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Author Topic: Do you think "new" Alt coins & "Blockchain" based coins are good or bad for BTC?  (Read 348 times)
Tynovten_
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May 20, 2018, 02:40:55 PM
 #21

I never thought a new coin altcoin posed a threat to bitcoin, nor would it have a negative impact on bitcoin. Investors are so many scattered and new investors will emerge, and there are two types of investors, one of which is a beginner. This beginner also has some bitcoin knowledge and none at all. If a beginner doesn't have knowledge on that i think he won't start on a new project because of the fear that haunted. And chances are they switch to bitcoin first while learning. Why bitcoin? Because that is only often heard in their ears, bitcoin bitcoin and bitcoin.

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May 20, 2018, 03:09:22 PM
 #22

A couple of years ago, there were no decentralized alternatives to Facebook/Twitter, but we do have them now, although the userbase is too small. Decentralization is a paradigm shift, but the approach taken by most of the decentralized Blockchain projects to decentralize everything isn't going to show any immediate results, it's a slow process.
Right. Decentralizing everything has become the latest fad it seems.  The good thing though is that decentralization approach gives the competition a unique vector to eat into the market share of existing behemoths like Facebook and Twitter. Many attempts by Google and others have failed. If a truly decentralized and useful alternative does come up, we can be sure that people will gradually realize the importance of having their data not being stored in silos.

It is not in world's and society's long term interest for two companies to have such indisputable, iron clad monopoly on the whole of social media and our online lives, for whatever it is worth. There are a lot of ways this information can be and has been used for manipulation. Decentralization approach does give a way out for the developers and companies willing to invest in it. Who knows, maybe Facebook itself will do it.




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May 20, 2018, 03:23:06 PM
 #23

I think the immediate reaction from people invested into Bitcoin would be negative, when they hear that some new Alt coin or "Blockchain" based technology was launched. You immediately think that money will flow away from Bitcoin to these Alt coins and Bitcoin will lose investors.

Could a new coin attract new investors to the whole Crypto currency scene, that would not have invested, if it was not for this coin?

Let's say for instance "Mc Donald's" launch a new Alt coin, called "McCoin" and Billions of people starts to buy and sell these coins. What would the natural spinoff of this be? I think "increased awareness" of Crypto Currencies. A percentage of these people might start to trade other Alt coins or Bitcoin as a result of this. <Big companies will kind of legitimize Crypto currencies, because people tend to trust these companies>

Do you think this is Good or Bad for Bitcoin, when this happens?  

When the new altcoin is released ,new investors had a interest  to inverse in that coin.If you brought a potential coin at low price, you will get huge profit from it. But I think,new altcoin will not reduce the value of bitcoin. Bitcoin is always the King of cryptocurrency. I had analysis, whenever the price of bitcoin raised. Same had inflect on all the altcoin.
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May 20, 2018, 03:27:38 PM
 #24

As per me, if the coins are offering better user experience than the bitcoins then it is absolutely fine. There is always scope for the improvement and if some other alt-coins are delivering the same then its a good thing for the entire crypto community. It will also give an opportunity for the investors who missed the bitcoin bus to book healthy profit by investing into the profitable coins.
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May 20, 2018, 04:43:43 PM
 #25

i say it depends on the project and the goals of it. the end result can be either good or bad or even both.
so far the negative effects has been bigger and it has never been about "money going into them instead of going in bitcoin" it is all about the reputation damages that they are causing and also the bigger volatility because of their pump and dumps and the fact that the only entrance and exit for most of them is through bitcoin.

creating better projects that are real not just some shitcoin for pump and dump can also be better for bitcoin as it also brings lots of positivity to the whole market and will make it look more professional.

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May 20, 2018, 04:51:40 PM
 #26

i think if there a new altcoin can make bitcoin even more stronger because you know is something that like they still using the blockchain system and the bitcoin price are still can make the every price are going to moved too by it
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May 20, 2018, 05:28:42 PM
 #27

Bitcoin has been holding its position for eight years and still growing without any security failures. Bitcoins have been tested many times as compared to other younger alternatives available. Furthermore they are easier to access and have more merchants, exchange, hardware and software to support it. Its more liquid and have more market cap than any other alt coin. It has the biggest ecosystem and attracts many business minds to apply and use it for further enhancing the productivity and processes.

