Are altcoins useless?

[NeuroticFish]

They are at least a wonderful training ground for new ideas. Some of those ideas are incorporated into Bitcoin,

Training for ideas?

Maybe you know that Ethereum or Monero were not the first altcoins.

I'm not talking about that. I was talking about altcoins in general.

Also you are wrong about only BTC-ETH-XMR being accepted. There are other altcoins accepted here and there

I am not talking about acceptance. I meant P2P payments. All 3 coins BTC-ETH-XMR , are most popular coins used for mentioned payments. (P2P)

Monero was not even the first cryptonote coin!

First cryptonote coin was Bytecoin. I said that monero is most popular coin used for private payments.

You have missed my points. Without Bytecoin there would be no Monero. This is already a proof that altcoins are not useless.
You have to understand that evolution works for crypto in the same way as in the wild.
And the fact that certain coins are the most accepted, most used and so on doesn't make the others useless.

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[irixo10]

By and large, yes, most of them are useless. The vast majority of scam projects. They simply used their coin, which the project does not always need, to collect investments. And now they hang out in the market dead weight.

Now they have become rich and are enjoying great thoughts while investors are losing money and hating them. They are scammers and I think they need to be punished by the law because they cheated a huge amount of money

[lKSLMNSLKnkndlksnkJ]

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart.  I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

This is another instance where the low liquidity levels are affecting the psychology of crypto-enthusiasts.  That and considering the percentage of people who own crypto is in the low single digits, well....

Put another way, knowing how all the altcoins ride on bitcoin's tail, then why not create a strategy of collecting and holding as many and as much crypto as you can?  The controllers have not managed to kill off Bitcoin despite their best efforts.  Since then, they've decided to co-opt the crypto markets to control them/drive them into the ground - to protect their precious dollar rackets.  When their dollar mechanism has run out of steam, suddenly you will see govs and corps launch unlimited budget advertising campaigns to promote their own bug-ridden spyware cryptocurrencies, claiming everything else out there is dangerous and illegal.

With so few people owning right now, when the masses start trickling into crypto, discussions like this will be ancient history in short order.  When the balloon starts to inflate, you'll be glad you have a collection of over 300 coins and tokens.  It will be like a modern gold rush, but from the comfort of your own home.  Like so many other things in life, patience is key.  After all, we are talking potential generational wealth creation.  Even if you don't live long enough to see the dawn of the crypto age, would you want your family members to live their lives in even worse shape than we've all experienced up to now??  I don't.  I don't have faith in the world reserve currency either.  But, like everything else that appears on earth, humanity is once again fighting an uphill battle just to be treated as equals, which we all are.

[Coltpython]

There are few projects out there whose tokens are serving some very vital purposes but I will agree with you that for every useful coin, there are ten other useless (basically shit coins) out there and it will take some regulation to erase this anomaly

[10BTCaDay]

There are few projects out there whose tokens are serving some very vital purposes but I will agree with you that for every useful coin, there are ten other useless (basically shit coins) out there and it will take some regulation to erase this anomaly

everyone who is in this market is already waiting for the regulation of this industry)    before this year nobody wanted regulation, and now everyone is just asking for it.

[Anatolich]

Well, yes, regulation is needed so that there are 900 unnecessary out of 100 necessary altcoins. Or less, as a lot of official still needed anyway. But as for Bitcoin, they are not always dependent on him, and now it can be seen from the repeated pampas despite the stability of the first.

[bitc0000]

I partially agree with you. There too many altcoins now and not all of them are useful. Smart people try to develop their new coin, believe that it will solve some problem. But in fact, most of new ICOs are either failing or scam projects. Maybe there should be more strict regulations concerning ICO start-ups, then the losing projects will fail at the starting point.   

They can not solve any problems. Cryptocurrency is not even recognized and widely used around the world, so those projects will never be successful and solve the problem as described in the whitepaper.

[yescrypto]

They are more useful than we'll think, but the most useful part of altcoins is that it's the only way to earn your self bitcoin and ethereum in large quantities. I hardly believe people can own a lot of bitcoin and ethereum if not through investing in altcoins and trading them for bitcoin.

[jan.nicolas]

Altcoins all the same has value despite the fact that today all the same there are real opportunities. It seems to me that today people need to understand the value of cryptocurrencies and investing should now show an increase in size.

[bering]

Useless or not it depends on the demand of market themself but indeed only popular altcoins which offering good features such as Eth can survive and admitted or not more than 90% from the current altcoins are useless and lack of interest and i have to says most people who invested on altcoins only thinking about the future profit but they were never thinking about the technology behind it that's why sometimes if there is altcoins which dumping eventually people will leave it because it aren't profitable anymore

[deodivine1]

Nice post I must say. Now my opinion is this, many altcoins will showcase wonderful use cases on white paper, but after ICO, the team relaxes. If there was an MVP , developing a working product takes ages or never happens. Even if there is a product, utilizing and adopting it in real life becomes a problem. Let's take for instance, if asked what's the use case of BAT connected to brave browser what will be your reply? Knowing fully well that brave browser is their core product. In essence, I think regulations should come, enough of some crappie projects with no use cases.

[dcomomal]

Very soon investors will finally understand that there is much more potential in coins that can offer up to 100 tausend TPS and this will become reality in the nearest future and hopefully investment will switch into altcoins.

[yingfeng]

Many altcoins are useless. But this does not mean that all Altcoins are useless. Many coins can be used as a cryptocurrency. It all depends on how the teams of these projects will be able to legalize their altcoins for payments. Also, some altcoins are used on their platforms as payment for services. But while such altcoins are not used, as there is no customer base for projects.

[claus-rich]

Most alternative coins are really worthless. The cryptocurrency market is now in serious condition, therefore such useless projects are quickly dying.

[Nekoma2018]

Well as far as I'm consigned 95% of alts on cmc are completely useless... this is the reason I continue to discourage users about investing in ico... it makes zero sense to me...

[Perfect35]

If an altcoin is following after the price of bitcoin, that does not mean it is not a good coin to invest in. Also, the dominance of bitcoin on coins has not stopped some altcoins from experiencing significant growth.
If the altcoin has a good use case, there is no reason why it should not attain a height, much farther from any form of dominance.

[creeps]

By and large, yes, most of them are useless. The vast majority of scam projects. They simply used their coin, which the project does not always need, to collect investments. And now they hang out in the market dead weight.

Too many altcoins are dying, because they have no room in this market and they are just a shitcoins. Top altcoins have more potential in cryptoworld, not just bitcoin and eth. XRP has partnered with many banks, XEM travelling around the world and other coins do the same thing so some altcoins are not useless. 

[bendernine]

I admit that there are only a few types of cryptocurrency that are really used for P2P payments and the rest are investment means and also means to trade
but I'm sure over time, cryptocurrency will actually be used as a currency in the real world, like most people's dreams, but it will take a long time because to do that crypto requires recognition by most governments

[IVEXO]

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart.  I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

Most altcoins are useless without no use case or reasonable products
Which is why alternate coins get delisted from exchanges almost daily

Most altcoins are abadoned project

[Christinebeauty]

Well, I don't think only these three coins are enough for the crypto community. They alone cannot solve all the problems in the crypto ecosystem. Although most of the altcoins are useless, there are still other few ones that are having real world usage.