Can Bitcoin Destroy Crap Altcoins?

[Lucius]

People will always look for ways to profit in an easy way, and there is no doubt that the world of cryptocurrencies has provided great opportunities for all those who know how to use it. I am primarily referring to those who create crypto projects without purpose or meaning, but have enough imagination and money to promote them in such a way that they become attractive to the public.

Unless there is some globally strict regulation that would make it impossible for CEX to list such projects and if there is no sufficiently simple alternative, I don't see how they will stop being a relevant part of what we call the cryptocurrency market.

It is completely wrong to think that Bitcoin should or can destroy something or someone, as well as that people are becoming more aware of what is good or bad - because regardless of all the scandals that happened in the past months, everything will be quickly forgotten and it won't be too difficult to sell some new story that millions of naive people will accept again.

There is no doubt that Bitcoin has had a huge impact on the global economic order.

I would not agree with this statement of yours, because regardless of the fact that the marketcap is not perhaps the best way to present the value of the total BTC on the market, only slightly more than $300 billion compared to some other markets is a drop in the ocean that does not mean too much, let alone that has a huge impact on the "global economic order".

[avikz]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

I truly belive in this! But bitcoin doesn't have to destroy anything to be honest! It's just about time, the shitcoins are usually rejected by the market and no one really cares about it! That's the usual dynamics of the market. Bitcoin doesn't have to do anything here!

The entire crypto market is at a very nescent stage where we are acquiring new users every single hour. Not all of them are educated about cryptos. As the time goes, as they gather more experiences, they start to understand which is what! That's when they choose their investments wisely. It's normal rules of the market which will happen with time.

[Cookdata]

As a government, it will also make the encryption market more orderly through various regulations. There is no doubt that Bitcoin has had a huge impact on the global economic order.
The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

You should back up your arguments with facts. Bitcoin has always been for the people, and I can show you 5 links if you wish that show how bitcoin has protected many people from government repression. If bitcoin can restore lost freedom for people, what else can it not do? I didn't even mention inflation in previous years. If you had held a dollar worth $100 since 2020, the value of the fiat should have decreased, but despite the bitcoin fall, you would still be able to purchase anything worthwhile with that $100 worth of bitcoin, provided you acquired it in that year.

The growth of bitcoin is still far from over, and while I acknowledge that some corrupt centralised organization greed has hindered bitcoin development, it is also a good thing that they are exposed because it will improve the system's hygiene and transparency, which has been the foundation of satoshi and so shall it continue to remain.

[GideonGono]

Crap coin or shitcoin would always be destroyed Bitcoin doesn't even need to be involved.
Most of the Shitcoins would always be dump and would be forgotten after investor's claim their profit from it.
We have seen it so many times and I believe that we would see more of it in the future.

[taufik123]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

I truly belive in this! But bitcoin doesn't have to destroy anything to be honest! It's just about time, the shitcoins are usually rejected by the market and no one really cares about it! That's the usual dynamics of the market. Bitcoin doesn't have to do anything here!

-snip-

Bitcoin doesn't really have to do anything to destroy junk altcoins. They will destroy themselves when they are unable to compete with other altcoins. Thousands of altcoins have continued to appear but only a few have survived to date, as Bitcoin continues to hit new ATHs.

The growth of bitcoin is still far from over, and while I acknowledge that some corrupt centralised organization greed has hindered bitcoin development, it is also a good thing that they are exposed because it will improve the system's hygiene and transparency, which has been the foundation of satoshi and so shall it continue to remain.

It's still early days and bitcoin still has a long way to go. Bitcoin alone will be mined in 2140 and of course, those of us who are currently commenting will not be there at that time to witness bitcoin being mined. Governments hinder the development of bitcoin because they want to regulate bitcoin even though they can't complete. some countries apply taxes to bitcoin users and provide strict regulations.

[Franctoshi]

The answer is just very clear, Bitcoin is quite different from altcoins and they will operating independently, but the ones that could be destroyed by the existence of Bitcoin are those coins without utility, basically the next bull run is going to be the utility tokens bull run, they are the tokens to survive. Therefore some altcoins will be there with Bitcoin.

[Yatsan]

The answer is just very clear, Bitcoin is quite different from altcoins and they will operating independently, but the ones that could be destroyed by the existence of Bitcoin are those coins without utility, basically the next bull run is going to be the utility tokens bull run, they are the tokens to survive. Therefore some altcoins will be there with Bitcoin.

Still doubt that Bitcoin's purpose is to 'destroy' altcoins in the first place. For sure Bitcoin has dominance over other cryptocurrencies but that just it. Even on bullish market trend, not only Bitcoin is having a market price increase but most of the 'tokens' in this industry. Just base on investors. They are not investing only to Bitcoin but also to altcoins and that's just maximizing investment diversification and there's nothing wrong with that as long as you'd be able to pick the right ones. Also, tokens without utilities still has demand such as memecoins even if there are no consistency with the demand. So yes, coexistence would be more likely to happen in the future.