All these above factors certainly put Bitocoins on a superior position than any other block chain based coins.
But if we look carefully we will know Bitcoin has been having it's own issues and only change in model and shift in network and software model can help Bitcoin to grow fiercely in the coming times or else other block chain based coins could reach close to Bitcoins or even take the lead offering wide applications and exclusive services.  Smiley
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May 20, 2018, 05:42:51 PM
 #28

I think the immediate reaction from people invested into Bitcoin would be negative, when they hear that some new Alt coin or "Blockchain" based technology was launched. You immediately think that money will flow away from Bitcoin to these Alt coins and Bitcoin will lose investors.

Could a new coin attract new investors to the whole Crypto currency scene, that would not have invested, if it was not for this coin?

Let's say for instance "Mc Donald's" launch a new Alt coin, called "McCoin" and Billions of people starts to buy and sell these coins. What would the natural spinoff of this be? I think "increased awareness" of Crypto Currencies. A percentage of these people might start to trade other Alt coins or Bitcoin as a result of this. <Big companies will kind of legitimize Crypto currencies, because people tend to trust these companies>

Do you think this is Good or Bad for Bitcoin, when this happens?  

I think it depends if that particular altcoin shall be known to all people around the world. Since most people only know 1 coin and that is Bitcoin.
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May 20, 2018, 05:44:18 PM
 #29

I think it is always good, even if it is something against bitcoin like bitcoin cash, or a altcoin which is not related to bitcoin because bitcoin is not affected by anything, it is like god of crypto.

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May 20, 2018, 06:07:53 PM
 #30

I think it is always good, even if it is something against bitcoin like bitcoin cash, or a altcoin which is not related to bitcoin because bitcoin is not affected by anything, it is like god of crypto.
In other words, these altcoins also have a good impact on the bitcoin. Okay, let say a newly emerged altcoins in the marketcap, I have that new altcoin in my wallet from the bounty rewards and now I want to trade my altcoin reward to bitcoin for easy converting into fiat.
So, bitcoin was always there and support to crypto holder.

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May 20, 2018, 06:16:14 PM
 #31

I think the immediate reaction from people invested into Bitcoin would be negative, when they hear that some new Alt coin or "Blockchain" based technology was launched. You immediately think that money will flow away from Bitcoin to these Alt coins and Bitcoin will lose investors.

Could a new coin attract new investors to the whole Crypto currency scene, that would not have invested, if it was not for this coin?

Let's say for instance "Mc Donald's" launch a new Alt coin, called "McCoin" and Billions of people starts to buy and sell these coins. What would the natural spinoff of this be? I think "increased awareness" of Crypto Currencies. A percentage of these people might start to trade other Alt coins or Bitcoin as a result of this. <Big companies will kind of legitimize Crypto currencies, because people tend to trust these companies>

Do you think this is Good or Bad for Bitcoin, when this happens?  

It isn't the coin that solely attracts the investors into that coin. Curiosity comes often, lad. I don't have the statistics but majority of the people would always think about Bitcoin when they heard about digital asset or even digital money.

It is a good thing for Bitcoin though, as for me in my situation, Bitcoin becomes my passage way to invest in other coins as I don't have the direct way to buy it. If I was a naive investor in cryptocurrency and I manage to stumble upon Bitcoin, I would be seriously curious on what it is. I might not even attempt to invest now in other coins because Bitcoin is like the big-deal for me now.  Wink

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May 20, 2018, 06:22:45 PM
 #32

Let's say for instance "Mc Donald's" launch a new Alt coin, called "McCoin" and Billions of people starts to buy and sell these coins. What would the natural spinoff of this be? I think "increased awareness" of Crypto Currencies. A percentage of these people might start to trade other Alt coins or Bitcoin as a result of this. <Big companies will kind of legitimize Crypto currencies, because people tend to trust these companies>
In general it would have a good effect as it will make other people aware of what cryptocurrencies are but realistically I don't see any ICOs that will be more popular to BTC on its announcement date, you do have a good example as you have used McDonalds which I think as of right now is more popular than Bitcoin, them creating a cryptocurrency would boost awareness to the market but not all developers are as famous as McDonalds.

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May 21, 2018, 07:01:06 PM
 #33

Perhaps for the bitcoin itself, the appearance of new coins and tokens does not bode well. However, the future of the industry, in my opinion, is in the altcoins and platforms for the blockchain. The idea of digital gold has failed and now it is necessary to seek a new application for crypto.
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May 21, 2018, 08:15:27 PM
 #34

I think the immediate reaction from people invested into Bitcoin would be negative, when they hear that some new Alt coin or "Blockchain" based technology was launched. You immediately think that money will flow away from Bitcoin to these Alt coins and Bitcoin will lose investors.

