Bitcoin Forum

What's the point of altcoins? Doesn't decentralization mean that everyone can join and work on the project regardless of anything? So why aren't some of the greatest minds, like Vitalik or Charles working on improving bitcoin? Why do we f!@#$ng have 1600 crypto currencies in the space? I only see ads with "hello we built this awesome currency that does this and does that" for what? We already have bitcoin! I know it's old and rusty, but that's why you develop, and that's why you rework.

I'm a developer myself. I have re-built my game from ground up three times now. Just because I wrote it badly, doesn't mean I have to release it and not put anything new because I'd completely break it. I'm sure there are workarounds, even if we have to fork the coin, and start from scratch.

But instead, we have groups of people who fork coins and state that they are doing something awesome, while they aren't. And we ended up with 169 different bitcoins, and 1400 other (bit)coins as well, which is really hurting my feelings.

And now we even have companies like bitmain, who, in my honest opinion have completely destroyed the whole concept of decentralization.

My take on all this fuss is that, crypto is in a really bad position. Don't get me wrong. The technology IS revolutionary. It's just that humanity is just not ready yet for such a thing, as greed and selfishness are still ruling our realms.

And by the looks of it, I don't think humanity will ever be ready for this.

It's all about the fucking money. And if someone tells me otherwise, I'm sorry but I'd really slap him.

Thanks for reading!

I use altcoins just to increase my bag of BTC and ETH - speculative altcoin short-term trading when i buy cheap and sell higher, try my strategy?

You answered some of your own questions in your post most altcoins do not have any kind of purpose to change the world or the way we do things, altcoins are there to make money for the developers and the reason why many of those altcoins are successful is because people want to make money as well so it is just a matter of greed what its impulsing most of the market of altcoins.

We can understand a certain kind of indignation on your part and this is natural, we know of various purposes of altcoins and they are: Market interest, earn money fast, at times fool beginners, manipulate the purchase to get Bitcoins among others. However, as with the negative side of the issue, there is the positive that is the movement and interest by the crypto generating several possibilities of gain in the market or forcing new developers to create formidable projects.

Some clearly are scams, but others are actually useful.  SIA and STORJ let people use their service to store data, Eth and other coins have smart contracts, other coins have privacy in mind.  With Atomic Swaps you can swap coins between blockchains. The list is big.  It's still in its early days.  I'm not all in on alts, but I am definitely in.

I think you don't need any answers, you already know everything. You just wanted to throw out their emotions. OK. You have a very emotional but logically based opinion. Someone will agree with you and some do not.

 But bitcoin does not solve all the problems that now exist. And some projects are focused on just one small task. In my opinion, neither can be both successful and multitasking at the same time. It's a myth.
When a person is hired to work and says that he is multi-tasking and knows everything, I don't hire him. I prefer narrowly focused workers who are really professionals. Think about it.

Should i cry now?lol

Im still in the state of thinking whats does youre sentiments means..

But for me we cant really says what the cryptocurrency's function in this world until the world accept this and starts to use it as currency and not just an assets

it is a strategy that you run to give an advantage, but in running the strategy must be patient waiting for the price to rise because price growth takes time, and must often control price movements, so you know when the price is above.

It is completely your decision. But I want to say that there are so many traders who are carrying loss holding alt coins. And I believe that this is not the end like before. I have a strong hope and believe that market will bull again and it will allow all to make some profit based on which investments were made.

greed is the nature of every human being, only they can not control it that keeps them trapped in evil thoughts. you are right that mankind is not ready with this blockchain technology, education about blockchain or crypto is not evenly distributed throughout the world and many people who do not know it yet. consequently many people who want to get rich quick deceived and fooled by scam projects or fraudulent businesses under the guise of crypto.

I'm curious, do you believe the future of blockchain and crypto will be bright?
if you have finished with alt, then what coins do you trust and you hold now?

, i don't really get the point, but as far as i can understood about your complaints, we are utterly defenseless, why? Because it already happened then what are gonna suppose to do? Aside from there are lots of useless projects that are no longer moving in the market in the near future people are going to choose the most effective and easy way for them to earn or to use whatever they want it to be.

It's all for the money brother. Vitalik had an idea then funded more than he needed via initial coin offering and others were willing to pay and with such huge premine guy set himself for good by sering the opportunity and going for it. Many alts are crap as they are made only because community and devs know they can flip the money with it. You will always have competition. When you look at bitcoin and the way it is developed you will have to earn trust from developing team plus they they like your idea to include in within bitcoin protocol. Some people are fed up with this and started developing what they want.

Greed and selfishness will always be there and this is why crypto is seen as a bubble as with rise of ICOs and everybody making money is something that wouldn't end up well for most. Only the strongest will survive.

Bro, you have answered basically half of your questions and i think you just have to re assert your thoughts, too

Altcoins are good
Ico are good
And investment are good too, if you do it rightly, and follow the right projects

Always make researches before embarking on any form of project.

I agree with you, actually im sure the goal of people join to crypto is only for high and fast profit, blockchain ? they have been abandoned it since they even didn't know the implementation in this stuff.

and badly is, there's also a few project that really works on it, really to blockchain. but because some acts like these before, all what have been they do is just go for nothing.