[_BlackStar]

The answer is just very clear, Bitcoin is quite different from altcoins and they will operating independently, but the ones that could be destroyed by the existence of Bitcoin are those coins without utility, basically the next bull run is going to be the utility tokens bull run, they are the tokens to survive. Therefore some altcoin will be there with Bitcoin.

There will always be trader interest in buying and investing in altcoin, not just bitcoin. I'm not going to be mad when someone believes altcoin can bring them profit, but they shouldn't ignore bitcoin.

Bitcoin is an asset that has more uses than most altcoin. Bitcoin is a currency, an asset store of value, an investment and trading asset, and that's the point that makes bitcoin great compared to altcoin. While altcoin support bitcoin's presence in the market, they are useful to the industry so that people have a choice.

[Sayeds56]

The inherent strenth of Bitcoin is its decentralization which no alt coin( even Ethereum ) can match & I think market will wipe out all weak projects (those have weak or no use case, excessive token supply, extremely centralized and unreliable security system) , Bitcoin doesn't need to do any thing to kill them. The native tokens of exchanges are more vulnerable to collapse  because they are heavily centralized and excessively printed. We have recently witnessed FTX and LUNA collapsing within days and causing huge crisis in crypto industry.

[coolcoinz]

The current situation is great for Bitcoin because it's showing people what the weak links are. Those who were greedy and put their money in exchange tokens or fake stable coins are not down 70% like those who bought bitcoin at the top but 100% and worst thing in all that is their coins have no chance of coming back. There will never be an FTT bull market again. If you bought shitcoins you're out of the game forever.

I expect some of the altcoin market cap to return to bitcoin in the coming years and that bitcoin will have another bull run when we get closer to the halving, pretty much what happened in 2019 when bitcoin finally left behind the 5k area and moved to 10k. We're in depression levels at this point and should recover back to the fair valuation of 20k in the coming months.

[Falconer]

Bitcoin is not to destroy altcoin, regardless of the type of altcoin. I would never think bitcoin is a competitor to altcoin, but instead thousands of altcoin are currently trying to be the best bitcoin competitor in the market or in real life. I agree with the assumption that bitcoin is an independent crypto asset that will never depend on any altcoin, but its price will be very sensitive when the industry is hit by an altcoin disaster or a failed centralization project.

So I don't agree that bitcoin will destroy altcoins, but the real thing about altcoins is that they self-destruct due to a lack of investor interest in owning them. The facts show that there are many altcoin that have failed and are at the bottom of the list, but bitcoin is still the king of cryptocurrencies.

[spectre71]

They will destroy themselves. When I rank the industry by market cap it blows my mind to see how many shit coins have a few billion.

Welp, they way I see it it will come to light that all but a few are junk (token pet rocks) and the money will need to go somewhere, hopefully into bitcoin.

I honestly can't fathom in this market (scared money) that anything shitcoin will go "to the moon" or remotely even close. I think that people haven't gotten the memo yet.

[gantez]

The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

The dividend you are referring is it those first buyers? The early times is different now but dividend is still there with bitcoin. The investors still are having there profit with bitcoin. There is different ways you can have the dividend, you can trade if you have the skill. You have some hodling strategy of buying when price is down and you hodl for long. The dividend of bitcoin you will see again in the bull rally. Bitcoin is still mine so dividend is not ending.

[Hamphser]

The answer is just very clear, Bitcoin is quite different from altcoins and they will operating independently, but the ones that could be destroyed by the existence of Bitcoin are those coins without utility, basically the next bull run is going to be the utility tokens bull run, they are the tokens to survive. Therefore some altcoin will be there with Bitcoin.

There will always be trader interest in buying and investing in altcoin, not just bitcoin. I'm not going to be mad when someone believes altcoin can bring them profit, but they shouldn't ignore bitcoin.

Bitcoin is an asset that has more uses than most altcoin. Bitcoin is a currency, an asset store of value, an investment and trading asset, and that's the point that makes bitcoin great compared to altcoin. While altcoin support bitcoin's presence in the market, they are useful to the industry so that people have a choice.

There are indeed ones who do really loves to consider on buying out alternative and would tend to touch up themselves on buying altcoins which is cheaper and which is also something new which they are really that

thinking that they could get up thousands of folds when it comes to potential profits.Alternative coins apart or aside from Bitcoin would normally exist considering that there would be developers would be trying out

their best on making something which is more better than with Bitcoin.We've seen that they do get some significant recognition and investment which does prove
out that there's really a market for this.Its up to someone whether they would be having consideration on investing or would purely be just be focusing with Bitcoin.
It existence wasnt really intended for destroying altcoins yet we know on which coin had been mainly support by this community.So its up to someones
choice whether he would opt in or would skip out.

[eaLiTy]

~
Still doubt that Bitcoin's purpose is to 'destroy' altcoins in the first place. For sure Bitcoin has dominance over other cryptocurrencies but that just it. Even on bullish market trend, not only Bitcoin is having a market price increase but most of the 'tokens' in this industry.

The purpose of BTCitcoin was to have a single digital currency and not these crap coins paradise where everyone speculates even the shit coins everyone is creating. So the basic purpose was diluted from the beginning and blown out of proportions after ETH was launched. The amount of money that would be in BTCitcoin was basically diverted to the N number of scam projects and if BTCitcoin could have destroyed all these crap coins, it should have already, but it was not the case  .

