People be saying stuffs like this, but later they will be the ones buying lots of altcoins and storing them and even talking about investing in new projects. I thought cryptocurrency is powered by the community right? They said the more demand the more the price goes up and the lesser the demand for it the prices goes down? So if it's that way, what makes you think then that altcoins will be going to zero when there are still a lot of people who are making use of it, or do these people just have plain hatred for altcoins? This is not the first person I'm seeing say this. Okay, I do know that there are lots of small altcoins that dies every day, but if altcoins are going to fall to zero, you should count the top 100 altcoins out of it, because those are not going down in any way.
Shitcoins serve no purpose other than to take market cap away from bitcoin. I wish they would all die, but I don't want to see everyone lose their asses either. It would be great to see everyone dump them for bitcoin and watch bitcoin hit $1m!
Shelby wants me to inform you, that [you] don’t realize what you wish for. Refer to the following linked blog:
https://steemit.com/money/@anonymint/rise-of-hard-money-is-a-harbinger-of-miseryHis stance on altcoins is more nuanced:
As @infofront is quoted below as mentioning, I also posit that altcoins lag as they always do when BTC is rising fast, as can be confirmed on the LTCBTC historical chart.
Note altcoins have been losing leverage against BTC since roughly the start of April 2019. Altcoins can lead BTC after an oversold bottom, but then they shift back to lagging again after the initial over enthusiasm. This pattern can clearly be seen on the LTCBTC chart for the prior cryptowinter.
Also note LTCBTC has been losing leverage (i.e. decelerating, as spikes are lower) over time even though it’s highly volatile (i.e. spikes), which is expected by the S/Fs model. Presumably because rate of relative acceleration on the S/Fs model between LTC and BTC has narrowed.
Thus we can expect smaller and newer altcoins of merit to have miraculous leaps up in relative value to BTC during pauses and declines in the staircase ascent of BTC depicted in my model.
