ALTCOIN Weakness: Value based against BTC and not Dollar or Euro ?

[GL29PA]

Hi,
I want to share my opinion regarding ALTCOINS and their value.
I think the main weakness of ALTCOINS - appart from the quality of projects running around them - is the fact that their value is calculated against BTC - which is the original crypto coin.

Been the original crypto coin does not mean BTC is the best model, far from it.

Unfortunaly, when BTC value goes down, all ALTCOIN values are following, and I think this is wrong.

ALTCOIN value should be based against main FIAT currencies, like USD, EURO, YEN ... etc.

In fact, BTC value depend on volume on market, but also depends on USD value ... This means when USD goes down, BTC goes down ... And it is even worth when USD goes down and BTC trading volume goes down as well ... This accelerates devaluation of ALTCOINS in my opinion.


I am not technical, not a financial, but I try to understand what could be done to improve system.

If ALTCOINS value was link to main FIAT currencies like USD or EURO, this would be more beneficial for the future of cryptos and ALTCOINS.

There are no reasons for ALTCOIN value to be tighten to BTC value and trades.


For example, let's look at the new coin, RAVENCOIN (RVN), based on BTC but apparently improved. Why its value is based from start against BTC ?

Possible Answer: Because major exchanges deals with BTC as the main currency ... Once again, I think this is wrong.

What's your opinion about it ?

What could be done to improve the system so ALTCOINS have there own value, and not a value depending on BTC ?

[percy_tc]

yes you have point but don't forget that BTC also drive coin prices up. This is the world of crypto. I hardly can imagine a new coin which is tradeble only for FIAT.

[IgorShumilo]

Now everything is traded with a pair of bitcoin, so if it goes down then everything else just follows it. I agree with your proposal that if Altcoins trade with the Fiat currencies, the rate will not depend so much on bitcoin. But just want to note that now the market has about 1600 different coins and tokens, 95 percent of which is complete trash. The first thing you need is for altcoin to be valuable, so it's a ready-made working product and a large audience that will use it! While this is nothing, so everything happens exactly as we see it!

[xiaohang07]

In the bear market, people would like to selll their altcoins in the fear of altcoins will dip faster. When they sell altcoins, it is easy for them to sell altcoins for BTC.