Bitcoin Forum

Coinage CEO: Market Needs to Move Beyond Bitcoin

Bitcoin is still the king of the cryptocurrency world, with almost every altcoin heavily tied to its price. Coinage CEO Chad Pankewitz, however, believes the market needs to move beyond Bitcoin if it is to have a sustainable future.

http://bitcoinist.com/market-needs-to-move-beyond-bitcoin-says-coinage-ceo/

We do see lots of posting or comments about people who do already believe that altcoin can stand alone or doesnt rely on bitcoins price but now we are still seeing on how the altcoin market reacts when bitcoin price dives.
This indicates its still the king upto these days and talking about market needs to move then yes it should. Basing on the current development including on past ones we can really see bitcoins potential and i can see it would really be sustainable.

Bitcoin's dominance is heading up. By the time this bubble is fully done many coins will be headed towards worthlessness. It's likely that BTC will be a stronger presence than when it entered this bubble.

He has a point, but it's clear there's really only two markets at most - Bitcoin and alts, and more likely just the crypto market itself. Some shitcoin only gets where it does off the back of larger coins and that's always going to be BTC.

Yeah, maybe what he is proposing would actually be better for everyone - if alts were traded against USD or at least Tether, they would have much lower price and less chances of getting pumped, so there would be less hype and reckless investing, especially in ICO's, so the whole market would be more stable. I wonder why exactly most exchanges don't create fiat/alt pairs?

Here's a question I have for the shitcoin fans -- if your coin is so independent, then why does it track with Bitcoin like a fucking metronome?

http://cryptowat.ch

Look at it -- the line graphs are all eerily synced for the top five crypto coins. That doesn't mean your shitcoin is special, it means you're being used for arb/flipping as a speculative device.

It may hurt Bitcoin initially, but it's time to disconnect all BTC/XXX pairs and let the shitcoin market take care of itself. Let them trade against Ethereum or whatever shitty token created by the exchange itself.

# Capital flows into empty coins while it could/should have flown into Bitcoin.
# In order to cash out large sums of altcoins, it has to use Bitcoin's liquidity.
# Altcoins give this entire ecosystem a trashy reputation.
# Altcoins have NO purpose other than speculation.

All negative aspects; is there even something positive to say about altcoins?

Even Ethereum is the same. Yes, they did well in making sure their Ether coins are in demand, but other than people using them to buy themselves into ICO's there is no use.

Who has the power to disconnect all the BTC/alt pairs?Hobody can forbid the crypto exchange platforms to trade btc/altcoins.Such divide might make Ethereum more powerful than before and weaken Bitcoin.
The Gresham law was right again.The bad money(altcoins) had replaced the good money(bitcoin) and now the crypto world uses altcoins for day trading and bitcoin for HODLing.

It's unlikely this will happen until mainstream adoption occurs and a few select altcoins find some real-world utility.  There are probably a few niches where some coins might shine.  Only coins that find an actual purpose will stop tracking BTC and begin some natural price discovery.  The rest are just speculative tokens and will either continue follow the market leader or become worthless.



Short of mass-collusion, there's no way to achieve this.  It'll either happen by itself, or not at all.  I don't think we get a choice in the matter.  

@davis196 & DooMAD

The split between Bitcoin and altcoin pairs will likely never happen, that I agree on. It was more a fantasy that I play around with in my mind; the expression came out too direct.

People keep hating on Warren Buffett for his trash talk, but everything he states perfectly applies to altcoins and their market. If he wouldn't just point at Bitcoin I would agree with everything that he said. The bubble is real, the pop will be real too, and very ugly. The only thing that prevented the bubble from popping thus far is that altcoins are licking Bitcoin's arse too much. Once that no longer happens and altcoins in whatever shape or form start moving individually, we'll see their real value.