[kryptqnick]

There used to be a time in 2017 when it seemed that Bitcoin might actually become overpowered by altcoins. Not that it will stop being #1 but that its market share will drop significantly. The during the bear market, the situation changed and Bitcoin regained its strong dominance, only to lose it eventually later. While Bitcoin is far from being half of the market share (sitting at 37%), it's still holding firmly against the rest of the coins. However, it doesn't mean that they are completely dying off or not attracting attention. I don't think altcoins will be destroyed by Bitcoin. I think they'll have much smaller shares of the crypto market individually (excluding Ethereum), but Bitcoin won't be worth even half of the crypto market.

[panganib999]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

Due to the tightening of monetary policy by the Federal Reserve and the knock-on effect of the bankruptcy of major industry companies such as Terra, Celsius and FTX, the crypto market is full of fraud, black gold politics and various conspiracy theories. I'm personally on the sidelines, but still have a lot of confidence. The pool of crypto markets is getting cleaner and cleaner.
In this earthquake in the encryption market, people's awareness is getting higher and higher. God said that the disaster is that people become smarter and see scams more and more clearly instead of pure trust. Altcoins are becoming more and more Like a mainstream currency, if you are a liar, you have to be a liar with a high IQ.
As a government, it will also make the encryption market more orderly through various regulations. There is no doubt that Bitcoin has had a huge impact on the global economic order.
The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

It could but it has no business wrecking other's opportunities. It's already big on its own and is in a competition with itself, so there's no point actually breaking shitcoins if that's what you mean. I understand Tim Draper's sentiments but for an industry that thrives in original copycats, it's going to be very hard for bitcoin to monopolize the competition especially when you consider the fact that these altcoins offer more and more utilities with every iteration while on the other hand bitcoin remains, well bitcoin. 

[justdimin]

The answer is just very clear, Bitcoin is quite different from altcoins and they will operating independently, but the ones that could be destroyed by the existence of Bitcoin are those coins without utility, basically the next bull run is going to be the utility tokens bull run, they are the tokens to survive. Therefore some altcoin will be there with Bitcoin.

There will always be trader interest in buying and investing in altcoin, not just bitcoin. I'm not going to be mad when someone believes altcoin can bring them profit, but they shouldn't ignore bitcoin.

Bitcoin is an asset that has more uses than most altcoin. Bitcoin is a currency, an asset store of value, an investment and trading asset, and that's the point that makes bitcoin great compared to altcoin. While altcoin support bitcoin's presence in the market, they are useful to the industry so that people have a choice.

The main problem is that most of the time we see altcoins getting that money from bitcoin and that causes the stress. When people realize that bitcoin went up way too much for a period, they stop investing into it knowing that they can't make too much more profit from it, and then invest into alts because they can make a lot more profit there.

I have seen people make as much as 1000x profit on some alts, not common of course but I have seen it happen, not gonna see that on bitcoin. But at the same time I have seen x100 more people lose all their money on alts, and never gonna see that happen at bitcoin. If people are aware of the risks, then it's fine, but gotta be ready to take that risk.

[Hispo]

Considering that there are almost 22,000 alts, I would say that they destroy themselves. The focus should not be put on bitcoin. Bitcoin was first, and the success attracted many imitators who have come to create real garbage, if not scams. Some of those that existed in the past no longer exist, and many of those that we see now will not exist because they do not really bring anything more than speculation.

I wish it was so easy to say they destroy themselves, but in my personal opinion that is only true for projects with actual good intentions but disastrous execution and case use.

In the case of blatant scam coins they do not actually die, the plan all along is to hype, sell and pull the rug; then move to create another project and do the same.
There could be 20 coins out there which ended up flat-lined, but the same pseudo-anonymous team is behind all of them, giving the false impression there a lot of shitcoins dying, when in reality is the same people scamming several times.

[Blawpaw]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

Due to the tightening of monetary policy by the Federal Reserve and the knock-on effect of the bankruptcy of major industry companies such as Terra, Celsius and FTX, the crypto market is full of fraud, black gold politics and various conspiracy theories. I'm personally on the sidelines, but still have a lot of confidence. The pool of crypto markets is getting cleaner and cleaner.
In this earthquake in the encryption market, people's awareness is getting higher and higher. God said that the disaster is that people become smarter and see scams more and more clearly instead of pure trust. Altcoins are becoming more and more Like a mainstream currency, if you are a liar, you have to be a liar with a high IQ.
As a government, it will also make the encryption market more orderly through various regulations. There is no doubt that Bitcoin has had a huge impact on the global economic order.
The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

This is what actually been going on since the first time an altcoin was created. It was a means to get bitcoin right from the start for the majority. Many of the guys who got in late got in with altcoins. This is what I have done ever since I started with Bitcoin. When I got in, Bitcoin mining was already done with ASICS, so I have mined a lot of altcoins and once I had them, I would immediately exchange them for Bitcoin and increase my Hodlings.