Bitcoin Forum

Satoshi new alt-coins would draw attention away from bitcoin, especially government attention. Because of alt-coins, bitcoin grew without much government interference. Good call SN.

I do not think that Satoshi used altcoins like Namecoin to draw attention away from Bitcoin. The CIA knew about Bitcoin in early 2011 and wanted Gavin to give them further inside on the topic. So, even if it was his purpose which I highly doubt then it failed. But remarkable is that Satoshi left the whole Bitcoin scene including this forum close after he heard about the meeting with Gavin and the CIA.

If anything altcoins are the ones that are bringing unwanted attention to the market, with the huge amount of icos coming every year and the huge number of scams some countries began banning their citizens of participating in them and some others put in place policies like KYC, so if that was the plan it has failed completely and I doubt that you will be able to find any document published by satoshi justifying your claim.

In fact I really think that if this market ever falls it will be because of altcoins, because altcoins are generating bad press, while it is true that bitcoin receives bad press as well most of it is FUD or simply the opinion of people that do not understand how bitcoin works, but the bad press against altcoins and the huge number of scams is deserved.

As for me, I don't care about the government at all because it takes care about its citizens not much. I think that you should forget about confusing the government. I think that you need to benefit from btc

Uhm, I'm not really sure about what you said, but altcoins didn't take the attention away from Bitcoin. Instead, Bitcoin has been the centre of attention in case of cryptocurrency and to most of the people Bitcoin is the only cryptocurrency they know. And as far as Government is concerned, that attention doesnt affect Bitcoin anyway because Bitcoin has potential and it can grow and make people appreciate it without any other extra influence.

This sounds like hearsay.  Alt Coins are actually bringing a lot of unwanted attention to Bitcoin.  Just look at all the KYC scams happening out here creating identity theft left right and center.  Bitcoin would probably be much further ahead without alts. 

LOL. i think OP thinks the "government" is a kid with ADD who you can distract easily by dangling your key chain in front of them :D

not to mention that all the negativity that altcoins have brought to bitcoin. for example last year's ICO scams which go to billions of dollars scammed out of people's pockets have caused a lot of issues. the smallest of which have been banning of all crypto related ads on big platforms such as Google and Facebook. not to mention all the illegal pump and dumps that are happening every second in the altcoin market.

I don't care about the government at all because I don't care about its citizens. I think you have to forget about confusing the government. I think you need to benefit from btc that doesn't affect Bitcoin because Bitcoin has potential and can grow and make people appreciate it without the extra influence.

Yes, that is true. A lot of unwanted attention crypto markets has received from altcoin scams. Even many online advertising companies are banning cryptos just because altcoin scams not because of bitcoin issues. Not all altcoins are bad because some of the altcoins are filling gaps which bitcoin not able to do it but some people think that it is an easy way to make a fast money so they have started with fake coins and cheated investors indirectly brings a bad name to bitcoins as well.

I would say that the only benefit of altcoins is that it has made government to think that even if it bans bitcoin,there are lots of altcoins traveling in the same track which would make government's unuseful.So if bitcoin gets banned,there is Ethereum and if gets banned,there is a huge list.But on the other hand,altcoins nowadays are mostly scam coins which have totally spoiled the reputation of crypto coins as a whole.

As we know altcoin and bitcoin are both digitalized cryptocurrencies . Bitcoin is the  most usable currency than altcoin. I think government confuse both of this because both of this cryptocurrency  is very secure. Transactions , deposit are also very secured.

Although Satosi new altcoin is lucrative but i don't believe that it happen. Because all over the world the policy makers focus on bit coin. They made deal according to the price of it. I think bitcoin set standard as market leader.

I definitely agree with you, Altcoins have given birth to so many ICOs and people are now busy with both of them. However, if the distraction was not created, I think the market would have got heavily saturated. People will keep mining Bitcoins only and the price and value of Bitcoin would have gone down because of that.

Bitcoin is completely legal, it is made from technology, quite smart, Bitcoin is the center of attention in the case of electronic money and most Bitcoin people are the only electronic money they know.

That is one way to see it but that is not that big of a problem for governments, in the case of a potential law banning bitcoin they only need to change the word bitcoin for cryptocurrencies and they can ban them all, besides if that happened governments will need to find a way to block bitcoin traffic and even if that happened the developers will surely find a way to get around that and the rest of the coins like always will just follow bitcoin and its solution, just look at what happened with segwit many coins activated segwit because that is the path bitcoin followed, so even that benefit that you claim that altcoins give to this market is marginal at best and non existent at worst.

This does not seem to the case though. Bitcoins never called for government attention. It was infact the altcoins that has called upon it and has been intervened by the government and the CIA from 2011.

This was a masterstroke by Nakamoto by removing all the attention from Bitcoins. Right now, not only Altcoins are trending but also a lot of ICOs that depend on these Alts are stepping up and creating a good distraction for the goverment to stay away from the BTC market.

I doubt if Gavin Andresen was ever a legitimate Bitcoin developer or he was an insider CIA agent since day 1... at the beginning he was really collaborative and looks like he wanted the best for Bitcoin. He would often be in relevant debates trying to help, coding etc. He even was considering flaws in Bitcoin which he later on put into practice himself:




See this. Very telling. He is pointing to hard forks with alternative clients, spamming the network with useless crap... interesting in retrospect.

I definitely agree with you, Altcoins have made it possible for people to come up with ICOs and government is also being busy with regulating those. The distraction was very important for bitcoin for not only to grow but also avoid wrath of the government by now. Definitely one of the greatest step taken by Satoshi.

I agree in part with this consideration, but it is important to remember that bitcoin and altcoins are part of an ecosystem and that it is possible to regulate governments

no, that is not the case, thanks anyway.

Its true governments are against bitcoin and they believe this market is not good for the economy. But i believe their perception will change and they will accept this market.   

This is totally absurd and nonsense. I mean, what made you think that altcoins were made to withdraw attention about bitcoin? When their is altcoin, definitely bitcoin will be remembered instantly. And government actuay do not give a damn with altcoins. They are after the bitcoin issues.

I don't agree with you on this because even the altcoins you mentioned was introduced long after santoshi him self left the seen of bitcoin, if altcoins where created to shift government attention from bitcoin the by now we should have recorded more significant progress in bitcoin but reverse is the case.

The smallest of them has banned all the cipher-related ads on major platforms like Google and Facebook. Yes, that is true. Even many online advertising companies are forbidding the cryptos just because the scams are not due to bitcoin issues.

Well, i believe that is not the purpose of altcoins. The altcoins exist because bitcoin need some development.
There are many altcoins has better speed or usage from bitcoin, it is created to complement to cryptocurrency

I will give examples such as last year's ICO scams that billions of dollars tricked out of people's pockets have caused so many problems. Not to mention all the pumps and illegal landfills going on every second in the altcoin market. I think you have to forget the government's mistake. As we all know altcoin and bitcoin are both digitized electronic types. I think the government confused both of this because both of these electronic money are very safe. Although altcoin is lucrative but I do not believe it happens. They make deals at its price. I definitely agree with you, Altcoins gave birth to a lot of ICOs and people are currently busy with both. People will continue to exploit Bitcoin only and the price and value of Bitcoin will decrease because of that.