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Title: How Altcoins Failed To Win Over Bitcoin Post by: CryptoTalk365 on July 15, 2020, 06:18:42 PM It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin.
Now, what are the reasons behind this failure? Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Aqib Sarwar on July 15, 2020, 06:42:45 PM Bitcoin is the king of Cryptocurrency, where altcoin might be able to compete and win against Bitcoin. The Crypto community are certainly aware of which coins are worthy of ownership. And this greatly affects the value of Bitcoin and the large number of Altcoin, the Crypto Community certainly prefer BITCOIN. This is the reason why of the many altcoins that exist today, none is able to win Bitcoin.There are a number of reasons to believe that Bitcoin will remain king of the cryptocurrency market, whether based on technical innovations or simple network effects. And the altcoin market as a whole has performed rather horribly against Bitcoin over the past couple of years.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: tycsols on July 15, 2020, 07:11:09 PM It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin. Simply because Bitcoin is the real thing when it comes to the crypto market, It is the thing from where all this journey of decentralization started so its position cannot be taken over by anything else so easily. Also you will notice that among all the coins Bitcoin is the one that has become a household name and everyone knows it despite the fact that they like cryptocurrencies or not but everyone knows Bitcoin and not many other coins so replacing Bitcoin is not going to be an easy task and i do not see it being replaced by any alt in near future.Now, what are the reasons behind this failure? Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: IvugeoEvolutionCoin on July 15, 2020, 07:21:09 PM Bitcoin is like the foundation, any sane person won't compare it to altcoins. The market cap has proven this over time, the margin is clearly wide. Without Bitcoin, altcoins won't surface. Well, BTC nowadays is more like a store of value, hence altcoins are still very relevant for mass crypto adoption. Some altcoins claim to have more advanced blockchain architecture which is a welcome development.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: ife2020 on July 15, 2020, 08:20:14 PM I think we should not over worry or burden ourselves about bitcoin especially, bitcoin does not have to step on altcoins, while altcoins does not have to overthrow bitcoin to proof it is also dominant on its own, it is we investors that worry. Instead of wondering if it is bitcoin or altcoins that fails; why not dyor, choose a reliable altcoin to invest in and worry less about bitcoin ? There are lots of altcoins that has done over 100% already this year. key into it
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: concept2 on July 15, 2020, 08:48:24 PM You can deny the fact that bitcoin is the king of all cryptocurrency. 10-years is a long journey for it to earn a place in people's mind. The technology, although, is kind of weak, but being used and developed over years give strength in which empower its techonologies and usages. Many merchants and busisnesses have accepted bitcoin as a payment currency, which i believe is necessary to make others to remember and print its name in their head over and over :'(
You can force others to understand the whole cryptocurrency world. We are just in the beginning of a new generation which will have new techs and faciltities integrating friendly with our desires. Right now, just let bitcoin be the leader. It deserves that Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: disconnectme on July 17, 2020, 05:55:00 PM Bitcoin is like the foundation, any sane person won't compare it to altcoins. The market cap has proven this over time, the margin is clearly wide. Without Bitcoin, altcoins won't surface. Well, BTC nowadays is more like a store of value, hence altcoins are still very relevant for mass crypto adoption. Some altcoins claim to have more advanced blockchain architecture which is a welcome development. I agreed with all you said about Bitcoin but I can see in coming years time one or more Altcoins surpassing Bitcoin if nothing is done about the fundamental issues Bitcoin is having, new development is stalling and it seems like few people have hijacked the decision making process, reason being that if Bitcoin keeps diving its community I don't see how a house divided against itself would surviveTitle: Re: How Altcoins Failed To Win Over Bitcoin Post by: passwordnow on July 17, 2020, 06:10:04 PM Now, what are the reasons behind this failure? It's because people learned that bitcoin is very much stable than the altcoins. It doesn't mean that in general altcoins have failed, many of them yes, are a failure but not all of them. There are good altcoins that you can invest with your money but if you think that all of them are failure, it's also a good reason for you just invest to bitcoin. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: casperBGD on July 17, 2020, 06:27:13 PM But despite maximum numbers, these altcoins failed to win over Bitcoin. Now, what are the reasons behind this failure? think that it is quality over quantity, it is not matter how many altcoins there are, since most of them are not good enough to be even called projects, and a lot of them are clear scams, and BTC is one and only, in which people trust if you add ETH as best altcoin, to BTC, there is even more discrepancy between top coins and altcoins Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: enhu on July 17, 2020, 06:34:42 PM Its not about winning over BTC is the aim of all the projects, most of them are all for decentralization and convenience in crypto. They may not exceed the BTC price but they are gaining a community who will be using them as they intend to.
