How Altcoins Failed To Win Over Bitcoin

[Peanyut991]

The first reason is that Bitcoin is a pioneer of altcoin. Bitcoin has become a benchmark for the development of altcoin. I think it will be impossible for altcoin to destroy the popularity or trading volume of bitcoin.

[1713872551]

1713872551

[ethereumhunter]

The altcoins not failed, but the altcoin will still behind bitcoin because bitcoin is the king in the crypto world. Unless there is the newest technology that can change the function bitcoin to a better, the altcoin will be still behind of bitcoin. If the newest technology is better than the blockchain technology, then maybe the bitcoin will not stay as the king. But I doubt that there is the newest technology which will completely different than the blockchain but has the same purposes as what bitcoin does.

[FanEagle]

I guess we cannot commonly say that all the altcoins have failed because there are coins and tokens which are really serving people in some area regardless of its value on market. I believe this is the exact purpose why we are having altcoins in crypto space. One good example is exchange tokens to get discount on trading fees.

Honestly if you're referring to value of altcoins to estimate its success or failure then I am extremely sorry because in my understanding that cannot be the right way to evaluate the success of altcoins. Yes, there are multiple factors which are influencing on deciding the value of one coin; hence it cannot be the right approach to decide about success or failure.

Dapps must be the biggest innovation we are enjoying because of altcoins. Privacy oriented altcoins must be another revolution we are having an enjoying for keeping us highly anonymous. It has become possible only due to revolutions in altcoin space. We can list many other useful development of altcoin industry. Hence, it must be a wrong statement if you still assume that altcoins have failed already.

[Doranile432]

Do you know the type of coins I like investing on? Those who don't have anything to do with fund raisings or IEO, the reason why I decide to stay like this is because of new projects developers, they only aim to make money.

Altcoins can't win over bitcoin and it will always be the best for many years to come, the fact that we don't know about Satoshi is what makes Bitcoin more decentralized

[SiNeReiNZzz]

The worst and most annoying thing about Altcoins is still the problem of all these scam projects.
So many inexperienced people have already lost millions and billions to scumbags like this...
Just because of that, I wouldn't always believe everything...



PS: I am curious what else will come to light in the near future at Chainlink...

At all it looks more like that things not are going so well internally...

Hey guys.

First of all, I've received an email today that had some interesting content:Quote:

Zeus Capital, the asset management firm and activist investor, has published an extensive report on LINK, Chainlink’s proprietary token, making a clear case why investors should exit long positions in this cryptocurrency, as the inflated price is enormously out of sync with the company’s dressed-up appearance and shaky fundamentals.

The report unveils serious discrepancies between the token’s intrinsic value of USD 0.07 and its current market price of USD 8.50, revealing downside risk in excess of 99%.
After research of Chainlink, there is a very strong conviction that the company, its product, and the LINK token are a near-complete fraud.

Here are the key facts of the short sale thesis:

There is abundant evidence of market manipulation with traits of classic “pump and dump” techniques, such as trading on inside information, front-running the general public, unsubstantiated claims of progress, artificial transactions to imitate adoption, bogus partnerships announcements, and any other trick in the book to drive up the price prior to dumping LINK onto innocent investors.
The two founders behind Chainlink, are constantly selling LINK from their vast reserves into the market, as well as at a substantial discount from the current price to selected institutions over-the-counter (OTC), thus incentivizing purchasers to lock in profits by quickly selling it further, creating an inevitable downward spiral.

LINK’s characteristics, such as the lack of a functional decentralized ecosystem, combined with recent decisions by the Securities and Exchange Commission (SEC), leave no doubt that LINK will be classified as a security token, thereby putting the whole enterprise and the investors at substantial risk of anything from dealing in unregistered securities to court orders for the disgorgement of proceeds.
LINK’s tokenomics model is broken with an inherent conflict of interest between holders, clients, and the founding team with regards to the pricing of LINK.

The people behind the project are a handful, mostly remote, part-time consultants, focused on marketing and community building with very little professional and/or leadership experience.
It begs the question of how an overdressed oracle-development project could justify a market cap in excess of $2.75 billion while purporting made-up progress with almost no IT software developers on its staff and fronting business operations out of a co-working space.

Chainlink’s service offering is prohibitively expensive and it makes no economic sense for companies to adopt its oracle solutions.
MakerDAO, UniSwap, Compound, etc. are internally-developing alternatives, which will eventually render the promise of LINK obsolete.
The few software developers associated with the project are making frequent but cosmetic changes to the code in a never-ending product beta, while executives who previously took the bait are either fleeing the project or trying to avoid association with it.

Three independent valuation methods suggest that the token is massively overpriced, as its intrinsic value is estimated to be in the 0.05 to 0.20 USD range at best.
The Full Report "Why Chainlink is the Crypto’s Wirecard-The Chainlink Fraud Exposed": https://zeus-capital.com/assets/The_Chainlink_Fraud_Exposed.pdf

[0verseer]

I don't think any altcoins would ever win over the behemoth Bitcoin. To me, Bitcoin has become more like a symbol of cryptocurrencies and this gives it a bypass of pressure that it need to change or improve. You see altcoins take over other, talk about how this one altcoin better than other altcoin. Occasionally, they dream big about overtaking Bitcoin but this mostly just a way to brag how a new altcoin's potential.

[Towerbreeze]

I can't say about you but Bitcoin is more than just a mere crypto currency today, apart from been the first it's proven how strong and better this coin is over past years, I don't think there will ever be a altcoin that can surpass bitcoin for many reasons

[ScamViruS]

I don't think Altcoin will ever be able to overtake Bitcoin. Many altcoin have already come to the market and their main slogan was they are better than bitcoin! But in the evolution of time, they have kicked out of the market. Bitcoin was king, Bitcoin is king, and I think bitcoin will always be king. They can do marketing saying something unrealistic, which can lead some people to misunderstand. But reality is another thing.

