Debate: Please explain to me why...

[lixer]

Now - if you can please explain to me what, exactly, the price of BTC has made different about the utility, desirability or demand of DOT, I am dying to hear it. Of course, the answer is  "nothing"

How about you answer yourself another thing first. What's the utility, desirability, and demand of DOT?

And to understand it better, you should know that I had to check coingecko as I had no clue that DOT stands for Polkadot, nor do I know what this coin is supposed to accomplish or to solve. And another question, if I'm probably unaware of it, has it today fixed any of those things, has it revolutionized something worth mentioning? My hunch is no. My hunch is that everyone that holds those coins is interested in the price, their trust in the utility is zero, they are just waiting to make some profits, dump it when its clear the coin will not be able to do a x5 overnight, and switch to the next altcoin that promises the same revolution we've had 200 times already.

Also, if there was distinct utility, desirability, and demand for it, why did it get influenced when BTC skyrocketed?
What changed in the utility, desirability, or demand between November 2020 and February 2021 to make the price go x7 in value?

I wouldn't know about DOT and I can't tell you why it is good or why it is bad because I never made a research about it and never invested into it and that is why I am not a good expert to answer that question. But I can make a little change about the question and can give you a very very good answer.

Why do you think dogecoin went up? Why do you think eth went up? Why do you think anything goes up? Do you really think that all do look alike? Maybe that is the case? I mean not everything goes up just because it has a utility, there is nothing desirable about most coins but they are high all because there is a pump and hype for it.

It means it could be something very usable just like bnb or eth, or it could be something silly like doge, none of that matters, as long as there is a hype about a coin, that coin will go up no matter what type of coin it is.

[CryptocurencyKing]

The price of bitcoin is related to supply and demand.

Very simple. This very answers spells it all and its not bitcoin alone though, this is what bitcoin actually capitalises on. It uses the amount of bitcoin in circulation to make this fluctuations with regards to depreciation and inflation come true.
Bitcoin was created to have a definite number for which, once the miners get to attain that number, there would no longer be any new bitcoin to introduce to the market. All that was to create that element of scarcity about it.
Like, if you take a look at the Cryptopunks form of NFT, its got a definite number. I think they tapped into bitcoins scarcity principle just that, its not mined. Its transferable from person to person on a bargained range. So, its no mystery, its just the law of demand and supply in action.

[2double0]

I don't know how true it is, but bitcoin is seen as an important asset in crypto and contains more than 30-50% in daily volumes. So a sensible way of telling you about that is -
Bitcoin rises in price, and alts are pegged to it so when btc/usd pair rises, ultimately the value of alts will also rise because btc now holds some extra value and the alt has also increased in both btc and usd or usd only.
For price decline, it could be -
Btc price comes down, so users sell alts to 'buy more btc for cheap'. That is only the reason based on my findings.

[stompix]

I've quickly compiled a number of metals and it is readily self-evident and amazingly obvious that gold has ZERO to say about the prices of other metals. Go take a look.
Frankly this example is SO bad I actually propose you retract it and we'll all pretend you never made it.

I now understand why they show those cards with spots when trying to diagnose possible....hmm... issues, some people see things where there is none and some obviously don't see a train coming. You desperately try to see things that are not there and at the same time ignore obvious facts.

Let's check the last year:
March 15, gold goes down, silver does the same
Start of August, silver makes a new ATH for the year, oh, wait, so does gold
November 27, after continuous decline what do they both do...of crash the same time.
When was the last dip, of it was March 31 for both silver and Gold....man this is weird.

Let's try a different approach, let's do the full 5years graph
Price of gold 5 years ago July 1, 2016  $1,331.75 oz  Price as I speak $1,910.64    43%
Price of silver5 years ago July 1, 2016      $19.24 oz   Price as I speak  $  28.02     45%

Looooooooooooool!!!!!!! Indeed, such a difference, 43 vs 45! A whole 2% in 5 years!!!!!