Just like BTC, There are hundreds to thousands of these altcoins paired to USDT and other fiat currencies. The one that might just be aiming to beat BTC dominance is the BNB. BNB is trying to conquer the world, it may not be surprising that 5 to 10 years later its going to sit in the 2nd spot of the CMC rank. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: PerfectCircle on July 17, 2020, 06:39:37 PM It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin. I witnessed how chainlink dragged LTC out of its position few days back on coinmarketcap making chainlink leaped over LTC, I believe that what keeps Bitcoin on its 1st position till date is marketcap and popularity, the popularity gives birth to strong support and strong community, it won't be an easy challenge for any altcoin to win over bitcoin, it's going to be a tough war Now, what are the reasons behind this failure? Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: shadowduck on July 17, 2020, 07:05:16 PM Its not about winning over BTC is the aim of all the projects, most of them are all for decentralization and convenience in crypto. They may not exceed the BTC price but they are gaining a community who will be using them as they intend to. I don’t think that BNB can really become a leader in this industry. the fact is that decentralization will be popular in the future. BNB is now the coin of the most centralized exchange. I do not think that we will see the same tendentious. centralized assets will dieJust like BTC, There are hundreds to thousands of these altcoins paired to USDT and other fiat currencies. The one that might just be aiming to beat BTC dominance is the BNB. BNB is trying to conquer the world, it may not be surprising that 5 to 10 years later its going to sit in the 2nd spot of the CMC rank. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: adzino on July 17, 2020, 07:40:17 PM It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin. Altcoins failed? Failed like how? I mean, what makes you think they a coin would be considered more successful?Now, what are the reasons behind this failure? I do agree, most of the altcoins that come out fails, but then there are some other well known altcoins that has done are quite unique and has been successful. Being successful does not mean that it has to take over bitcoin. I guess for you being successful means having higher price, right? If that is that case, stop thinking like this way. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: nelson4lov on July 17, 2020, 07:52:09 PM Now, what are the reasons behind this failure? It's quite simple. Bitcoin has the first mover advantage and it's also the most widely used one. Whenever anyone wants to get involved with the cryptoshere (blockchains, cryptocurrencies, decentralized technologies etc) Bitcoin is the first thing they look into before proceeding. The problem with altcoins lies in the fact that they pose most risks and majority of them lack a major use case – there's at least over 100s of altcoins whose only purpose is to facilitate peer to peer transfer. There's a dozens of others offering almost the same functionalities/use. By the way, Altcoins never failed, they're right where they are – providing supports in areas where bitcoin falls short. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Twentyonepaylots on July 17, 2020, 08:10:27 PM Why do you think bitcoin is still on the top after a decade of existence? this has been asked numerous times in the forum but it can be answer by a common sense, a simply because bitcoin was first will do. Now that follows that bitcoin is secure supported by decentralization. And as if altcoins were all created to be bitcoin, I believe that altcoins were made because the cryptomarket needs it, though there are some shitcoins we called but let's not touch them. Altcoins is giving a different taste of the market, imagine a store with just one product, dispassionate right?
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Coyster on July 17, 2020, 08:26:20 PM Now, what are the reasons behind this failure? There are quite a lot: too many pump and dumps coins, project developers only out to reincarnate unsuccessful use cases for their coins, the ico doom and i can also add the fact many other forms of fundraising that came after, e.g ieo, didn't do better than their predecessors. I'm sure there are more reasons than this, but all of them have created the mindset in investors that altcoins are just as fake as a three-dollar bill, hence no need for diversification. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: CODE200 on July 17, 2020, 08:39:32 PM I believe that there are different purpose lies on every coin, it is not always the competition in the market along with the hate and support. Most coins has its own use and utilization, they are not into replacing the bitcoin at the first hand. Now if you're telling me that alternative coins failed to win over bitcoin then I guess you should think it again, it is like believing that the sole purpose of bitcoin was to replace cash.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: rexxarofmoknathal on July 17, 2020, 10:03:27 PM I think the reason altcoins have failed to topple Bitcoin as the number one digital asset is simply down to the fact that they're being forced on us.
