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RE: Why I'm 100% out of Bitcoin for now and into Ethereum
Bitcoin is obsolete and comparatively useless, comparing to the next generations coins, including ETH. It's so stupid that the altcoins still have no independence from this crap and are always falling with BTC every time some rich faggot decides to criticize it. I hope it dies off soon and the market stops hedging against it. Why not use Tether for that? Pretty retarded, IMO.
Tether is Omni. Protocol ontop the BTC blockchain. Useless? Any other use of blockchain than as money? At all? Anything new after Satoshi? What is next gen so much in Eth? It is even inferior in so many directions. It is a private party of bunch of lads who created and profit convincing people that 'it is just like BTC but better'.
What are you talking about exactly? ETH is inferior? Than BTC whose fees were about 20$ for a transaction last year? Don't make me laugh. BTC transfers is slow and expensive. It is just a prototype, the first of the kind. Yet some people still value it over the other technologically superior derivatives, which is not smart. Prove me wrong.
Eth is inferior because: [1] it tries to do general (meaningful) computation in the blockchain. Which is insane waste ( cf.: http://www.truthcoin.info/blog/pow-cheapest/ by Paul Sztorc - extremely educational, eye-openner material. very big rarity to read such a literate analysis ), [2] it is a hierarchic project serving its founders, I always say that a blockchain needs a firm as much as a fish needs bicycle, [3] BTC just works, ETH promises to do something for years, and ... doesn't do anything. ICOs are not Eth app. Not unique feature but way to deflate Eth and to increase demand ... There is to much will into it. ... etc.
Well, look up ERC20 tokens then, mate. Can BTC provide anything like that? No and it never will. ETH will eventually dominate thee market, as it should.
I looked more throughly ERC20 standard. I see no diff. from Omni. Technically. Marketing effort-wise, yes. But this is extra-chain thing.
Tether? What does Tether even do and isn't it a security?
I have to confess, I never looked deeply how it works, however it is kept equal to 1$ at all times which provides a quick way out of volatile crypto without actually getting fiat, thus keeping the transfers instant and cheap. Without a third-party bank or whatever robbing you of your dimes.
Tether is not a security. It is a money service business. Cf.: ''U.S. Department of the Treasury (MSB Registration Number 31000058542968).''. Full compliance. Tether is an Omni token ( comm layer) over protocol layer (Bitcoin). Legally it is a claim for USD. Like a bearer quantized digital certificate. Or electronic check. If it was an ERC20 Eth token would be praised as a 'smart contract' :) :) :) - very successful example. The only weakness of Tether is that it is not redeemable, or settle-able by the issuer or rather the 'backer'. If it was you do not need Ripple, because as an interface between crypto and fiat would be multi-trillion daily turnover business. And this will happen. Rather by some form of Omni/LN-like Tether 2.0 by other dev, than from evolution of Tether. Tether and Bitfinex btw survived several regulatory scrutiny 'attacks' - if they haven't have the hundreds of millions of USD deposited than the consequences would be freezing and dissolution of the firm and few lifetimes jail for the ppl in the org ...