But you're right, I made a mistake, I mentioned things that actually have a purpose in life other than speculations unlike all those shitcoins you're so proud of.
Copetech has given you a brilliant answer, if you're too dense or too biased or too angry with the world to get it, sorry, I have no way to help you anymore, so it was a pleasure, but it's goodbye!

[wahyu wida]

I don't know how true it is, but bitcoin is seen as an important asset in crypto and contains more than 30-50% in daily volumes. So a sensible way of telling you about that is -
Bitcoin rises in price, and alts are pegged to it so when btc/usd pair rises, ultimately the value of alts will also rise because btc now holds some extra value and the alt has also increased in both btc and usd or usd only.
For price decline, it could be -
Btc price comes down, so users sell alts to 'buy more btc for cheap'. That is only the reason based on my findings.

It's possible that it could happen, but there is also another possibility, when the altcoin price drops, they place it on usdt to find good areas to buy bitcoin. bitcoin is seen as a good asset, so if there is a decline or correction then people will look for areas to buy back

[wxa7115]

I've also wondered about that, my best guess would be because Altcoins are being traded as a pair with BTC (LTC/BTC, ETH/BTC for instance). On top of that, Bitcoin is the flagship of cryptocurrency, thus it's considered a sign of well-being for the market. Moreover, all of them are closely related due to their nature, sharing major characteristics with each other.

On the other hand, there are a few instances in which these rules didn't apply 100%. It doesn't necessarily mean that if Bitcoin goes down, Altcoins crash too, or the opposite, but that's what happens usually.

the increase in the price of bitcoin or altcoin is based on the large demand for that asset. and the demand is usually based on many factors. and of course sometimes whales give a big role to increase a coin. for example bitcoin where Tesla announced the use of bitcoin, and the price immediately skyrocketed

OK so the price of the alt-coin is only tentatively correlated with its demand, that's the whole problem. At time X, with BTC at 40K, the price for a DOT is $40. At time X+3 hours with BTC tanking to 33K, the price for DOT is $24. Now - if you can please explain to me what, exactly, the price of BTC has made different about the utility, desirability or demand of DOT, I am dying to hear it. Of course, the answer is
"nothing" and that is exactly why having BTC trading pairs where the BTC volatility automatically impacts all other assets a really bad idea.

If you were tasked with designing a market for the trading of some type of asset... if your design included this kind of behavior as a feature, everybody would think it's a really crappy design. Yet here we are.

But you are thinking this with the wrong perspective, the dynamics of this market were not designed, they emerged spontaneously, satoshi created bitcoin and then the first altcoin was created after some time, at the time we did not had stable coins and exchanging our coins for fiat the way we do now was impossible so the natural pair for any altcoin since that time has been bitcoin.

So what we are seeing now is a remainder of those times and when we take into account the lack of real use cases for most altcoins then it is completely natural to see this market behavior.

[paxmao]

...

Ok - you did not actually answer my question, but instead gave me a rundown of crypto basics and realities. I get those - I've been doing crypto for some time. I expected this would happen, this is why I was so explicit But let me try with a more elaborate example

All I want to know, and please, this is the only thing I am asking:

Why is it reasonable, rational or in any way "correct" that this has happened with my StorJ tokens?

What has the change in BTC price seemingly changed to the value of the service I can purchase for these tokens?

*I am using StorJ merely coz it is a known example and its function has clearly zero to do with BTC.

Your question has been answered, so do not confuse your own lack of understanding with other´s not understanding you "question". Please care to use bold characters when speaking with your family and friends or others that are happy about it - if you expect an answer that is.

It is Economy 101, which you obviously do not have a hint about - my only doubt is if it is really worth explaining to you like if you were a 6 year old (maybe you are). This has nothing to do with crypto, this is basic theory of how a competitive market with close substitutes work. I am sorry if you lack the basic understanding of how economy works. - StorJ is a "substitute" asset to bitcoin so the buyer would be considering buying one or the other for their store of value or future gains or other qualities (uniqueness, future expectations...)

Please familiarise yourself with the basic concepts of economy if you want to chose a user name such as Eye4Finance, Mr Momentum, etc.... Just to avoid making a fool of yourself.