Yeah, there's a lot of people just money grabbing, obviously there doesn't need to be so many. Some of the alts are decent though, just need to research carefully.

There are many car brands out there working separately with different visions and motivations.

The vast majority of altcoins are just stocks. Because their number can be strictly controlled, and therefore they can not be speculated. Therefore, many use them as a reward for investment. In addition, it helps to avoid intermediaries in this regard. Also, I want to add that none of the crypto-coins, except bitcoin, is decentralized.

yeah but there is aswell a bunch of altcoins which have their purpose to be there. For example monero. Monero is a coin which helps you to avoid tracking the payment it has its own blockchain and own purpose

There are positive angles there is no doubt about that but the problem is that the negatives in my opinion outweigh the positives, for example people claim that many people have made fortunes with those altcoins but what they do not tell you is all of those people that lost their money after all the money does not grow from trees and needs to come from somewhere.

I think needs much more coins and solutions than one bitcoin. When exist competition then creating stimulation.

By the end of the day, those altcoins we invested in will be converted to either BTC or ETH. Thanks to those altcoins, they are created as a substitute to BTC to multiply our investment effectively. If BTC is only the cryptocurrency as of today, i am pretty sure that its blockchain will overload and cryptocurrency will not survive.

I understand your feelings man.I agree with you some points.But , totally you cant say that altcoins aren't good for people.If you know the using altcoin , no problem.

You seem very stressed about this. I would advice you to calm down a little first as it is not a good thing to worry too much about issues like these. Regarding the situation, I would say that money is something that would upgrade your standard of living. As much as you'd like to not hear it,that's what we're all here to do. Earn money. But yes I agree that people who scam us are too greedy and have no humanity or goodness in them.

Calm down.Sometimes , this can happen.Just relax and be patient.Altcoins can seems variable status.If you are not happy , just done.But , if you want to keep going.Its just a experience.

This depends on how you see altcoins and how you use them. Humanity may not be really ready with the innovations in cryptocurrency but its already adopted and used by many which means cryto has already been embraced by many.

It's called competition and money as well, they want to create their own legacy by creating some altcoins with their names as the developers behind it but to simplify it the Op provided the question as well as the main answer to that particular question so it is just normal to have some similar products but different manufacturers and recipe's, but this must direct to those scammers.

I do not know where you are coming from, yet understand why are you just so disappointed with altcoind. I can sense that you have a bad experienced from them so you can say all of this things. If you can just open your mind, there are still ICOs, altcoins that are being successful. I think you misunderstood the decentralized factor of an altcoin. It's disgusting in a sense that you may not understand what's the sense of having an altcoin eveb if bitcoin already exist.

May be you are right  humanity will not ever be ready for crypto. But does it mean we should stop all projects about crypto and take only bitcoin. I don't think so. There are a lot of garbage and scam in the market now but probably exists good projects which just need more time for development. Garbage will disappear with time but something valuable will stay.

Look even if some of the altcoins are not decentralized like bitcoin, that does not mean that they are not just good. Altcoins have done us a great service of helping to even out the supply of bitcoins. Without altcoins, there would not be this much money in the market right now. Whether you like it or not, altcoins have made investors a lot of money. Yes a lot of the altcoins are scams, there are still some really good ones regardless.

I do not have enough experience with altcoins, but your thoughts seem to be quote logical and I think I should consider these facts. Thank you!

But it is as hard to find non-scam altcoins as to find a proper ICO. I do jot say altcoins are evil, I just understand the author

I think I understand your position and I partly agree with you, bit not altcoins are so bad. Anyway, ofbyou do not like it - do not deal with it

Alts have recently become more like private companies like we used to see new companies getting listed on stock exchanges, where people can buy and sell their shares, similarly new alts or tokens are backed by a company or a business and the value of their coin/token is based on the development and the profits generated by their business, personally i think tokenization of companies/projects will increase in coming years.

Well, I agree with you and I think that if you feel altcoins are not your cup of tea - it is ok, just do not deal with them and feel good

Quite agree with you this. But there are still some good altcoins with really something news (and I don't include ICOs here) Look at Zencash for example; I believe they are doin an awesome job for decentralization and censorship resistent

In my opinion, altcoins are really necessary. First, it must be understood that the same Bitcoin has a limited number of coins. And the entire industry is clearly not enough. Secondly Bitcoin can not have all the positive qualities of all cryptocurrency. Many altcoins are really unique and univiversal, it's a fact.

Do not listen to people who are saying that there are good altcoins. If you feel unsure at this sphere - just give it up and feel fine

They are really necessary, but it does not mean that every person must deal with them. So ot is alright if somebody give it up

I do agree with most of your point, the space was created to librate us from all these government nfleunce, but as the space get bigger, greed and selfishness changed the whole space, I just think sanity need to enter the space before we can say this is how the space would work

Well that is your own opinon while other people also see it from a different point of view. Everybody is trying to make a name for theirselves. Satoshi nakomoto made his and I can't imagine vitalik building ethereum under bitcoin like you said, it wouldn't have flourished like this, to each his own, you can't control people's action. So just stick to your lane and choose the crypto you are willing to invest in among the one million cryptos that exists.

