I have been to some of the cryptocurrency reddits including r/cryptocurrency and r/bitcoin. There is this usual agreement that Alt-coins are Shit-coins and a general show of contempt towards them. I feel this is a disservice to the cause of wealth redistribution touted by Bitcoin enthusiasts.
when almost all the altcoins are completely useless, and then the rest are only alive with hype and false information and pump and dumps nothing else is expected. people consider this behavior as "shit coins". there are of course good coins too but they get buried under all the shitcoins that come out every day. it is a reality not to do something like you suggested!
I think we all agree that there are some good coins out there. Almost everyone else is vouching for it which is a good thing. particularly what jeseverson said does explain why more of the experienced players don't support them. In his words:
We all know the potential of legitimate cryptocurrencies and ICOs, but it's just so difficult to sift through the scammy garbage. Not speaking out about the reality of the situation would make matters worse, simply because more people will fall for it, and more scammers will be born.
This is a pretty good reason i think and the reason why, as you said, good coins get buried under the shit-coins.
I see alt-coins as the one possible way that bitcoin can gain mass acceptance and legality.
then you know nothing about history.
so far altccoins are the reason for many of the issues regarding regulations and legality that bitcoin is facing. the most recent ones caused by ICOs!
My history on bitcoin is weak as I've been here for just around 3 months
but please hear me out what i meant.
All the naysayers, skeptics and fence-sitters have one thing to ask "What is the underlying asset that gives bitcoin its value?". If a real world project actually materializes with the help of ICO funds, this will establish that it really is possible to "transact money and do business"with crypto. What is the crypto that everyone knows has made it possible first?? bitcoin!!
Maybe I am just seeing it through rose-tinted glasses but there still is a small chance of this to happen. It can only benefit and that is why i feel that its in favour of bitcoin community to not shit upon the shitcoins all the time..
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The use cases for alt-coins and ICOs are what can gives bitcoin its major value in the long-run.
not at all.
you are trying so hard to connect two things that are not even related!
people invest in ICOs with altcoin tokens such as ETH which they buy with fiat. bitcoin (in most cases) is not even involved.
and ICOs don't even do anything. they just gather some money and then give some out as profit and end!
People invest in ICOs by buying ALTS, ETH as well as BTC. All the ICOs list the amount if 'BTC' they raise proudly. Once again, I am not making a forced connection. Bitcoin may have a hard time growing in a vacuum or as a standalone entity. The whole ecosystem (Good&Bad) has taken shape around it and its natural to connect them in my opinion.
Sorry if this is a little bit hard to read. I tried too many quotes..