None of them really have groundbreaking utility yet, despite there literally being thousands of altcoins all designed for different reasons. None have actually managed to deliver on their use cases yet. Bitcoin, however, is already used and accepted by tens of millions of people worldwide. It is at the point where it now cannot fail, since it has strong foundations from which to build on. these altcoins dont even have that. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Jating on July 17, 2020, 10:13:51 PM Now, what are the reasons behind this failure? (1) Bitcoin is the prime mover - so obviously, it won the hearts of early adopters and it slowly gain some attention, reaches ATH in 2017 that no other coin has gone. So it has perks of being the first coin in the market. (2) There were attempts in the past, ETH (Flippening) XRP (Rippening) and BCH (Bitcoin Cash), they didn't succeed because they don't have the support of crypto community although they are already that big during their attempt to overtake bitcoin (3) Altcoin price are based on bitcoin's movement, or all altcoin has been traded with bitcoin as their pair. (4) Most altcoins are shitcoins anyways, that's why that stigma sticks to the altcoin market. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: forexandcryptoauditor on July 17, 2020, 10:21:18 PM The most important reason I see is, Bitcoin has now become a universal coin. If we take any projects of altcoins, their usage is limited to their functionality only. For example, if any project is for advertising, their token or coin can not be used beyond advertising or rewards within its ecosystem. On the other side, use cases for Bitcoin are not limited and can be incorporated in any projects anywhere as a payment method irrespective of the industry.
This is the main reason, Bitcoin is still leader in this market and wont be dominated in future as well. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Baofeng on July 17, 2020, 10:34:44 PM Bitcoin has become synonymous with sound money, store of value, good asset to invest for. Give me one altcoin that have this characteristics? Yes, there is none so far so that is the reason why bitcoin remains on top, despite the many attacks by famous altcoins thru FUD or the network itself (spamming). But still bitcoin remains the King and it's hard to see some coin toppling it on top.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: dentolas on July 17, 2020, 10:39:06 PM I definitely do not see this thing as a failure... yes, some alts aim to improve bitcoin use case, but many have nothing to do with it, and I do not think we can look at it as a race to number one... like choosing the best between the burger and the chips...
No doubt BTC is the best known crypto out there, but there are many alts that are also capable to change the world Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: lienfaye on July 17, 2020, 11:01:19 PM Bitcoin started it all and has many supporters so its not surprising if btc cant overtake by any altcoins nowadays. It can be use as currency and many merchants, online shops are already accepting it as payment option. Plus the fact thats its decentralized and no one can control your asset makes it more popular. But it doesnt mean alts are useless because many altcoins act as an alternative for bitcoin's disadvantage side like high fees.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: poodle63 on July 17, 2020, 11:03:07 PM That needs the time and a decade is not even enough for altcoin. At least you have seen how strong the growth that happened with altcoin these days. We must try to take it as a serious thing and when the bitcoin dominance will be around 50% and we will see how altcoin has a possibility to surpass bitcoin.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: pedpedped101 on July 17, 2020, 11:15:43 PM It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin. Now, what are the reasons behind this failure? That bitcoin is ahead of altcoins does notean that altcoins have failed. You already said it yourself that bitcoin came first, it's well known and accepted. Had it been altcoins cam first, the it would have been possible. i believe that they will not see any abnormality in it being behind bitcoin their master and pioneer. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: coupable on July 17, 2020, 11:20:25 PM "Altcoins failed to win over bitcoin"
That's right, but that's also not an exact conclusion. Altcoins are not supposed to compete Bitcoin for several reasons; bitcoin is not centralised like almost all the alts, so the price can't be manipulated or infected by the reputation of the team behind. Bitcoin was first adopted by DarkWeb users who were the first adopters that help spread the usefulness of bitcoin, while in our days, some other alts seems to be more useful than bitcoin due to its anonymity and fast transaction like Monero and Grin. I don't like to compare between bitcoin and other alts as they are in competition, but we can admit that Bitcoin is a resistant currency even it can be replaced by another alt for some specific purposes . Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: NS-Soul on July 17, 2020, 11:36:59 PM It was like that the original can't replace a local even if they try their best to replace it original will be always the original, besides Bitcoin is the mother of all altcoin and no one can replaced on it on being on top even altcoins would try hard to be there they will not achieve what the bitcoin already have.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: MrMojoRising26 on July 18, 2020, 05:56:24 AM I would say one huge factor is most Alts are just copies of bitcoin the currency ones anyway that's why they have failed
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: GatotKaca on July 18, 2020, 06:05:18 AM I don't understand why other altcoins can win bitcoin, bitcoin is a very popular coin now and was first created and the quality of bitcoin continues to rise so that many investors like bitcoin and reality bitcoin is the most expensive coin, I have ever seen
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: pawanjain on July 18, 2020, 07:55:40 AM None of the altcoins have win over bitcoin simply because bitcoin is the most trusted cryptocurrency in the crypto market which makes it the top most used cryptocurrency. There are some altcoins which have a good potential and are ranking good in the list but still they haven't took over bitcoin because people believe more in bitcoin. I have myself hold on to some altcoins but most of holdings are in bitcoin and I guess this is it with most of the traders.