Could a new coin attract new investors to the whole Crypto currency scene, that would not have invested, if it was not for this coin?

Let's say for instance "Mc Donald's" launch a new Alt coin, called "McCoin" and Billions of people starts to buy and sell these coins. What would the natural spinoff of this be? I think "increased awareness" of Crypto Currencies. A percentage of these people might start to trade other Alt coins or Bitcoin as a result of this. <Big companies will kind of legitimize Crypto currencies, because people tend to trust these companies>

Do you think this is Good or Bad for Bitcoin, when this happens?  
In the case of the coin that you are describing it is impossible for it to have a bad effect on bitcoin because it will be a very specialized coin with a very specialized use, but it will have the good effect of promoting cryptocurrencies and promoting its use and since bitcoin is still the most widely used cryptocurrency bitcoin will be the biggest winner in such a scenario.
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May 22, 2018, 12:54:22 AM
 #35

That makes sense though Bitcoin is still alive and kicking even if a lot of new Alt coins are popping up that is actually better than Bitcoin that we know. A lot of altcoins will continue to emerge and even if that happens, I don't see Bitcoin being covered up by these altcoin since there is a lot of investors and traders that is looking forward in Bitcoin's price in the future.

The only problem is when people buy alts is that the market dominance of Bitcoin is lessen as it will go to the new shitcoins that are made. But then I feel like whenever there is a new alt is born, another one dies and does balance the market.

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May 22, 2018, 01:51:53 AM
 #36

I mean it really depends on what you want out of Bitcoin and the crypto community. If you want Bitcoin to grow in value (in price) then no, you don't want another coin to be present to be able to be used as another investment tool for people. You only want one choice so people will all jump on the Bitcoin train. Though this isn't the same case if you want crypto to dominate currencies, all you want is for coins to be the most innovative and most useful that they can be. You want the LN, you want nanoblocks like coins that have no fees (I think) and confirm instantly.

You don't care what it is if you're all for the currency. All you want is low to no fees, instant confirmation, and low to no volatility in value.


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May 22, 2018, 02:00:44 AM
 #37

I think new altcoins coming out in the market means that cryptocurrency is growing and expanding. We don't know if it would be good or bad depending the outcome. Let's wait and see in the future.
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May 22, 2018, 02:08:16 AM
 #38

Yes increased awareness is a thing but we should remember this that it will more or less decrease the number of investors available to Bitcoins is what I think..

Long before there was only Bitcoins and people had to invest in this only because there was no other option but now you do have a lots of options thus we should remember that with so many options the economic value of Bitcoins alone will decrease and the popularity too.
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May 22, 2018, 02:26:21 AM
 #39

I think the immediate reaction from people invested into Bitcoin would be negative, when they hear that some new Alt coin or "Blockchain" based technology was launched. You immediately think that money will flow away from Bitcoin to these Alt coins and Bitcoin will lose investors.

Could a new coin attract new investors to the whole Crypto currency scene, that would not have invested, if it was not for this coin?

Let's say for instance "Mc Donald's" launch a new Alt coin, called "McCoin" and Billions of people starts to buy and sell these coins. What would the natural spinoff of this be? I think "increased awareness" of Crypto Currencies. A percentage of these people might start to trade other Alt coins or Bitcoin as a result of this. <Big companies will kind of legitimize Crypto currencies, because people tend to trust these companies>

Do you think this is Good or Bad for Bitcoin, when this happens?  

With the overwhelming development of new coins every day, it turns out that some of these coins are just copy paste of others and some are eventually being abandoned by the developers and just exist in the market for speculation purposes. With thousands of coins created, there are some that has a real world purpose while some are just all idea even if there is a successful ICO as they wasn't able to develop a product yet.

Even if only half of those coins or even a quarter of it is viable and use by the people for its actual use, it is good for bitcoin as for me since it will help with the exposure of cryptocurrencies. If someone benefits from those coins, he would promote it to his family and friends and then others would learn about cryptocurrency. There would be a bad impression though when someone bought a coin and he was dumped on.


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May 22, 2018, 02:27:35 AM
 #40

I think it actually takes away from bitcoin's legitimacy , too many scams going around these days.
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