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April 04, 2013, 11:49:05 PM |
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To expand a little further, not only impact on BTC, but crypto currencies in general.
As a relatively new member of the community I apologize if it's been discussed, but I'm curious as to people's thoughts on alt crypto currencies. Obviously I'll probably get a bit biased response from members in this subsection (who would typically not be here if they didn't support alt coins), but I'll start off with my thoughts.
Possible positive impact of alt coins:
* Evolution of the crypto-currency idea leading to better features that solve issues that Bitcoins haven't been able to / haven't thought of.
Possible negative impact of alt coins:
* Dilutes the market for crypto-currency reducing consumer confidence in the whole idea. Given a multitude of alternate coins who's to say that any investment into the market will be with the 'right' one?
* A huge number of coins being released which essentially turn into pump and dumps. A wave of speculators get onto the 'new thing' trying to ride the wave they missed with early BTC adoption rather than believing in the fundamentals of the coin. The subsequent crash burns enough people that they abandon the crypto-currency idea.
Thoughts?
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