This is why altcoins have failed to win over bitcoin. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Serco on July 18, 2020, 09:10:24 AM I don't understand why other altcoins can win bitcoin, bitcoin is a very popular coin now and was first created and the quality of bitcoin continues to rise so that many investors like bitcoin and reality bitcoin is the most expensive coin, I have ever seen maybe altcoin will have better feature and function , but on popularity side bitcoin still unbeatable. many altcoin just be number 2 and soon. moreover bitcoin have main feature on its supply that limited , many people compare bitcoin with money supply so it will influence people insight about bitcoi. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Lordhermes on July 18, 2020, 09:12:47 AM In crypto space, relationship and connection is mostly important. Bitcoin has no exchange on her own but it's listed on almost all the exchange ever increasing more volumes and volatility. Altcoin aims to create own exchange making it difficult to reach far beyond Bitcoin.
Objective of altcoin is not always achieved at end, because their aim is to run away with money gotten from crowfunding and so they can't overcome bitcoin. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: cabron on July 18, 2020, 09:24:28 AM You can't really say an altcoin failed because it didn't beat over bitcoin after all the team does knew it from the start that they can't beat the marketcap of BTC. But as long as the altcoin has a value, you can't say it failed to work as altcoin. The usecase of each altcoin differ from each other, some may just be useful for cheap transaction fee and all for gambling but if it did worked as intended then its successfully launched. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: QueenVera on July 18, 2020, 09:33:18 AM Most altcoins lack authenticity, they're not original instead copying already layout blueprint by other blockchain so how then do you expect people to trust their money into investing in a project that basically copied an already existing project. The coins that are original are actually doing well but just few copycat are succeeding although it isn't for long term as they'll definitely be dump for other copycat that looks promising.
Bitcoin has the trust of the community because of its many years of accountability, until an altcoin is able to achieve that, we're far from having another coin as successful as bitcoin. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: MikeyVeez on July 18, 2020, 09:33:50 AM Altcoins are in a much more difficult position because they come after Bitcoin and they are pushed to do something new, in another way. But that is the problem, blockchain is not a solution for everything as many people think that is.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: reliable on July 18, 2020, 09:38:54 AM I would say one huge factor is most Alts are just copies of bitcoin the currency ones anyway that's why they have failed Altcoins came in existence after bitcoin and thus we know that because of bitcoin today we are seeing a huge altcoins in the market No doubt some of the altcoins have risen well in past few years and many such projects have failed badly or even turned out to be a scam. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: leyton11 on July 18, 2020, 09:43:27 AM The reason for this is the nature of the crypto market. Why do so many sharks want to hold bitcoin instead of other coins? because they know that only bitcoin is no one to manage it anymore and they will take advantage of that to manipulate this crypto market easily. That is why many great altcoins such as Ethereum, Chainlink, Tezos, EOS cannot surpass bitcoin. All alts are frivolous and only bitcoin is the official coin.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: nutriagrigia on July 18, 2020, 10:58:28 AM Altcoins are in a much more difficult position because they come after Bitcoin and they are pushed to do something new, in another way. But that is the problem, blockchain is not a solution for everything as many people think that is. now everything is different. now altcoins have started to dominate at the market. Bitcoin is stable and altcoins are generating huge profits.Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Ceyflix-Rez on July 18, 2020, 11:49:31 AM Maybe because Bitcoin is the first of it's kind that's why people trust Bitcoin more than any other coins even when many altcoins have better upgrades, things can change in near future for altcoins because lately it seems they are taking the lead without Bitcoin helping them out like the old times
