Are altcoins useless?

[mosprognoz]

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?

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[NeuroticFish]

The main question is: Do we really need altcoins?

First of all, it was quite difficult to read your.. text. You should learn to format it, really.

Now, altcoins are not useless. They are at least a wonderful training ground for new ideas. Some of those ideas are incorporated into Bitcoin, some of those coins become used by themselves.
Maybe you know that Ethereum or Monero were not the first altcoins. Monero was not even the first cryptonote coin!

Also you are wrong about only BTC-ETH-XMR being accepted. There are other altcoins accepted here and there. Not so many, I know, still, more than nothing. So we have to give them a chance (of course, I talk here about the legit new coins, not about the useless forks or clones).

[joeperry]

It depends. Some projects needed coins in order to work for example is a utility token but that token can be used in order to use the service of a certain project. The thing is that the altcoin itself are not the useless but the 1000+ projects people are not buying the tokens because they don't know where they're going to use it.

All of this thoughts are according to my own opinion and experience here in the cryptocurrency industry.

[Ararbermas]

Not all altcoin is useless because in fact there are some good coin nowadays despite of this current because of being have a strong structure behind. Which is it's up to you how to choose good project because only scam project nowadays is useless and turn into shitcoin always.

[Ostonian]

Altcoins are not worthless. They will change the world. How the world has changed any invention. Has the world changed the invention of the wheel? Of course. Like electricity, an internal combustion engine, computers, the Internet. Blockchain will also change the world, how we will be doing this in the near future.

[andor.gellenhidi]

Similar questions have already arisen. But I don’t think that in general this is true, because there are all chances for us to save our deposits today in altcoins, which today are still very attractive for investment.

[mosprognoz]

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.

[muslol67]

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?

They are not. At least all of them is not. Some project is really amazing. I think we can find at least over 100 good altcoins. But there are a lot of useless cryptocurrencies also. And natural selection will coming for them.

[dearbesz1219]

You can't say that all altcoins are useless. But clearly most of altcoins are useless. They are trying to find the problem to solve, but the problem is not really needed to be solved by the blockchain technology .

[debby070]

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?

I think if they have more faster transaction speed, with secured connection and robust security, it will be the best transaction or paying technology in the world if we'll going to support it by any means.

[bitcoin31]

I believe only hundreds coins have real purposes why they create and you can Get benefits  lf having the potential altcoins. I think the coin who are usless is the coin who there is no a little potential and also they are not use to everywhere like for investing and anything but the other coin who are potential you can see there is a lot of use.

[izanagi narukami]

Since bitcoin origin code was open for public, everybody are racing to compete with bitcoin existence.
For them are like opportunity to seize popularity and profit.

In investor side, altcoin become the alternate option that can be select because as we know that each altcoin have their own advantage and disavantage !

[Pithaxz]

I believe that altcoin is very useful but that has a lot of users or a fairly good development, maybe the rest I think is useless when new coins or old coins that have no price development at all in the market.

[Stervyatnik]

I think that all the same are needed, because some tokens quite acceptablely fulfill their role!

[rosezionjohn]

For now, every altcoin is still highly dependent on bitcoin In terms of price movement. But I believe there will come a time where major altcoins will be independent of BTC's price. Do we really need other altcoins other than Ethereum and Monero? I think we do. Dash for example is doing an amazing job.

[poptok1]

Are altcoins useless?

If mining and exchanging in to bitcoins can be called useful then no, they are not useless.
Potential for pump and dump is endless, speculations are inherited, morally doubtful but beneficial.

So do we really need altcoins?

We do. Mostly because competition that they create for the main actors. Without them established coins could get this "hegemonic attitude". When market loses its competition aspects, its stops being free and as such can not represent adequate value.
Every theatre needs the stage, main role, action and background characters to project and influence changes in to preferably dynamic main role. It may be a little troubling, as people don't like changes very much but that's the true and there is no escape from this simple analogy.

[lichuan]

No, I don't think so, there are many different needs in the world, and no single coin can satisfy all of them, so I created Askcoin, a decentralized Q&A platform, welcome to mine ASK, our mainnet is launched in Feb 1, 2019, here is the ANN url:

https://bitcointalk.org/index.php?topic=5104959

[jorenpo]

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?

not all altcoins are useless but most of it are. well some altcoins need token to work like stellar lumen.. it is mostly your share on the project. if you own that token youre a shareholder. i guess.

[CoinsOrDie]

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?

Exactly we have more than 2000 altcoin in coinmarket, and there are many other altcoin not listed there. But in fact we only use less than 100 altcoin and even less than that number. There are many meaningless altcoin and it is made from copying other altcoin and now they are dead. There will be many other altcoin that will die in the future and I just hope that this market will only have about 300-500 altcoin. At that time the market will certainly be very big and increase very strong

[cabron]

ETH and XRM are both altcoins. You already know how useful it when it comes to being a platform and also you need ETH for gas which is pretty logical. For XRM this is personal for those who used it, it concentrate more on its privacy. For some altcoins, they need to have a purpose to become useful and we see it every day here where tokens are promoted and will have use case in real world. To some that doesn't have use case then that's waht you can call useless.