@Jollyburner
since the guy befor esaid that he likes who you think , I will say I like how you write or talk:).
Have you considered politics?
Because you managed to write .. what .. 40 rows of .. nothing.
You just said the stuff people already know about alt coins , clones with nothing better than a better reward for mining in the early stages.
and for the last paragraph , this is not a new prince , this is a parasite feeding from the main crypto.
It brings nothing new but it lures victims into buying it , mining it and taking security as hashrate and investments as money from other coins.
ok well this is your opinion.
following this logic everything except bitcoin is a scam full of victims. I would then argue that BTC itself must be, were that the case.
imo there is nothing innovative about any of this, other than ease of anonymity. the crypto market itself is a speculative bubble tied to the perceived value of this anonymity and effectively free global transfer of wealth.
the point is that no one really understands the fundamentals behind the market and to argue as though there is some solid footing you are standing on is foolish. by your own reasoning all coins are taking away from BTC, but you wouldn't make this argument because it is absurd. so you arbitrarily decide which coins you feel have value, and assign the status of parasite to all those you don't, or which newly arrive on the market. again, I feel this is a foolish position to take.
I should take this opportunity to point out that I agree many of these coins are doing nothing different, but is there really so much value in providing some small new gimmick? I mean, yes there is, but also creating another brand of managed crypto does not add or detract from other coins, people in the market make their own decision as to which coins they should be mining, supporting, investing in, etc.
whether they are right or wrong, victims or not, they chose to leave another crypto for a newer, higher risk coin. this is how coins get started.
also to say taking security as hashrate from other coins is inaccurate, imo, the crypto market is more secure as a whole by having many different cryptos in the sense that an attacker must focus his attention on any one coin at a time, and cannot attack the majority of the market by focusing on a single target.
probably the biggest concern and problem right now with the whole crypto movement is the threat of government legislation or severe attacks on the network causing a crash of the market. were it not for these factors BTC would be trading much higher, as a secure investment with low inflation it is a very attractive prospect during a global economic crisis with no signs of end in sight.
once BTC has proven itself unstoppable it will rise to new heights, bringing the alt markets with it. it is in this new landscape that we will see a change emerge in the "parasitic" altcoin market, with institutional investment backing more and more alts that show promise as legitimate contenders in the market for BTC alternatives.
imo there is no reason at all why we cant have 20 or 30 or 500 legit, valuable, cryptos. it probly wont be 500, but you get the idea. not counting commodities or community rewards programs there are probably already >300 fiat currencies trading in the world. there are likely over 10000 community rewards programs which are arguably similar in nature to crypto, 100s of which carry higher market caps in perceived value and utility to the consumers using them than most alts.
do u really think there is more market cap in any alts right now than say, airmiles? safeway points?
in the end there is more than enough room for everyone, some alts will be small, others will grow stronger. I will guarantee you right now that some alts which were created recently will become players in the market, some yet to come will also make it. this is the reason people are willing to take the risk on new coins, it is the nature of speculation.
an efficient market is actually incredibly inefficient when not observed on a macro scale. individuals operating inefficiently against one another is what creates and guarantees the efficient market. EMH 101.
according to the same hypothesis, were there room for 1 new alt, 100 would be created seeking this wealth, most would garner some, and eventually the process of natural selection will result in the winner emerging victorious, its competitors slain, laying by the wayside along its path to glory. separating the wheat from the chaff, if you will. (thinly veiled grain reference)
since there are no barriers to entry, this is what we are seeing right now. with room for potentially dozens of new alts to gain significant market caps and increase greatly in value over the shorter term, well... hundreds of new alts.
while many may be scams, or failures, copy pasta, etc. to argue that they are all worthless and having some sort of detrimental impact to the market as a whole seems to me to be a naïve viewpoint on the matter, and one which is often expressed within the crypto community. tons of new alts with not much different to offer was and is the inevitable outcome of a very new and complex market getting some legs within mainstream investment circles.
and I don't feel like im saying things people already know, the facts im presenting as arguments are well known, but the lines of reasoning I put forward seem bereft of any exposure within this community ere I have writ them.
