Alt Crypots hurting prices?

[erk]

Anyone else think that alternates are hurting the price of BTC?

We keep getting new coins that just have a source code change that have 5 million made the first day, and everyone thinks they should be worth 25 cents. This is bringing money out of the market for BTC, and LTC, because everyone dumps them for these new coins, because by tomorrow they should be worth $1... for a worthless coin that only has the value of trade.


I guess now the only way to make money these days is to design rename the newcoin mine it first and sell it in 3 days.

Rubbish, most alt coins have no way of trading money for them, you have to trade other crypto coin for them eg you have to buy some BTC to trade for the alt-coins, that's called putting money into the BTC marktet.

[farlack]

In the long term, it doesn't matter if Bitcoin goes down.  In the long term, it doesn't matter if the market settles at a price of $200, $100, $50, $1000, or $1000000 per BTC.

What matters, long term, is providing people a way to successfully escape government fiat, the business cycle, and the violence that is destroying them and everything they try to do in life, one piece at a time.

If everybody uses cryptocurrencies and fiat currencies die and Bitcoin is worth $25/BTC, that will be victory.

Not when it comes to sales, my stepdad builds fences, I got him looking into accepting bitcoin.

He sells a fence for $3000 worth of bitcoin, he goes out, buys all the material, starts work, comes home, they dropped $15 by the time he goes to sell. He already lost $400, but he cant hold because he has bills..

Huge dips are bad.

Huh? He did well, he sold the bitcoins for real goods to build a fence, so wasn't holding them when they went down. When he goes to sell the fence for presumably more than $3000 he gets more bitcoins for that than he started with.

Or, he built the fence for $3000 worth of bitcoins which would have been much less worth, not enough maybe to build the fence, had he waited longer before buying the materials.

You seem to have it backward.

-MarkM-

If he sells the fence for 300 bitcoin valued at $100 each $3000
By the time he gets home they're $85
Loss of $450

[markm]

Sure but if he is concerned about that he can buy stuff immediiately while he is in town, or, of course, he could use options to hedge. That is what MPOE is in place for.

-MarkM-

[erk]

If he sells the fence for 300 bitcoin valued at $100 each $3000
By the time he gets home they're $85
Loss of $450

Big deal, the fence is still worth 300 bitcoins. If you care about dollars, then price the fence in dollars and only take dollars as payment. Once you started pricing goods relative to multiple currencies at once, then you have lost the plot, as exchange rates vary all the time unless the currencies are pegged to each other.