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: poodle63 on July 18, 2020, 12:32:36 PM I don't understand why other altcoins can win bitcoin, bitcoin is a very popular coin now and was first created and the quality of bitcoin continues to rise so that many investors like bitcoin and reality bitcoin is the most expensive coin, I have ever seen Did you a part of the early adopter of cryptocurrency? if you did and then you might have experienced to see when ethereum has replaced bitcoin on the first spot in a short time. It's about how altcoin can eat the domination that has already created by bitcoin and it's not a direct competition. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Peanyut991 on July 18, 2020, 12:49:00 PM The first reason is that Bitcoin is a pioneer of altcoin. Bitcoin has become a benchmark for the development of altcoin. I think it will be impossible for altcoin to destroy the popularity or trading volume of bitcoin.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: ethereumhunter on July 18, 2020, 01:24:08 PM The altcoins not failed, but the altcoin will still behind bitcoin because bitcoin is the king in the crypto world. Unless there is the newest technology that can change the function bitcoin to a better, the altcoin will be still behind of bitcoin. If the newest technology is better than the blockchain technology, then maybe the bitcoin will not stay as the king. But I doubt that there is the newest technology which will completely different than the blockchain but has the same purposes as what bitcoin does.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: FanEagle on July 18, 2020, 02:39:33 PM I guess we cannot commonly say that all the altcoins have failed because there are coins and tokens which are really serving people in some area regardless of its value on market. I believe this is the exact purpose why we are having altcoins in crypto space. One good example is exchange tokens to get discount on trading fees.
Honestly if you're referring to value of altcoins to estimate its success or failure then I am extremely sorry because in my understanding that cannot be the right way to evaluate the success of altcoins. Yes, there are multiple factors which are influencing on deciding the value of one coin; hence it cannot be the right approach to decide about success or failure. Dapps must be the biggest innovation we are enjoying because of altcoins. Privacy oriented altcoins must be another revolution we are having an enjoying for keeping us highly anonymous. It has become possible only due to revolutions in altcoin space. We can list many other useful development of altcoin industry. Hence, it must be a wrong statement if you still assume that altcoins have failed already. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Doranile432 on July 18, 2020, 03:16:50 PM Do you know the type of coins I like investing on? Those who don't have anything to do with fund raisings or IEO, the reason why I decide to stay like this is because of new projects developers, they only aim to make money.
Altcoins can't win over bitcoin and it will always be the best for many years to come, the fact that we don't know about Satoshi is what makes Bitcoin more decentralized Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: SiNeReiNZzz on July 18, 2020, 03:40:00 PM The worst and most annoying thing about Altcoins is still the problem of all these scam projects.
So many inexperienced people have already lost millions and billions to scumbags like this... Just because of that, I wouldn't always believe everything... PS: I am curious what else will come to light in the near future at Chainlink... At all it looks more like that things not are going so well internally... Hey guys. First of all, I've received an email today that had some interesting content: Quote: Zeus Capital (https://zeus-capital.com/), the asset management firm and activist investor, has published an extensive report on LINK, Chainlink’s proprietary token, making a clear case why investors should exit long positions in this cryptocurrency, as the inflated price is enormously out of sync with the company’s dressed-up appearance and shaky fundamentals. The report (https://chainlink.docsend.com/view/nfrvnyuuzrf2d5va) unveils serious discrepancies between the token’s intrinsic value of USD 0.07 and its current market price of USD 8.50, revealing downside risk in excess of 99%. After research of Chainlink, there is a very strong conviction that the company, its product, and the LINK token are a near-complete fraud. Here are the key facts of the short sale thesis: There is abundant evidence of market manipulation with traits of classic “pump and dump” techniques, such as trading on inside information, front-running the general public, unsubstantiated claims of progress, artificial transactions to imitate adoption, bogus partnerships announcements, and any other trick in the book to drive up the price prior to dumping LINK onto innocent investors. The two founders behind Chainlink, are constantly selling LINK from their vast reserves into the market, as well as at a substantial discount from the current price to selected institutions over-the-counter (OTC), thus incentivizing purchasers to lock in profits by quickly selling it further, creating an inevitable downward spiral. LINK’s characteristics, such as the lack of a functional decentralized ecosystem, combined with recent decisions by the Securities and Exchange Commission (SEC), leave no doubt that LINK will be classified as a security token, thereby putting the whole enterprise and the investors at substantial risk of anything from dealing in unregistered securities to court orders for the disgorgement of proceeds. LINK’s tokenomics model is broken with an inherent conflict of interest between holders, clients, and the founding team with regards to the pricing of LINK. The