On most altcoins disappearing

[erikalui]

It's not good to invest all your eggs in one basket and hence people have invested in altcoins to have different coins in their portfolio. Investors earlier had to just depend on one coin and couldn't have a diverse profile due to which altcoins were created and not all altcoins are shitcoins and some are stable like ETH for example. Investors need stable crypto coins as well as BTC's fluctuations are too much to handle. Just because the market is bear since 2 years, we can't just disregards to success of bitcoins due to these altcoins.

Also, most projects have stopped because of the bear market and not because they lost interest. They are waiting for the conditions to improve to bounce back.

[d.kevin29]

if you wish altcoin to vanished then the market will surely go down because of no trading volume  

snip

So you'd rather have Bitcoin disappear and all these sh*tcoins and tokens survive instead? I just hypothetically said that, if I had to choose between the disappearance of Bitcoin and the disappearance of alts, I'd rather choose the latter.

I don't really care if the market goes down, as long as I can still make use of Bitcoin. This is when those seeking get-rich-quick strategies go away and the true users of Bitcoin survive on the network.

[bangjoe]

if the elimination of shitcoin can be done in full then automatically investors will think of pursing their assets only for quality coins, of course it will provide benefits for bitcoin, and selected altcoin. Although this is not possible, but I am thinking about how to create a system that can rank caste on coins from every chain, it might be a solution to separate altcoin that is really good and active with others.

[Botnake]

It already happen, bitcoin is still better even wit the pile of shitcoins.
There are people who lost money investing in shitcoins but not only in shitcoins actually as there are also people who lost money investing in bitcoin.
Without altcoin, people will have no choice where to put their money if bitcoin will go down, so that would be a boring market.

What makes this market more attractive is the variety of assets people can trade and major part is the altcoins market.

[White Christmas]

if the elimination of shitcoin can be done in full then automatically investors will think of pursing their assets only for quality coins, of course it will provide benefits for bitcoin, and selected altcoin. Although this is not possible, but I am thinking about how to create a system that can rank caste on coins from every chain, it might be a solution to separate altcoin that is really good and active with others.

It is really impossible to eliminate shit coins or those coins that are trash meaning doesn't have any value at all because world of cryptocurrency is very huge and many people will still make an ICOs and introduce a new token that eventually will become shit coins in which at the first place it has a good value but later on when the project has been done the value of that shit coin will dump in which it will become shit coin meaning it has a value but very low or dump side.
It would be good if the developers of this shitcoin will stop making on it to lessen this kind of trash coins, and so that the investors will not afraid to invest on the projects.

[topbitcoin]

As long it is good coins, i think market will still not have big problem with it. It is almost same with them who not listed bad tokenss in their exchange. If me, personally agree if only good coins in market because we still can trade it, with pump and dump or manipulates, some of that altcoins not dead yet and stay in exchanges, and it is good actually.

[Anonylz]

i don't believe alts are going anywhere just like btc have come to stay regardless of what non btc supporters might have to say, there are some good alts that has really gone deep in trying to develop a use case for their tokens/coin, such alts have a better chance to excel even more,

btc can not provide the services needed in various aspect of economy, hence the need for alts to fill this need, for those alts that are disappearing, it only shows they were created solely to make quick money, no ambition or goal to achieve, so they have achieve their short term purpose and will disappear, but the real long term alts will continue to strive towards achieving their goal.

[outatime1]

I think some altcoins are beneficial because there are some that serve a differnt purpose than Bitcoin such as for smart contracts, privacy, microtransactions, etc.

I think that it would be good if the bad altcoin projects would disappear, but to be truly a free market, they should fail organically.

[Mulann2]

definitely most shit coin will gradually die off because they have nothing to offer, majority of this alts are just for pump and dump only, nothing special about them, it is even better this way, the market need proper sensitization of all the crap coins around for a healthy market.

[joinfree]

Well OP surely has a point about the loss of altcoins being a positive motivation towards the increase in value of Bitcoin as well as it's market cap. But let's not forget that some altcoins have very good use cases and bringing real life solutions to the world. Hydro and Link is doing a great job. Maybe, people need to either go for some of these good coins or just invest in Bitcoin. Completely getting rid of all altcoins is not the best solution.

