Bitcoin Forum

The success of a global corporation doesn't come from the amount of money the day traders can make in a day, or from being the first to have a red button instead of a blue button on something the average Joe will never use. Set aside all anti-establishment views, and let me know what you think an altcoin project needs to achieve in order to be listed on the New York Stock Exchange (just dreaming for now - lol)? In other words, define true long-term altcoin success.

"I find it all very irrational, but if I can make profit from it I'm game."

Lol, I think that rings true for alot of markets, but definitely for bitcoin/altcoins. I think the vast majority of us were/are just holding for the next bubble. We are all playing the greater fools game, buying expecting to sell it to a greater fool for more in the future.

I think long term success for alot of people means bitcoin/their altcoin continually rising. The thing that people miss is that bubbles are caused by irrational thinking, they aren't supposed to make sense. They build because of emotions, such as greed, so powerful that it overpowers rational thought. Its what makes people overreact and mortgage/sell their house and buy bitcoin after it's already risen nearly 10x, something we've now seen repeat during both the current & last bitcoin bubbles.. Irrational exhuberence. (I really hope that dude from 2013 kept that shit, he's sitting pretty today if so, its hard for a non-trader to hold with conviction though, especially after it loses 50% and you start thinking "what if it never comes back")

I 100% don't see a reason for bitcoin to have a 50b market cap unless there's so many people using it that the system needs to hold that much value/liquidity in order to transact properly.

Long term success for me would be being able to pay every bill I have and make purchases from nearly every store using bitcoin directly. We can get into the argument of whether bitcoin will be surpassed by an altcoin in the future, but it's the same philosphy. The first one to it, imo, is successful.

If I was to say the steps I'd take to create a coin for mass adoption, I'd get many different partners accepting the currency (something that will be extremely hard to do because of regulations and worries about price fluctuations and why they should trust your currency). You'd also simultaneously want people using the coin (otherwise what's the incentive for accepting it?) so I'd advertise using social media and pay massive amounts to advertise all over the place outside of bitcoin related circles.

The thing is, coins have tried this. Auroracoin is a perfect example of how hard it is to get anything going. If you hand out free coins, they are going to sell them and take the money. If you sell them the coins, they are going to call you a fraud.

The only way I think it will happen is if it's meant to happen. Bitcoin has come a very long way since it's infancy, now it is being accepted my Japan as legal tender and has made headway in nearly everyone country in the world. That's something literally ZERO altcoins can touch, because it can't be artificially replicated.

altcoin succes
1 volume transaction  very high and stable (litecoin, ethereum, xrp and more)
2 big user community example ethereum

Great answer BitWhale!

"If I was to say the steps I'd take to create a coin for mass adoption, I'd get many different partners accepting the currency (something that will be extremely hard to do because of regulations and worries about price fluctuations and why they should trust your currency)"

The thing is, coins have tried this. Auroracoin is a perfect example of how hard it is to get anything going. If you hand out free coins, they are going to sell them and take the money. If you sell them the coins, they are going to call you a fraud.

I think as an industry, we didn't do enough prep work before 'pushing' cryptocurrency at the masses. Of the cryptocurrencies that weren't intended scams, how many set out with the 'dream' of thinking all they had to do was launch a cryptocurrency for a particular niche market, with some new algorithm, or loaded with features that no one really needs, and they would simply be discovered by the mainstream? We all tend to think the market is maturing, but may look back at this as just the beginning, and the cryptocurrency we should have been investing in can still be bought for pennies.

market adoption is the ultimate barometer for success imo.. some alts may pump for a while, but they have no real value.. so its not a true success

For me i guess is that an altcoin's success can be determined on how long it has stayed and how the team can maintain trust of there investors or by the crowd. Certain projects to spend a lot and it takes a long for it to be acknowledged and offcourse a long time to actually gain profit. These days it's hard to invest in new coins withour any proof or even news of who are people involved in it and what the projects is all about.

A very simple answer and I agree with you, That Altcoin is successful which has a high transaction volume compared to other coins.

Yes maybe it's one of altcoin's success, developers have to play the volume so that people who play in altcoin it can see and rate Altcoin very active in buying and selling, so do not just silence and there is no such movement.

Mass adoption by everyday users

Define Altcoin Success.

A successful altcoin includes, but not limited to:

1- A great project, and a new vision;
2- New features that are not found in other alternative coins;
3- A goal for development team, and a plan to carry on with;
4- A well known development team with experience in crypto-world;
5- Backed by a huge community;
6- Getting adoption;
7- Has a large number of miners;
8- Has a value in the crypto-currency world;
9- Has a decent trade volumes on multiple exchanges;
10- Has a lot of hypes and shills.
 

ETH is the best example you can get, strong market huge volume, big comunity, this is a coin that will not die anymore, the marketcap is so huge that it's impossible to kill anymore, and ithink that any other top 10 is very hard to kill, any altcoin like that is a success for me, but a real success is when you can use that altcoin to shop other than trade an altcoin is like bitcoin in this aspect

The token can be storing the value, and The token value will represent how long is the development of the company.

But it's not like this time, and I may think if that will never go to the New York Stock Exchange.


Most of the token in crypto is not represent an how many percents of acquisition of the company. The token goes wild on the exchange site with a lot of manipulation.

And especially I didn't ever see the real product by the crypto company that product will be useful for a lot of people.

There is no actual usage for the token in crypto. It can't be determined to represent our share on the company.

the only success people should be caring about is how much money they can pull out of them. i don't think anything around now will be a true success. they're prototypes.

Yes, altcoin as a revolutionary payment tool in cyberspace

Not close the possibility, the current digital money transaction facility is easy. Get people to use altcoin

People can innovate, copy, or improve on innovation, but that has little to do with how successful your startup (this includes cryptocurrency) will be. Without execution, the project goes nowhere.

