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EuroTrash (OP)
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December 09, 2013, 02:12:36 PM |
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Just a thought I have today.
Generally the alts take a major bashing when BTC goes through a correction but it seems to me this is not much the case.
See for yourself. While BTC is stuck around 890 at Stamp, LTC is at 32 USD as we are speaking. That other unnamed bad joke of a flawed altcoin that is promoted by Keiser and friends is also rising. Not to talk about mastercoin that is not even functional yet.
Hence I conclude that some money is flowing out of BTC to go into altcoins.
Considering that those altcoins have almost no merchant accepting them, why on Earth are people buying them? It kinda feels to me like this is the ultimate gambling game where every self-taught trader is trying to outsmart everyone else by guessing when to pump and when to dump this or that altcoin. I am afraid this game is also the major BTC price driver atm.
Or?
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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Coinseeker
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December 09, 2013, 02:36:35 PM |
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They are buying them for the same reasons people bought BTC when it was under $1 or $10 or $30 or even now, for the most part. Merchant adoption didn't drive Bitcoin, speculation did. A bit silly to be getting all "high and mighty" now, don't you think?
Embrace that the crypto-space as a whole is growing. That's more important than any single crypto-currency and that includes Bitcoin. People moving away from government fiat, is all that matters in this equation. People would be wise to remember that.
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If your ignore button isn't glowing, you're doing it wrong.
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NUFCrichard
Legendary
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Activity: 1218
Merit: 1003
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December 09, 2013, 03:23:50 PM |
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No Coinseeker, apparently you have to pick one coin that you like and hate all the others.
Didn't you get the memo?
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nerFohanzo
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December 09, 2013, 03:42:23 PM |
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I believe because majority of traders focus on Bitcoin only and dont care about altcoins
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Spaceman_Spiff
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₪``Campaign Manager´´₪
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December 09, 2013, 03:43:33 PM |
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No Coinseeker, apparently you have to pick one coin that you like and hate all the others.
Didn't you get the memo?
You are right, people who don't like inflation should embrace an ever increasing amount of clonecoins. |
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nwbitcoin
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December 09, 2013, 03:50:51 PM |
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There are a few altcoins I follow, and what I've noticed is that its the ratio to bitcoin that hasn't changed, and so that is why they are not dropping like a stone.
Maybe its because its now become easier to see their value in Fiat, and that makes them look cheap. Maybe its because nothing changed in their market, and so there is no reason for their value in relation to bitcoin to change.
One of the things that happened after the 'big' crash of April 13 was that all the altcoins gradually lost their value in relation to bitcoin, as we all realised they were mostly being pumped and dumped to earn bitcoin.
Its only recently that Litecoin has got back to its old level of 0.03+ BTC - but even that is a good 30% down on its peak from a few weeks ago.
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*Image Removed* I use Localbitcoins to sell bitcoins for GBP by bank transfer!
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Kreigyr
Member
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Activity: 75
Merit: 10
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December 09, 2013, 04:05:54 PM |
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Just a thought I have today.
Generally the alts take a major bashing when BTC goes through a correction but it seems to me this is not much the case.
See for yourself. While BTC is stuck around 890 at Stamp, LTC is at 32 USD as we are speaking. That other unnamed bad joke of a flawed altcoin that is promoted by Keiser and friends is also rising. Not to talk about mastercoin that is not even functional yet.
Hence I conclude that some money is flowing out of BTC to go into altcoins.
Considering that those altcoins have almost no merchant accepting them, why on Earth are people buying them? It kinda feels to me like this is the ultimate gambling game where every self-taught trader is trying to outsmart everyone else by guessing when to pump and when to dump this or that altcoin. I am afraid this game is also the major BTC price driver atm.
Or?
It is cheapest to invest in altcoins, and also you can secretly hope to see the same return as the early adopters of bitcoin. It may be "cheapest" per-unit to invest in altcoins, but that doesn't change the fact that you've invested 5$ or 5,000$, and therefore you're still taking a rather blind-yet-educated gamble while speculating. Litecoin isn't inherrently going to pull in more profits for speculators just because it's cheaper than Bitcoin, and on the note of the market being saturated with altcoins, I feel that supporting them too fully can easily drag the whole market down. |
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paratox
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December 09, 2013, 04:26:46 PM |
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byronbb
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HODL OR DIE
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December 09, 2013, 09:16:55 PM |
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They crashed harder than btc but also went up faster on the rebound.
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jgorham
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December 09, 2013, 10:33:44 PM |
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They crashed harder than btc but also went up faster on the rebound.
They are a very correlated asset. As people want to cash out into fiat they first sell off their alt coins to consolidate in btc, then sell btc for cash. Not to mention the price of alts is tied directly to btc. Altcoins dropping quickly in price is probably a good indicator of a downturn in bitcoin |
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Snail2
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December 10, 2013, 08:23:27 PM |
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Alts were dropped in the past like stone every time bitcoin went up, as everybody dumped them for BTC, and then they dumped that BTC for fiat. Now I see many people who think if bitcoin can break through then there will be a real cryptocoin boom. They hope that as BTC getting very expensive people with less money will turn to the cheaper alts. So now they "investing" into the "cryptocoin industry" as whole instead of just one crypto. In addition most of these coin getting pegged to BTC. When BTC goes up then it drags everything with itself.
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Odalv
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December 10, 2013, 09:13:56 PM |
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Because of ALT = SCAM ?
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