[alyssa85]

I do think altcoins disappearing will be a net positive for bitcoin in the long term. I think that it will make people realize that 99% of projects are just purely fluff, and what mostly matters is bitcoin. People are just creating blockchains for literally anything that it's beyond stupid. Think about all those scams that left a bad taste on people's mouths.

Altcoins exist because they fulfil a need that bitcoin fails to fulfil. For example, I move money from exchanges using alts simply because the withdrawal fees on bitcoin are too large. There are never any mempool backlogs on alts either, so you can move coins like Litecoin or Doge swiftly and then exchange for fiat on exchanges like Kraken.

[o_e_l_e_o]

It's not good to invest all your eggs in one basket and hence people have invested in altcoins to have different coins in their portfolio.

Buying altcoins is not diversification. When bitcoin goes up, altcoins go up. When bitcoin goes down, altcoins go down much more. You are not negating risk at all by buying altcoins, which is the whole point of diversification. If you get really lucky and catch some random pump and dump you might make a little profit, but the vast majority of people who hold altcoins lose money. Just ask anyone who bought pretty much any altcoin during the bullrun at the end of 2017. 99% losses from their ATH is commonplace.

If you want to diversify your investments, look at vehicles outside of crypto altogether.

Also, most projects have stopped because of the bear market and not because they lost interest. They are waiting for the conditions to improve to bounce back.

If a project has stopped being developed or worked on because the price has fallen, that's a pretty sure-fire guarantee that it's a trash project and the creators/developers are only in it for the money. Look at bitcoin in comparison. New releases and new features being worked on constantly, regardless of whether the price is $3k or $20k.

For example, I move money from exchanges using alts simply because the withdrawal fees on bitcoin are too large. There are never any mempool backlogs on alts either, so you can move coins like Litecoin or Doge swiftly and then exchange for fiat on exchanges like Kraken.

That's a problem with centralized exchanges, not with bitcoin. I trade peer-to-peer, and for the vast majority of my trades I pay fees of around 1-3 sats/byte. If you are paying 0.005 BTC per withdrawal, or whatever these scummy exchanges charge, then you should be looking for a new method to buy and sell bitcoin.

The reason altcoins confirm quickly is because a confirmation on an altcoin is only a fraction as secure as a confirmation on bitcoin. A litecoin transaction, for example, takes more than 36 hours to reach the same amount of security as 6 bitcoin confirmations.

[The Sceptical Chymist]

I'm not exactly sure what "most" means in this context, but I fully expect 90% of altcoins to disappear eventually, simply because there's no reason for them to exist--and it would seem that the market doesn't agree with that right now, but eventually it probably will realize this fact. 

But those shitcoins won't exactly disappear altogether.  They'll probably just end up with nobody mining them and exchanges delisting them.  That's as close to death for an altcoin as you can get, but there's no telling if they'd be resurrected one day.  And I'm not sure how all of that would bode for bitcoin or the remaining altcoins.  In order for those altcoins to die, there would have to be a strong mood of pessimism regarding crypto, so it might be a bad thing for all coins.

I don't see any of that happening for a while, though.  Altcoins aren't dead; they've just been beaten down and will probably bounce back eventually.

[Darker45]

If the huge majority of the altcoins will perish, the crypto market will be more focused on Bitcoin and a few selected altcoins. And if that happens, the investors and crypto supporters and users will be left with no other choice but only on what's on the plate. And so the benefit would certainly go to Bitcoin and the few altcoins that are left.

But, one thing is for sure, the altcoins will stay alongside Bitcoin. I don't think there will ever come a time in the future of the crypto market that only a single coin will remain standing, which is most probably Bitcoin. The digital age has come and as it develops more, it is expected that cryptocurrencies will become part of the culture of finance. Altcoins serve different purposes in these modern times of ours, other than what Bitcoin is offering.