people behind the project are a handful, mostly remote, part-time consultants, focused on marketing and community building with very little professional and/or leadership experience. It begs the question of how an overdressed oracle-development project could justify a market cap in excess of $2.75 billion while purporting made-up progress with almost no IT software developers on its staff and fronting business operations out of a co-working space. Chainlink’s service offering is prohibitively expensive and it makes no economic sense for companies to adopt its oracle solutions. MakerDAO, UniSwap, Compound, etc. are internally-developing alternatives, which will eventually render the promise of LINK obsolete. The few software developers associated with the project are making frequent but cosmetic changes to the code in a never-ending product beta, while executives who previously took the bait are either fleeing the project or trying to avoid association with it. Three independent valuation methods suggest that the token is massively overpriced, as its intrinsic value is estimated to be in the 0.05 to 0.20 USD range at best. The Full Report "Why Chainlink is the Crypto’s Wirecard-The Chainlink Fraud Exposed": https://zeus-capital.com/assets/The_Chainlink_Fraud_Exposed.pdf Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: 0verseer on July 18, 2020, 05:37:21 PM I don't think any altcoins would ever win over the behemoth Bitcoin. To me, Bitcoin has become more like a symbol of cryptocurrencies and this gives it a bypass of pressure that it need to change or improve. You see altcoins take over other, talk about how this one altcoin better than other altcoin. Occasionally, they dream big about overtaking Bitcoin but this mostly just a way to brag how a new altcoin's potential.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Towerbreeze on July 18, 2020, 06:42:34 PM I can't say about you but Bitcoin is more than just a mere crypto currency today, apart from been the first it's proven how strong and better this coin is over past years, I don't think there will ever be a altcoin that can surpass bitcoin for many reasons
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: ScamViruS on July 18, 2020, 06:45:40 PM I don't think Altcoin will ever be able to overtake Bitcoin. Many altcoin have already come to the market and their main slogan was they are better than bitcoin! But in the evolution of time, they have kicked out of the market. Bitcoin was king, Bitcoin is king, and I think bitcoin will always be king. They can do marketing saying something unrealistic, which can lead some people to misunderstand. But reality is another thing.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: uneng on July 18, 2020, 07:27:01 PM Well, bitcoin was the first crypto currency to be developed, all the rest was just a copy of bitcoin somehow, furthermore altcoins don't bring any notorious practical benefit if compared to bitcoin.
The one which most approached to bitcoin was ethereum due its platform, smart contracts, but still it wasn't enough to overcome bitcoin, what means if an altcoin wants to do this, it has to bring something more exciting to crypto universe. But keep in mind it's not impossible for an altcoin to *win over bitcoin*, just because something didn't happen by now it doesn't mean it will never happen, especially on this volatile universe of crypto currencies where changes happen suddenly and without warnings! Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: gikere on July 18, 2020, 07:57:20 PM I think you can read all replies on this thread so far to see most people would agree Bitcoin is something you can't win over. There is no shy in admitting that for altcoins and accept to co-exist with Bitcoin. Heck, if your altcoin was able to trail behind Bitcoin in top CMC already a feat.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: coinfinger on July 18, 2020, 08:42:03 PM I think the simplest choice was the fact that bitcoin was there all the time when all others were fighting between each other. Nobody really tried to take over bitcoin or nobody really got together to become one big thing instead of being smaller many things and that caused bitcoin to be unrivaled while all other altcoins fought each other.
When you see ethereum and eos and tron and BCH/BSV and all others fighting to be the number two, you realize that Bitcoin has no worries, it has no project owner, it has no vitalik or justin or anyone else, it is just there and owned by the people and that is what makes it so special, nobody is working to make it better, it is all of us that work to make it better. Which is why I believe bitcoin will never be dethrown from its position and will always be the best. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: Eddyc on July 19, 2020, 01:29:49 PM In my opinion we should separate the Bitcoin product and the Bitcoin brand both are related but there are differences. Virtually all altcoins are born with the purpose of surpassing Bitcoin in product and consequently most of the projects achieve this feat. However practically no altcoin loses to Bitcoin in terms of product and system improvements but the big success is in the Bitcoin brand that is worth a little over $ 9K today.
