Alert : Maxis are devouring Altcoin !

[abaeze]

The way Bitcoin Maxis are devouring Altcoins, it is very difficult to sustain Altcoins in the future, especially when the president's family member say that he is a Bitcoin Maxi. Many people here may not understand what this means, so let's say it briefly. Bitcoin maxi means that Eric Trump thinks Bitcoin is the only real cryptocurrency, all other tokens are not that important.The news: "Eric Trump said at the recent Wyoming Blockchain Symposium that he’s a “bitcoin maxi,” predicting $175K BTC this year and $1 million eventually". Many of us have already seen that when the price of Bitcoin increases, the price of Altcoin increases, and when the price of BTC decreases, the price of Altcoin decreases, but this is not actually true. Look at the graph below and makes it easy to understand --



Here is how Bitcoin Dominance often weakens altcoins and when Bitcoin Dominance increases, the price of altcoins decreases. This prediction by elites like them can further increase Bitcoin's Dominance, which may lead to the existence of altcoins in the future. What is your opinion on this?

[luckyspirit]

Bitcoin maxi means that Eric Trump thinks Bitcoin is the only real cryptocurrency, all other tokens are not that important.The news: "Eric Trump said at the recent Wyoming Blockchain Symposium that he’s a “bitcoin maxi,” predicting $175K BTC this year and $1 million eventually".

I would not take his word for it, these people are not very committed to anything other than making money. They will say and do whatever it takes to earn them money, they change their public opinions all the time.

This prediction by elites like them can further increase Bitcoin's Dominance, which may lead to the existence of altcoins in the future.

This sentence does not make sense. Altcoins already exist.

[JeffBrad12]

The way Bitcoin Maxis are devouring Altcoins, it is very difficult to sustain Altcoins in the future, especially when the president's family member say that he is a Bitcoin Maxi. Many people here may not understand what this means, so let's say it briefly. Bitcoin maxi means that Eric Trump thinks Bitcoin is the only real cryptocurrency, all other tokens are not that important.The news: "Eric Trump said at the recent Wyoming Blockchain Symposium that he’s a “bitcoin maxi,” predicting $175K BTC this year and $1 million eventually". Many of us have already seen that when the price of Bitcoin increases, the price of Altcoin increases, and when the price of BTC decreases, the price of Altcoin decreases, but this is not actually true. Look at the graph below and makes it easy to understand --

You're looking into his statement too much. Him being a maxi can just means he's all bullish about it fully, doesn't mean the altcoins will be left behind.
Have you seen the WLFI holding, a defi that he owned? it keep stacking ETH that as of 25th july its reserve worth $281 million. Clearly he's also bullish with some altcoin.
I think you're just being paranoid here, altcoin will have its own market.

[Odusko]

The way Bitcoin Maxis are devouring Altcoins, it is very difficult to sustain Altcoins in the future, especially when the president's family member say that he is a Bitcoin Maxi. Many people here may not understand what this means, so let's say it briefly. Bitcoin maxi means that Eric Trump thinks Bitcoin is the only real cryptocurrency, all other tokens are not that important.The news: "Eric Trump said at the recent Wyoming Blockchain Symposium that he’s a “bitcoin maxi,” predicting $175K BTC this year and $1 million eventually". Many of us have already seen that when the price of Bitcoin increases, the price of Altcoin increases, and when the price of BTC decreases, the price of Altcoin decreases, but this is not actually true. Look at the graph below and makes it easy to understand --

You're looking into his statement too much. Him being a maxi can just means he's all bullish about it fully, doesn't mean the altcoins will be left behind.
Have you seen the WLFI holding, a defi that he owned? it keep stacking ETH that as of 25th july its reserve worth $281 million. Clearly he's also bullish with some altcoin.
I think you're just being paranoid here, altcoin will have its own market.

Very well being a Bitcoin or any coin maxi make a bold statement that their are aggressive on their Bitcoin or altcoins accumulation this is what it means as far as cryptocurrency related phrase is concerned, so bullish doesn't mean any negative thing to the cryptocurrency space rather it gives more confidence to investors and gaining mainstream recognitions.

[GiftedMAN]

Bitcoin has a huge dominance in the market right now and this is the reason why the altcoins season will be very hard to surface because Bitcoin maxi are ready to keep the Bitcoin dominance high that no altcoins will be able to hit the trend. Let's watch how everything will play out since the dominance is high and altcoins will have to struggle to overtake the Bitcoin dominance if we want to see another altcoins season that will be full of bullish momentum.

[OgNasty]

I don’t know about that. I sold off all my shitcoins at the highs a few days ago, paid off the loans I took to buy them at the lows, and now I’m back in Bitcoin maxi country with my fingers crossed that Saylor joins the S&P. The folks selling Bitcoin for Ethereum are going to be in for a very hard lesson.