[LbtalkL]

If the majority of the altcoins vanished, of course, the remaining coins will benefits maybe a huge volume will be transferred on these coins. But this scenario I guess will never happen new altcoins is created almost every week or every month I see a new Announcement thread or bounty thread about a certain coin/token. Bitcoin alone is like an island, altcoins add colors to the blockchain technology it gives additional features that bitcoin does not have like smart contracts, etc. but we can't deny the fact that the majority of altcoins is sh8tcoins I can't think of a solution to stop them, just avoid it.

[d.kevin29]

If the huge majority of the altcoins will perish, the crypto market will be more focused on Bitcoin and a few selected altcoins. And if that happens, the investors and crypto supporters and users will be left with no other choice but only on what's on the plate. And so the benefit would certainly go to Bitcoin and the few altcoins that are left.

But, one thing is for sure, the altcoins will stay alongside Bitcoin. I don't think there will ever come a time in the future of the crypto market that only a single coin will remain standing, which is most probably Bitcoin. The digital age has come and as it develops more, it is expected that cryptocurrencies will become part of the culture of finance. Altcoins serve different purposes in these modern times of ours, other than what Bitcoin is offering.

We've seen alts come and go, there are many that have just faded in the dark. Crappy alts deserve to just perish and let the market focus on what truly deserves to live.

When the bounty hype and hunt will stop & become non-worthy, all these useless tokens will just fade away. I'm still waiting for that moment. The market still isn't mature, it needs a lot more to go through. When the crappy coins will perish, the market will show its true value. Imagine if suddenly all the millions sitting in sh*tcoins were moved back to Bitcoin and.. idk, top 10 coins. The market would take large moves.

[electronicash]

yes it would do good to BTC. though the price is dictated by the market.

the less options for investors to pick which coins to buy will be better for crypto and probably for B TC because its the usual pick for new investors in crypto.  with the teams not updating anything at all since bear market and then the volume obvious close to zero, its best for the altcoin to disappear in the market. there are several of these projects already and hope they are not going to come back.

[rosezionjohn]

We can  plausibly claim that Bitcoin would be far better off now if not for the huge pile of shitcoins that turned out outright scams at the end of the day. People wouldn't have lost their money in these schemes, and they wouldn't lose it if they invested it in Bitcoin instead. Simple and straightforward logic, right?

We would never know if bitcoin would still reach $20K and then drop back to $3K without those shitcoins. I don't think they were relevant enough to affect bitcoin and drag the price down to almost 90%. We can plausibly claim also that even if they invested in btc alone, they would have still lost.

In the same vein it is natural to assume that the death of the altcoin world would eventually do only good to Bitcoin in the long run as people won't be losing money anymore. So what d'ya think?

This is what a "bitcoin maximalist" would love to see. Without the competition brought by altcoins, it's possible that those who are in charge of bitcoin blockchain development wouldn't care about improving scalability and lessening fees since they have the monopoly. That wouldn't be good either.

[YuginKadoya]

We would never know if bitcoin would still reach $20K and then drop back to $3K without those shitcoins. I don't think they were relevant enough to affect bitcoin and drag the price down to almost 90%. We can plausibly claim also that even if they invested in btc alone, they would have still lost.

He may never know for sure but as the past movement of Bitcoin I am pretty sure that it will still go in a new all-time high maybe the time is not really right for now but I am pretty sure that it still will,

Along with the drama of halving it may increase in value and may also end up a failed, but that all-time high will still come, and by many lost with some investors is the weak hands that are selling first.

[South Park]

In the same vein it is natural to assume that the death of the altcoin world would eventually do only good to Bitcoin in the long run as people won't be losing money anymore. So what d'ya think?

I don't agree with it, bitcoin rise this high because of altcoins, so if altcoins will die, people may invest in bitcoin but will not be as aggressive as before.
The market is big, people are looking to diversify their investment and I don't see any reason why altcoins should be eliminated when they offer great idea and they are building it for us to use in the future.

Are you seriously saying that you do not see a reason to see most of the altcoins in the market eliminated? There are a few good altcoins out there and we all know them but why do we need thousands of coins, most of them are either scams or a fork of another coin that no one really cares about, it is time to recognize the truth the experiment of altcoins has been for the most part unsuccessful, even if there are a few coins with interesting ideas most of those could be implemented in bitcoin in the future leaving all of those coins with no utility.