The question is "...what you think an altcoin project needs to achieve in order to be listed on the New York Stock Exchange" (or another major stock exchange)?

Even bitcoin hasn't achieved this - the SEC rejected the bid for the first bitcoin ETF, and it's likely the appeal won't get approved either, because bitcoin still hasn't met the criteria for being listed.

Why don't people understand that the model of the traditional market is different from crypto and that is why most of us here are in the space from every part of the world. They can only come to us not the way round

"Why don't people understand that the model of the traditional market is different from crypto" -  Too many trips around the block in the real 'other' world. - lol

There are people in bitcoin and other cryptocurrencies working around the clock networking with regulators and the financial/business world in an attempt to achieve mainstream adoption. I'm not saying that a cryptocurrency can't survive if they don't become part of mainstream finance, all I'm saying is I believe the most successful (in terms of real future value and ROI), will be the ones that are willing to work with the current system. The nice thing about cryptocurrency is that you can select whatever coin suits your fancy, so if you are morally opposed to investing in one with unprecedented growth potential because their target market is the business or financial world, there are ten thousand others to choose from. ;)

I think in altcoin trading there is no real value, because it is an altcoin trade that is always down and up so as not to be fixated on one real goal for altcoin.

Altcoin success for me is when this altcoin become mainstream and become a neceesity. It creates its own demand, and become sough after because of its purpose. When this happen its value also appreciates.

Altcoin can be successful with promotions about the coin, with the promotion of the coin so much more famous. Volumes are stable, and multiply that coin community like eth.

 "Altcoin" is a combination of two words: "alt" and "coin"; alt is short for alternative and coin signifies currency. Thus together they imply a category of cryptocurrency that is alternative to the digital currency Bitcoin. After the success story of Bitcoin, many other peer-to-peer digital currencies have emerged in an attempt to imitate that success.
Many of the altcoins are built up on the basic framework provided by Bitcoins. Thus most altcoins are peer-to-peer, involve a mining process and offer efficient and cheap ways to carry out transactions on the web. But even with many overlapping features, altcoins vary widely from each other.

We can consider an Altcoin on its success when do we see the marketcap and its value. As long there are users of it i can consider it as a successful coin on which there is an active community who do supports it and believe on it because people would not just see on its value but also to its usage/features or potential of a certain coin.Take a look on those coins on the top spot most of them does really have good support from its users.

Top 20 market cap, then top 15, 10...

We consider altcoin successful when there is a higher trading volume, stability in the prices and stayed in the market for longer period of time.

short answer: adoption!

the name is altcoin aka cryptocurrency. but the definition has changed and right now these altcoins are only carrying the name of currency in their description and nothing more than that.

so in my opinion, altcoin success would be when one or some of these altcoins start living up to the promise. start being used as a currency. and for that, they first have to be a better currency than fiat and also a better currency than bitcoin. also have certain aspects to themselves. such as
- ease of use for average Joe, not a shitty or complicated wallet
- ease of use in general, meaning i as a user can run a wallet for myself without requiring a third party such as web wallets, exchanges, etc to keep my coins.
- decentralization, if people wanted to use centralized coins they would have either used fiat or used the government/bank issued cryptocurrencies that thy are currently working on.
- security, people want to be sure that their money is safe. the code needs to be safe, they shouldn't hard fork every couple of months just because the code wasn't reviewed first before releasing. the network security should be high enough that eliminates any kind of attack vector or at least makes them expensive enough to prevent an easy attack and have solutions for them too.
- stability, the wild pump and dumps that happen in altcoin scene kills any project no matter if they are good. no sane person or business would risk using an altcoin that is small and can get dumped 80% in a week.

but all the things i said are just noise because the nowadays developers don't care about anything apart from "how much money the project makes them" and that is one of the reasons why we keep seeing ICOs!

Bitcoin is the most successful crytocurrency because of adoption and not because it is inherently better than other altcoins. There are several altcoins that are more advanced than bitcoin. Altcoin success is defined and measured by user adoption. its only with a large user base that an altcoin can show its true potential, otherwise its just a useless piece of technology.

you think they are better but in fact if they were really better they would have already gotten big in the past 8 years.
do you really think bitcoin was the first?
there were other altcoins around when bitcoin came out, and it crushed all of them because it was decentralized, had a good distribution plan and was secure because giant security experts had checked the code.
all the altcoins you find these days are either premined obviously or premined in a hidden way so they don't have a fair distribution. ;)
when someone controls over 70% of the supply of an altcoin, that altcoin can never succeed. and that is because of the decentralization and security that i mentioned above. with bitcoin everything has always been transparent from day one. you could mine the first blocks and get the reward like anybody else. the coins satoshi and Hal mined are still there and have not moved all these years. but you can't say the same thing about most altcoins.

Only Bitcoin so far can be called successful coin, because it has an extraordinary story, one day this story will be learned in schools, this is success. Altcoins including those best one are only shadow  of this success. But yet their time will come.
But after all every coin which is live and has some value, and can be used is successful. It depend for what purposes this coin is made. Popularity is different thing.

I fully, 100%, agree with you.  What you are talking about, is Fisher's formula for the value of a currency. 

Crypto is abstract speculative greater fool betting tokens, not money.  Bitcoin included.  Because of their emission curves.

bitcoin was indeed the first, unless you think that gold reserve or other centralized currency that were shut down by the government have somethign to do with bitcoin, which is not true!, but litecoin was not the second that is something that people think and it's wrong, bitcoin also started with 70% of supply or even more in the hands of few people, but it got distributed as the time pass and now we have a better distrubution and better value, but it took many years, from 2009 to 2017, all other altcoin are younger than bitcoin this is a big difference