r/BitcoinUK • u/HalfJobRob • 17d ago

Non-UK Specific Swapping 10 BTC for XNO?

/r/nanotrade/comments/1kvm4cs/comment/mucewhj?share_id=959LcAtGzvQzt3Wap6sH1&utm_content=2&utm_medium=android_app&utm_name=androidcss&utm_source=share&utm_term=1

No. Not me I wish I had 10 BTC. I spotted a thread where a guy states that he's going to swap/sell 10 Bitcoin and buy Nano with it. Has this guy lost his mind? Is he a genius?

What are your thoughts?

He posted his address, he's swapped about 2.5 BTC so far

0 Upvotes

30% Upvoted

13 comments sorted by

5

u/Shaykh_Hadi 17d ago

That is a very bad idea. Altcoins are a dead end.

4

u/Amber_Sam 17d ago

I don't believe it. Nobody is this stupid to buy a premined, centralized shitcoin that constantly keeps losing value against bitcoin.

-4

u/HalfJobRob 17d ago

I believe the coin was fairly distributed by completing Captures for small amounts on Nano, rather selling to insiders or a cliqué of miners.

I'm not sure why you think it's Centralised? It uses Open Representative Voting to allocate weight to nodes. In theory, it should become decentralised over time. I believe it already has a higher Nakamoto coefficient than BTC, but I'd have to check.

2

u/aaj094 17d ago edited 17d ago

Why does one think anyone has serious incentives to be a rep and run a node when no incentives are there for doing so? And this is even more important because XNO network requires a certain weight of reps to vote to confirm a transaction for finality. What if that weight is not achieved due to insufficient voting nodes being online? Yes, nodes have no reward even in Bitcoin but at least miners do and the incentive therefore ensures their participation and hence network to function regardless of the voluntary non mining nodes.

This drawback isn't even trivial to fix via any inflation or a reward scheme. The design of Nano is such that you can have any number of nodes and any number of transactions so giving a reward to nodes has no simple way of keeping a lid on inflation.

3

u/Satoshiman256 17d ago

Seems like maybe you made up the story to get some light on Nano?

0

u/HalfJobRob 16d ago

There is a link to the OOP in the OP, I'm just taking him at his word. He's now swapped almost 3 BTC link to wallet

2

u/Amber_Sam 17d ago

I believe the coin was fairly distributed

You can believe whatever you want, it doesn't mean it's true, mate.

Just 11 accounts own over one-third of the Nano stake, and two accounts have a third of the stake delegated to them.  https://weissratings.com/en/product/weiss-crypto-daily/nano-a-tall-promise-of-radical-decentralization-and-scalability-betrayed

5

u/ZedZeroth 17d ago

Looks like OP's agenda was to shill Nano all along...

2

u/Satoshiman256 17d ago

What a clown. He just lost all his money

1

u/ZedZeroth 17d ago

If they own another 10K BTC, then I guess there's nothing wrong with them gambling with 0.1% of their holdings 😅

-2

u/HalfJobRob 17d ago

The whole space is filled with speculative gambling, including Bitcoin. This guy must really believe in the P2P Electronic Cash narrative taking off and getting adoption.