[uneng]

Well, bitcoin was the first crypto currency to be developed, all the rest was just a copy of bitcoin somehow, furthermore altcoins don't bring any notorious practical benefit if compared to bitcoin.
The one which most approached to bitcoin was ethereum due its platform, smart contracts, but still it wasn't enough to overcome bitcoin, what means if an altcoin wants to do this, it has to bring something more exciting to crypto universe.

But keep in mind it's not impossible for an altcoin to *win over bitcoin*, just because something didn't happen by now it doesn't mean it will never happen, especially on this volatile universe of crypto currencies where changes happen suddenly and without warnings!

[gikere]

I think you can read all replies on this thread so far to see most people would agree Bitcoin is something you can't win over. There is no shy in admitting that for altcoins and accept to co-exist with Bitcoin. Heck, if your altcoin was able to trail behind Bitcoin in top CMC already a feat.

[coinfinger]

I think the simplest choice was the fact that bitcoin was there all the time when all others were fighting between each other. Nobody really tried to take over bitcoin or nobody really got together to become one big thing instead of being smaller many things and that caused bitcoin to be unrivaled while all other altcoins fought each other.

When you see ethereum and eos and tron and BCH/BSV and all others fighting to be the number two, you realize that Bitcoin has no worries, it has no project owner, it has no vitalik or justin or anyone else, it is just there and owned by the people and that is what makes it so special, nobody is working to make it better, it is all of us that work to make it better. Which is why I believe bitcoin will never be dethrown from its position and will always be the best.

[Eddyc]

In my opinion we should separate the Bitcoin product and the Bitcoin brand both are related but there are differences. Virtually all altcoins are born with the purpose of surpassing Bitcoin in product and consequently most of the projects achieve this feat. However practically no altcoin loses to Bitcoin in terms of product and system improvements but the big success is in the Bitcoin brand that is worth a little over $ 9K today.

[tbterryboy]

Well, BTC nowadays is more like a store of value, hence altcoins are still very relevant for mass crypto adoption. Some altcoins claim to have more advanced blockchain architecture which is a welcome development.

Yes, this way it is too early to assume that altcoins have failed to deliver. Because, we are seeing lots of good developments are happening in many altcoins which can be pre-concepts for future bitcoin implementation. I'm sure bitcoin developers will keep on adopting a successful concept which are time proven along with altcoins. Bitcoin may remain store of value but there are people who keep on spending/accepting bitcoin for their day to day life as one of prominent payment processor.

I mean it is individual's preference to make use of bitcoin whether as a store of value or as the payment method. But, this will not definitely impact on the development of any altcoin if they are having any reason to be used by any community or individuals then definitely it will get into usage regardless of they are already using bitcoin or not.

[helloinox]

You put altcoins too far and too unrealistic for a single altcoin to win over Bitcoin. Look at altcoins today as a whole and consider it as 'a failure' since just one of them didn't overtake Bitcoin in total cap alone?

[jostorres]

Being the first cryptocurrency, bitcoin was available as trading pair against most of the altcoins that were launched afterwards. Even today, all the exchanges offer BTC as a trading pair. I consider this as the main reason why Bitcoin hasn’t lost its dominance and even though there are so many altcoins, they are failing to establish their dominance over bitcoin.

Also, there is something called as the ‘loyal investors’ who remain loyal to the coin that made them a fortune i.e. BTC. The real supporters of the idea and the concept will never sell their Bitcoins and that is the reason why it’s still holding strong and is probably up for another bull run this year.

[arjuna BTC]

It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin.

Now, what are the reasons behind this failure?

simple reason because without bitcoin, altcoins never born my friend
and all altcoins community, for example ethereum community, or others is a part from bitcoin community
so, now or later, altcoins will always failed to win over bitcoin

[TheGreatPython]

Bitcoin is the king of Cryptocurrency, where altcoin might be able to compete and win against Bitcoin. The Crypto community are certainly aware of which coins are worthy of ownership. And this greatly affects the value of Bitcoin and the large number of Altcoin, the Crypto Community certainly prefer BITCOIN.  This is the reason why of the many altcoins that exist today, none is able to win Bitcoin.There are a number of reasons to believe that Bitcoin will remain king of the cryptocurrency market, whether based on technical innovations or simple network effects. And the altcoin market as a whole has performed rather horribly against Bitcoin over the past couple of years.

Most of the new people who enter the market have just heard about Bitcoin and its journey. So, every new investor is willing to invest in the currency at least once. The crypto market is majorly filled with people who know nothing about the underlying technology of the projects and coins. They are just in the market to make investments and earn some money.

Most of them don’t even know the real world applications of the coins and how they are making a difference. Only if people looked at the technology and usage potentials of the coins instead of looking at them as an easy way to make money, the scenario would’ve been a lot different and altcoins would’ve dominated the market instead of Bitcoin.

[dataispower]

I think the reason altcoins have failed to topple Bitcoin as the number one digital asset is simply down to the fact that they're being forced on us.

None of them really have groundbreaking utility yet, despite there literally being thousands of altcoins all designed for different reasons. None have actually managed to deliver on their use cases yet.

Bitcoin, however, is already used and accepted by tens of millions of people worldwide. It is at the point where it now cannot fail, since it has strong foundations from which to build on. these altcoins dont even have that.

The major reason why most altcoins have failed and many more will fail in the long run is because the principal reason why most altcoin projects are created is for the team to make money, after which they launch a new project. Just few altcoin projects really foster development, or try to be valid in the real world. BTC however has proven to be the true decentralized cryptocurrency, with way more acceptability comparatively, added to the fact that it's the pace setter.