Why all the coins are getting cheaper?

[gondel]

Hi
I am wondering why all the altcoins in which we trusted last year and hoping for them to go to the moon are getting cheaper it seems like a miracle needs to happen to change something

BR,

Gondel

[crazy987]

Because there are just to much

[markm]

The vast majority of them are hideously overpriced.

The very few coins that are actually useful are being dragged down with them though too because the scammers dumping the garbage are using the very few actually useful coins to cash out their ill-gotten gains to fiat and they don't much care about getting a good price when they sell for fiat because it is faster and simpler to just clone a bunch more scams to dump than it is to wait for a good price for coin they use as their route out to fiat.

For example if they use bitcoin as their route out to fiat, they don't care how cheap they sell their bitcoins since if they want more they just clone a bunch more scams. So they might as well just dump the bitcoins at any price since it is so easy to get more. If they need twice as many they can just clone two scams a day instead of only one for example.

-MarkM-

[cryptobuddy]

Most coin devs do not have a real plan to make their coins have real practical values.

Without practical use, a digital currency become a toy for exchange/trading only.

One typical example is EarthCoin. Originally, a lot of people believed that EarthCoin would initiate some business collaborations for accepting EarthCoin in purchase.

Now... any business plan comes true?

[nagatlakshmi]

Because the coin dev don't have long plan! They want to become rich men within short period. The same coin dev release coins one after one.

[Snail2]

Actually I never seen a dev with a solid business plan. I seen hopes, promises but no realistic plans.

[Viscis]

Most of them are only being exchanged for bitcoins and vice versa. The price of bitcoins is dropping. Its a knock on effect.

[YourMine.org]

Yep bitcoin is taking a pounding in the press worldwide, alt coins tend to drop when this happens, add in the fact it makes for fewer buyers, add in more shit coins spreading those few buyers, then add in multipools who up to now have been focused on dodge coin due to the return which is no longer profitable due to to much dumping from these pools, now we are in trouble as the next coin they mine will drop, it is a domino affect, it's going to be a rough ride all round bad times.

[shinep]

We have like 5 new coins per day and on top of that there are IPO scams.
What would you expect from such a market?
On one hand the free market will choose the good coins, but the current scene is a bit too much for even the
free market to handle

[harkonnen]

Hi
I am wondering why all the altcoins in which we trusted last year and hoping for them to go to the moon are getting cheaper it seems like a miracle needs to happen to change something

BR,

Gondel

Because bubbles are bursting.
I personally don't have faith in altcoins. Faith in bitcoin alone is a big leap of faith and I don't have any extra for altcoins.

[shinep]

Because bubbles are bursting.
I personally don't have faith in altcoins. Faith in bitcoin alone is a big leap of faith and I don't have any extra for altcoins.

I dont think the future is going to be just one coin.It has to be a combination of different coins, each with its own merits and demerits.
For me bitcoin is one of them and I am finding it hard to chose the rest in todays scam culture.

[tokeweed]

Hi
I am wondering why all the altcoins in which we trusted last year and hoping for them to go to the moon are getting cheaper it seems like a miracle needs to happen to change something

BR,

Gondel

because when bitcoin sneezes the crypto world gets a flu.

[tokeweed]

Hi
I am wondering why all the altcoins in which we trusted last year and hoping for them to go to the moon are getting cheaper it seems like a miracle needs to happen to change something

BR,

Gondel

Because bubbles are bursting.
I personally don't have faith in altcoins. Faith in bitcoin alone is a big leap of faith and I don't have any extra for altcoins.

funny how i seem to find people thinking this.

anyway, you might want to give ripple a look.  ripple has solved a lot of the issues raised with bitcoin.

i recommend you to watch the video in the quote below.

You can see the video on this page:
http://new.livestream.com/coinsummit/events/2832000/videos/46170832
Edit: its day 1 part 3
The video hasn't been edited yet so fast forward to ~13 minutes in to get past the summit cue/ad. [edit: 20:40 for me --dchapes]

Here are my thoughts after watching the panel. Its short and i think everyone should watch it who has any interest in bitpay, coinbase, or blockchain.info. I had never seen any of the bitcoin people speak before this video. It was amazing to see how ripple solved already out of the box a lot of the issues that were brought up with bitcoin.

What I am wondering is if its possible they don't understand the ripple protocol? After seeing this video, they should be 100% behind pushing ripple due to the fact that it solves some of the issues, but its also like a Trojan horse trying to sneak in to the original payment system. Once ripple pushes/sneaks their way into this system, the door is wide open for bitcoin' (and any other currency for that matter).

After hearing Chris talk about ripples goals to get these major banks onboard the ripple protocol, it almost makes me think maybe ripple should distance itself from bitcoin. Ripple is so subtle. I don't think these guys get it even though its staring them in the face I'm this video. If they do get it, then I agree with coinseeker. They are terrified of it and are acting like the current system is acting toward the crypto revolution by trying to discredit it or hide it? Honestly this video made the other panelist look very dumb and behind the times. It reminds me of cable companies current mentality to Netflix and other content providers. I think they are already behind the times. Or ripple is so far ahead no one sees its value yet?

https://ripple.com/forum/viewtopic.php?f=1&t=6304#p44419

[coinerer]

Hi
I am wondering why all the altcoins in which we trusted last year and hoping for them to go to the moon are getting cheaper it seems like a miracle needs to happen to change something

BR,

Gondel

Because of the mania of buying every new and overvalued coins and IPOs.

[eightspaces]

Because coins suck

[FoBoT]

Actually I never seen a dev with a solid business plan. I seen hopes, promises but no realistic plans.

^^^^

there are very few real development teams, the kind that work on 'real' software, ie Corporate software, doing crypto

until that happens, meh

maybe i am biased

[Amph]

because they are dying, now the buyers passed to the other side, and become miners who dump every coin to death

why buy shitclone when you can instamine them and dump asap when they hit an exchange? no brainer..

[greentea]

the alt-coin bubble is popping ...

[eightspaces]

the alt-coin bubble is popping ...

thanks god it is

[bspus]

Most of them are only being exchanged for bitcoins and vice versa. The price of bitcoins is dropping. Its a knock on effect.

But altcoin price is quoted in btc, so the btc price reduction in terms of fiat is already factored in. Unless you mean that a reduction in faith in btc leads to an even bigger similar effect in all altcoins.

But really the reason is just that all those silly alts were made tradeable way too soon. Supply has gone massively up. Now people are trying to consolidate to whatever coins still have credibility. Thats why litecoin seems to be holding on to its usual value relative to btc.

Then there is the issue with exchanges lately not being exactly trustworthy, so many people are just "cashing out" in btc and ltc proper wallets to ride the storm out