713773

>>18713728
praise the lord

>> No.18713809

>>18713728
based

>> No.18713849

>>18708126
You are literally copy pasting from an article by a literal Indian shill who was paid close to $2000 to post that article. I am not investing into your shitcoin.

>> No.18714002

>>18713849
nigga lol

>> No.18714484

0xBTC can only be a scam if Bitcoin is a scam. Do your own research. This coin is too pure and simple for biz, also maybe 1/100 people on biz can conceive of holding until the halving
this is a real decentralized project thats actually complete. its DONE. beautiful.