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: tbterryboy on July 19, 2020, 02:48:07 PM Well, BTC nowadays is more like a store of value, hence altcoins are still very relevant for mass crypto adoption. Some altcoins claim to have more advanced blockchain architecture which is a welcome development. Yes, this way it is too early to assume that altcoins have failed to deliver. Because, we are seeing lots of good developments are happening in many altcoins which can be pre-concepts for future bitcoin implementation. I'm sure bitcoin developers will keep on adopting a successful concept which are time proven along with altcoins. Bitcoin may remain store of value but there are people who keep on spending/accepting bitcoin for their day to day life as one of prominent payment processor.I mean it is individual's preference to make use of bitcoin whether as a store of value or as the payment method. But, this will not definitely impact on the development of any altcoin if they are having any reason to be used by any community or individuals then definitely it will get into usage regardless of they are already using bitcoin or not. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: helloinox on July 23, 2020, 05:58:04 PM You put altcoins too far and too unrealistic for a single altcoin to win over Bitcoin. Look at altcoins today as a whole and consider it as 'a failure' since just one of them didn't overtake Bitcoin in total cap alone?
Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: jostorres on July 26, 2020, 09:11:19 PM Being the first cryptocurrency, bitcoin was available as trading pair against most of the altcoins that were launched afterwards. Even today, all the exchanges offer BTC as a trading pair. I consider this as the main reason why Bitcoin hasn’t lost its dominance and even though there are so many altcoins, they are failing to establish their dominance over bitcoin.
Also, there is something called as the ‘loyal investors’ who remain loyal to the coin that made them a fortune i.e. BTC. The real supporters of the idea and the concept will never sell their Bitcoins and that is the reason why it’s still holding strong and is probably up for another bull run this year. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: arjuna BTC on July 26, 2020, 09:58:09 PM It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin. Now, what are the reasons behind this failure? simple reason because without bitcoin, altcoins never born my friend and all altcoins community, for example ethereum community, or others is a part from bitcoin community so, now or later, altcoins will always failed to win over bitcoin Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: TheGreatPython on July 28, 2020, 05:58:21 PM Bitcoin is the king of Cryptocurrency, where altcoin might be able to compete and win against Bitcoin. The Crypto community are certainly aware of which coins are worthy of ownership. And this greatly affects the value of Bitcoin and the large number of Altcoin, the Crypto Community certainly prefer BITCOIN. This is the reason why of the many altcoins that exist today, none is able to win Bitcoin.There are a number of reasons to believe that Bitcoin will remain king of the cryptocurrency market, whether based on technical innovations or simple network effects. And the altcoin market as a whole has performed rather horribly against Bitcoin over the past couple of years. Most of the new people who enter the market have just heard about Bitcoin and its journey. So, every new investor is willing to invest in the currency at least once. The crypto market is majorly filled with people who know nothing about the underlying technology of the projects and coins. They are just in the market to make investments and earn some money.Most of them don’t even know the real world applications of the coins and how they are making a difference. Only if people looked at the technology and usage potentials of the coins instead of looking at them as an easy way to make money, the scenario would’ve been a lot different and altcoins would’ve dominated the market instead of Bitcoin. Title: Re: How Altcoins Failed To Win Over Bitcoin Post by: dataispower on July 28, 2020, 06:07:33 PM I think the reason altcoins have failed to topple Bitcoin as the number one digital asset is simply down to the fact that they're being forced on us. None of them really have groundbreaking utility yet, despite there literally being thousands of altcoins all designed for different reasons. None have actually managed to deliver on their use cases yet. Bitcoin, however, is already used and accepted by tens of millions of people worldwide. It is at the point where it now cannot fail, since it has strong foundations from which to build on. these altcoins dont even have that. The major reason why most altcoins have failed and many more will fail in the long run is because the principal reason why most altcoin projects are created is for the team to make money, after which they launch a new project. Just few altcoin projects really foster development, or try to be valid in the real world. BTC however has proven to be the true decentralized cryptocurrency, with way more acceptability comparatively, added to the fact that it's the pace setter. |