[pooya87]

Bitcoin maxi means that Eric Trump thinks Bitcoin is the only real cryptocurrency,

Some random idiot (whom 95% of the world don't even know who he is) saying this about bitcoin doesn't make bitcoin the only "real cryptocurrency". The fact that bitcoin is doing exactly what it was created to do (a peer-to-peer digital cash as the title of the bitcoin paper says) and the fact that altcoins don't, makes bitcoin the only real cryptocurrency!

Here is how Bitcoin Dominance often weakens altcoins and when Bitcoin Dominance increases, the price of altcoins decreases.

That's not how it works.
First of all this is not dominance, this is market cap ratio (bitcoin market cap divided by sum of all altcoin market caps). It only goes up and down when shitcoins dump and pump respectively.

This prediction by elites like them can further increase Bitcoin's Dominance, which may lead to the existence of altcoins in the future. What is your opinion on this?

Not really.
Altcoins serve their purpose as the alternative toys the traders (more like gamblers) use to make some money in the altcoin market. As long as this is their only purpose they will remain like this.

If some day the developers stop thinking about ways they can get rich and start innovating (like what Satoshi did) is the day that their product will become independent of bitcoin and will stop being used only for trading on exchanges.

[Ambatman]

I don't think altcoins performance and Bitcoin increasing dominance has anything to do with maxist
It just shows what investors are willing to trust their money on.

Bitcoin maxi means that Eric Trump thinks Bitcoin is the only real cryptocurrency,

I doubt Eric really understands much about Bitcoin. But can't blame him for settling with the best and truest.
I'm not saying altcoins don't have their use, but when we talking about Real money, then Bitcoin.

when Bitcoin Dominance increases, the price of altcoins decreases

You are mixing it up. Fall in altcoin prices in relation to Bitcoin is what increases bitcoin dominance
Or when Bitcoin rise more in relation to altcoins.


To be sincere the biggest competitor's of altcoins are altcoins. The market is quite broad and competitions are rampant
Hence why investment is scattered around. So not on Bitcoin but the existence of large numbers of Bitcoin.

[passwordnow]

We shouldn't blame it to Eric or the entire Trump family alone about how they influence the price of Bitcoin. A single statement that he's a bitcoin maxi or holds Bitcoin is just a statement. While it can move the market a bit but the action that comes from the retailers and whales is actually the reason why the market moves. Lately, we've been in so much deep of Bitcoin. And the dominance from the alts increased a bit, so that's how it goes when Bitcoin goes down, the dominance for alts are increasing and vice versa.

[Josefjix]

Here is how Bitcoin Dominance often weakens altcoins and when Bitcoin Dominance increases, the price of altcoins decreases. This prediction by elites like them can further increase Bitcoin's Dominance, which may lead to the existence of altcoins in the future. What is your opinion on this?

When is the future again, altcoin have be emerging from the beginning of crypto where nothing is really new no more, Bitcoin price movement got nothing to do with altcoin and so it's moving on it own terms, while altcoin moves differently too.

Bitcoin is only influenced the market because it's the very source of this information and so it's had a stand out in the industry with high volatility.

In as much as the crypto is concerns, Bitcoin flow depends solely on it's own blockchain like wise the blockchain where altcoin come from, Bitcoin works alone, altcoin works alone too, no domination.

[markm]

This prediction by elites like them can further increase Bitcoin's Dominance, which may lead to the existence of altcoins in the future. What is your opinion on this?

Not really.
Altcoins serve their purpose as the alternative toys the traders (more like gamblers) use to make some money in the altcoin market. As long as this is their only purpose they will remain like this.

If some day the developers stop thinking about ways they can get rich and start innovating (like what Satoshi did) is the day that their product will become independent of bitcoin and will stop being used only for trading on exchanges.

You make a lot of sense, but I remain convinced that bitcoin is better off not being the only crypto.

Bitcoin itself needs things other than fiat currencies to buy, we all saw how pizzas and alpaca socks and so on were helpful for example.

As far as being alternatives to bitcoin, fiats are particularly shitty shitcoins, I am loath to seriously "trade", particularly in a "market making" fashion, bitcoin versus fiat because for gosh sakes fiat is total crap designed and intended to deliberately lose value, so if I build bitcoin's buy-sides out of fiats I am committing to holding, long enough to reside as buy offers on trading venues, horrible massively-lossy shitcurrency.

So for buy-side-building alone it seems extremely useful and valuable to me to have some other alternative-to-fiat than bitcoin to build buy-sides (buy offers) for bitcoin with...


-MarkM-