Done with altcoins? That's your choice really. Greed? Absolutely! Probably the main reason why most of us are here (unconsciously for some 😉). Altcoins provided a wide range of options for us to play with. Yup, it's a game people! A gamble that many of us are willing to play despite of the risks involved. Coz that is the only way we can earn here. Your sentiments may also be mine, or even for others as well. But hey, we're still here aren't we?! 😁

That's it! We are in crypto because of money. Not all the people, but majority of them. But there are some people like Vitalik are in crypto because of technology. Look at him, he don't need money, he don't need girls or party with friends, all what he really need is project development and creating something to change the world

Good day. I fully can't understand whats totally your point. There's thousands of coins in the market now and traded and some new ICOs too. Crypto is a great chance to invest and earn without the strict requirements of college degree holder or age requirements. Everyone can earn and even though there are the high risks of loosing money its one's responsibility to take good care of his investments and assets.

Tell me why people engaging cryptocurrency?is it for money in first base?technology is just a second option,and to be honest many of members here dont really care for technology its just all for money for living.

Actually we have same thing,harder to understand whats OPs sentiments here.i guess the argument came from op's losses in trading because he chooses the wrong coins to invest lol

Its your decision if you don't want to continue with your altcoins. There are times that come to our lives that we are lazy in everything we do, and if you feel that you don't want to continue then its up to you.

That is called competition. Competitions are everywhere in this world and they are necessary to bring more advanced and progress to the area. That is the same way for crypto world. Many altcoins have contributed successfully to the big picture of crypto currencies

Bitcoin and Ethereum are my absolute favorites and the safest holds, but I think that you are underestimating the utility of some of these other projects. Something such as Populous will allow people to lend to businesses and earn interest on their idle cash.

I totally agree with what you've said.Every company and every organisation is here for money but theres somehow great altcoins and they are facilating the way we send transactions and thats one of the main goals here.
Having alot of altcoins grants a bad effect on bitcoin, thats the bad part.

Exactly, investing in altcoins is most of the time just a means to an end most people that invest in those coins do not really believe in those projects, they only want to increase the amount of bitcoin and ethereum that they are holding, this is why most of the other altcoins are nothing more than a way to speculate with their money and to try to multiply it.

Alts have been really harsh on people who had bought them in last year peak of june-july or this year jan. The question the we should be asking is that if is this the end of the bear or whether there is more blood to spill. I would not like to make any new alt investments till I see a clear sign or uptrend, for me that is when btc goes past 12k.

if you not like pump and dump may be you will be hate almost altcoin and every ICO token, some trader is enjoying profit from altcoin daily because pump and dump..

Some clearly are scams, but others are actually useful.  SIA and STORJ let people use their service to store data, Eth and other coins have smart contracts, other coins have privacy in mind.  With Atomic Swaps you can swap coins between blockchains. The list is big.  It's still in its early days.  I'm not all in on alts, but I am definitely in.

But that is the issue, I know that investing in altcoins can be very risky and you can lose a lot of money but a basic rule of investing is that you need to invest in a market when it is undervalued if you want to make profits and right now the market of alts is undervalued so this is the perfect opportunity to make money if you are willing to take the risk.

By the end of the day, those altcoins we invested in will be converted to either BTC or ETH. Thanks to those altcoins, they are created as a substitute to BTC to multiply our investment effectively. If BTC is only the cryptocurrency as of today, i am pretty sure that its blockchain will overload and cryptocurrency will not survive.

Yes, most of the time, Altcoin doesn't make any sense.
Most projects are just hype, people just think it's a game of gambling.

I totally agree with what you've said.Every company and every organisation is here for money but theres somehow great altcoins and they are facilating the way we send transactions and thats one of the main goals here.

Your venting out isn't actually making any point. So what you mean to say is one shouldn't open more companies when other similar products already exist? Metaphorically, Samsung should have never started making phones when Apple was already doing it? Lenovo shouldn't have manufactured laptops when Dell was already doing it?
Please stop complaining. This space is open for every young entrepreneur out there and I am sure everyone will make use of this opportunity to kick start their business.

It is sad but it is the truth. If ever Bitcoin will eventually fail the taste of the world's population, the reasons would definitely include this concern of yours. Instead of pooling over their wisdom and expertise, some crypto developers and experts prefer to make their own version of the coin they want to succeed. And the worse thing here is that in doing so, they are pulling Bitcoin down, making a bad name out of it.

Those newly created tokens are doing this, it's really hard nowadays to find legit coins that have good usage for longer times, the game right now is basing with how the market support bitcoin and how they will deal with earning bigger stake and no longer looking for purposes.

I think it will be the opposite if bitcoin was the only blockchain working right now then great efforts and money would have been spent on improving the network as fast as possible but since there are many blockchains the interest to do this is very low and this is why it takes so long to see updates to the code of bitcoin, however competition can also be good as we can see by some of the most successful projects in the market.