Bitcoin Forum

While everyone is busy protesting how 2015 is the year of altcoins. I don't think anyone realize how bad it can get if Bitcoin hits single digit. We're talking business shutting down, all exchanges rely on fees for their income (which they receive in BTC) if BTC hits single digit those fees become pennies. No one is going to run a business to earn pennies.

There is going to be chaos, stock market crashing, people on street begging for food. I'm talking about nightmare that you haven't seen since civil war. I think it's good for everyone that BTC stays above $400 anything below is too dangerous.

cex.io turned off their cloud mining and many businesses will follow them if BTC price keeps crashing.

No altcoins without Bitcoin. At least it'll be 100x harder to buy altcoins if exchanges are gone.

Food for thoughts.

Whether by design or sheer luck in timing I know not... but the NXT platform is definitely a strong contender for the inevitable.

was cloudmining ponzi scam?

Good exchanges won't be affected. 1% of $5 is the same, regardless if it's .02 or 2.0

one could surely make that argument.

Unless we communicate what Bitcoin's potential problems are and why alt-coins solve them then yes it's possible Bitcoin going down could take all of crypto with it in the short term.

What are Bitcoin's problems?

It is the first iteration of an entirely new technology that has been unable to rapidly adapt to innovation and challenges.

1. Volatility - 100 000+ merchants selling in BTC, nearly all dumping immediately for Fiat. Solution: Currency stable BitAssets like BitUSD

2. Inflation - New coins coming onto the market in times of low demand can depress the price far more than the inflation rate. Solution: Low/No inflation alternatives

Bitcoin has also become quite centralized around mining pools & BitPay type services which has been solved by more decentralized alternatives and transactions that are confirmed in less time than it takes to use a credit card.

The Bitcoin Blockchain is limited compared to competitors which have things like Decentralized Exchanges built on them which solves a lot of the Gox, BitStamp etc. issues.

So Bitcoin could be replaced by a blockchain offering currency stable assets, with low inflation and fast confirmation times as well additional products and services like a decentralized trading exchange. In that event most of the problems crypto currently experiences would be solved imo.

of course bitcoin is still the leader whether altfans believe it or not...

when it dumps like this a lot of faith is lost in the whole crypto sector...

no way around it...

crypto is still not that useful. adoption is slow. most people don't have any idea about the subject at all.

hopefully its not just a passing fad.

how come Quark keep rising to find equilibrium?

a few others do also - but those system with a real free market will not fail at all.

sure the "western" VC will take a big hit,

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but crypto is just continue. 

Lot of my investment in other altcoins lost over 50% after BTC crashed below $200 and I had to even out by taking profit from dumps. It's amazing how it controls everything.

During last crash same thing happened and some of those coins are still suffering from that loss.

another scenario would be where will the people who exited BTC take all that fiat while BTC is going on a down trend?  it could be to altcoins. not 100% sure, but it is possible.

so be on the look out for rising altcoin/USD-CNY pairs.

I think you could be right, not only because it will get difficult to buy altcoins but also if people stop believing in Bitcoin how can you expect them to believe in any other cryptocurrency.

I don't think so! There are some potential altcoins which may take the place of bitcoin in the exchange. The exchange can easily find a new source of revenue by incorporating these popular altcoins.

not really! Some popular altcoins are added to trade altcoins such as doge, NXT, darkcoin.  We can get altcoins not just through bitcoin! Ether fiat are directly used to trade altcoins. Altcoins won't die without bitcoin!

i think bit.FIAT projects should be widely used.   a fiat pegged crypto is a must for every exchange as we have seen that BTC as the center of all crypto is just not viable due to high volatility.