This Bitcoin technology will destroy your favorite altcoin

[Mituletr]

https://thegarret.org.uk/this-bitcoin-technology-will-destroy-your-favorite-altcoin-drivechain/

Bitcoin side chains could be developed that implement any features and characteristics of any altcoin on a side chain using BTC as collateral.
What are your thoughts on Bitcoin side chains? Is there really potential for Bitcoin to metamorphosis into every altcoin? Or are there some key limitations that could stop this from happening?

[Darker45]

It seems interesting, but if this has been around for quite some time, I wonder why it hasn't performed as predicted yet. Quite the contrary, as I have observed, what's happening seems to be the other way around, an altcoin blockchain serving as a network for BTC through wrapped versions, still with actual BTC as collateral. But it still appears like Bitcoin metamorphosing into an altcoin.

[GreatArkansas]

This is just like DeFi on Bitcoin.
We all know the recent run of DeFi under other altcoins especially Ethereum, which is explodes really huge recently. And after that, I have read before about bringing DeFi on Bitcoin, like lending/borrowing/farming. I can't remember where I found it before, but I am sure there is.\

If this new technology on Bitcoin will be successful and massive adoption, yes altcoins could possibly get rekt as Bitcoin dominance will be higher.

[FinneysTrueVision]

Every altcoin has a different security model and doesn't need to be a Bitcoin sidechain. Altcoins have had much more development because the devs find it much more attractive to just allocate a percentage of the total supply to themselves. You can't do this if you're making a sidechain where the native asset is BTC. Liquid and RSK are still around because they had a lot of funding from big companies. Altcoins have bypassed this by doing ICOs and pre-mines.

[Saltius]

OP doesn't understand why alts are needed.
Most people need alts bcz they are good pump&dump scam tools.
While bitcoin could also be used as such a scam tool but not as good as alts.

[pooya87]

Is there really potential for Bitcoin to metamorphosis into every altcoin?

"Bitcoin" will not morph into anything, instead additional functionality could be built on top of the secure decentralized Bitcoin protocol with its immutable ledger acting as the settlement layer. This will make a lot of altcoins obsolete, but most of them are already useless and obsolete as we speak. The only reason why they stay around is to get pumped and dumped.

As for the part about "every" altcoin I have to say it will never happen. Alternative cryptocurrencies (despite what they have turned into today) are going to stay relevant, the idea is to explore other technologies based on what Bitcoin introduced but with differences in hopes of improving the technology.
Unfortunately today the definition of altcoin has changed into something we pump and dump and has no real underlying value or technology but that doesn't change what can happen in the future with some new altcoins that may show up from some competent developers.

[davis196]

https://thegarret.org.uk/this-bitcoin-technology-will-destroy-your-favorite-altcoin-drivechain/

Bitcoin side chains could be developed that implement any features and characteristics of any altcoin on a side chain using BTC as collateral.
What are your thoughts on Bitcoin side chains? Is there really potential for Bitcoin to metamorphosis into every altcoin? Or are there some key limitations that could stop this from happening?

A Bitcoin sidechain is what it is-a sidechain.Bitcoin cannot "metamorphosis" into any altcoin,because the Bitcoin Core blockchain cannot be changed.
I remember that many people in the BTC community were talking about the Atomic swap 2 or 3 years ago.
Nobody is talking about Atomic swap now.I guess that it will be pretty difficult for such sidechain projects to get mass recognition and mass adoption.The vast majority of the crypto users don't trust sidechains.
All the legit altcoins like ETH cannot be dethroned by such competition.

[alevlaslo]

it's too late, the competitor is already taking over the market

[Kittygalore]

It seems interesting, but if this has been around for quite some time, I wonder why it hasn't performed as predicted yet. Quite the contrary, as I have observed, what's happening seems to be the other way around, an altcoin blockchain serving as a network for BTC through wrapped versions, still with actual BTC as collateral. But it still appears like Bitcoin metamorphosing into an altcoin.

Maybe the reason that it isn't used more is probably that it is probably a pretty technical thing to do and an average Joe isn't going to cut it alone. Or maybe not enough people are talking about it. I agree that it is promising but we have to see it perform really good first before anything else.

[swiftbits]

Bitcoin is Bitcoin, it might be an old technology, as other people say, but it still does its purpose.
I agree that it lacks in something and additional function could be helpful.
The competition is still present, most altcoins will be dead in the future for sure, but those with great asset value will thrive.
If this technology did not live the expectations, it wouldn't be popular in the market.