Altcoins are the silent killer of Bitcoin

[Razmirraz]

This is just an assumption or Altcoins are often considered as competitors or in other words as silent killers of Bitcoin as the title you used in this thread.
Yes, it must be admitted that Altcoins have several advantages such as fast transactions, low transaction fees and other advantages such as smart contracts or better privacy. However, all of these are just a few advantages compared to the advantages that Bitcoin has, the proof is that Bitcoin is still the king among other coins that have ever existed, Bitcoin has also received recognition from various levels of investors so that its adoption is increasingly widespread, besides that, strong network security and a mature ecosystem make Altcoin or shitcoin nothing compared to Bitcoin.

Altcoins are merely alternatives to Bitcoin, but in general, Bitcoin will continue to grow and its value will also increase, even though recently a number of shitcoin ETF have been launched just to compete with Bitcoin. I don't think that far ahead, some countries that were previously against Bitcoin started to open up a path of peace only to adopt a number of bitcoins for various reasons, so Altcoins or Shitcoins are just like ants in the eyes of Bitcoin.

[Yaunfitda]

Maybe it could be that the price will be the best measures was whether altcoins are the silent killer of Bitcoin? If not what will it be? Because currently, we haven't seen a altcoin season, or at least a cycle that altcoin is really making a lot of money as compare to Bitcoin. In contrast the price of Bitcoin just hit a new all time high last month alone and there are still pundits who see that the price can still go up to $130k or higher. So not sure what the OP really mean that altcoins will be the killer when everything points that Bitcoin is still the king of market base on how dominant it is.

[Popkon6]

Imagine if there was no shitcoin market. Bitcoin would be worth at least twice as much as it is now
 because all the money in the crypto market would flow into bitcoin instead of being spread out over
a million different shitcoins. This has effectively nullified bitcoin's 21 million unit limit IMO.

If shitcoins were not in the market, Bitcoin would never have been proven to be good, and Bitcoin would not have gained popularity among people. We all know that Bitcoin is good, but if shitcoins were not in the market and were not destroyed, Bitcoin's popularity would have decreased day by day. Bitcoin's popularity is increasing the most because of shitcoins being in the market, and a lot of people are holding their money in Bitcoin because it has proven to be reliable.

Shitcoins should have been labeled as securities which they clearly are, which I was hoping would happen
under Gary Gensler but of course it didn't. The corrupt judges were probably paid off to rule in XRP's favor.
It is sad how the millions of pump and dump scams in existence known as altcoins are perfectly legal in the US.
Bitcoin was good while it lasted, but I don't have much hope it can go much higher due to being
eaten up by the shitcoin market so I am out.

Some people invest in shitcoins in the hope of getting more money, and even though they have a small amount of money at the beginning, they end up losing their capital. That is why those who invest in shitcoins basically have no guarantee of their money, shitcoins can be destroyed from the market at any time and embezzle people's money.

As a result, Bitcoin is the best and most suitable for long-term investment. Even if people keep all their money here because Bitcoin is trustworthy, it will last for a long time and can be received with benefits. Because the price of Bitcoin will increase more in the future, it is best to hold Bitcoin. So if you have money, keep buying Bitcoin with money to own Bitcoin in the future.

[hero_the_bossman]

Maybe it could be that the price will be the best measures was whether altcoins are the silent killer of Bitcoin? If not what will it be? Because currently, we haven't seen a altcoin season, or at least a cycle that altcoin is really making a lot of money as compare to Bitcoin. In contrast the price of Bitcoin just hit a new all time high last month alone and there are still pundits who see that the price can still go up to $130k or higher. So not sure what the OP really mean that altcoins will be the killer when everything points that Bitcoin is still the king of market base on how dominant it is.

I would rather go for the adoption factor.

It drives the price plus it shows do people really wanna have it and use it..

[Dogedegen]

Well, it seems bitcoin is not doing as well as many expected, not helping them get rich quick as expected in this cycle. After many people blamed gold and said that was the reason why bitcoin was stagnant and not increasing. Now you're starting to blame altcoins, LOL.
I don't know who you and everyone else will blame next if bitcoin price continues to fall instead of rise. I wouldn't be surprised if the government and banks are next to be blamed by you.

Lol, people are indeed weird with this. They will blame everyone and anything instead of admitting that they had unreasonable or unfounded expectations that didn't come true. Bitcoin is performing excellently. It does not have to repeat previous behavior, it does not need to follow any cycles. Bitcoin continues to bitcoin.

If you don't believe in bitcoin anymore, please leave quietly and don't spread FUD.

Unfortunately most people are unable to do this, it is related to their fragile egos. Many people even badmouth Bitcoin after getting scammed by crypto related scam, even if Bitcoin can't be at fault at all.

What's nice about gold is the lack of volatility and FUD. Criminals don't use gold to scam people or launder money.
But bitcoin is commonly associated with things like phishing, crypto scams, romance scams, and other criminal activities
that are always being reported by the media, which only scares more people away from bitcoin.

What in the world are you talking about? The scamming in the gold industry is one of the biggest in existence right now. There is everything from fake gold investments and platforms to actual fake gold being traded. Sometimes they even manage to trick big players with fake gold. The argument about laundering money with Bitcoin is ridiculous. You can't launder anything without fiat and a bank or financial services involved. Don't make shit up.

I hope one day bitcoin can overcome all these serious issues, but it will probably take a lot more time.
There is nothing wrong with bitcoin itself but it's the external factors that are weighing it down.

Bitcoin has already overcome everything, Bitcoin is perfect. The issue lies with humans, don't blame Bitcoin for things that it is not responsible for.

[wiss19]

No, they are different things entirely and it's left for our own decisions to either go after bitcoin we are meant to have or closer the third party assets that uses the bitcoin market price for their asset value, as we have ETF stocks and the likes, which are not cryptocurrency at all, those that knows the difference goes for what they wanted, which is Bitcoin.

There are so many alts and I think there are plenty of Bitcoin clones out there. There is no one that is meant to be or destined with Bitcoin I believe. Some alts are unique that they also have their own pricing but sometimes we also use the dollar to measure the value of a crypto. BTC ETF as you mentioned there, it carries the name BTC so they have the honour to use its value. Some people might be aware about the original BTC and as well as the BTC ETF but they can still choose BTC ETF because they may feel safe with it than if they will personally take care of their BTC and its private keys/seed phrases.

[Patikno]

Imagine if there was no shitcoin market. Bitcoin would be worth at least twice as much as it is now
 because all the money in the crypto market would flow into bitcoin instead of being spread out over
a million different shitcoins.

Well, maybe the altcoin or shitcoin market is having an impact on Bitcoin, and maybe people are attracted to it, but it won't last. We know that people are investing in altcoins or shitcoins, but I think it is just a temporary thing, meaning they are just trying their luck there, and I am sure they will eventually come back to Bitcoin as well. If altcoins are so good to hold, then why do so many shitcoin or altcoin creators still invest in Bitcoin? Are there any of these creators who don't own Bitcoin? I don't think so, and I suspect many of them are secretly holding significant amounts of Bitcoin. So, I think the reason is obvious, meaning they have a lot of trust in Bitcoin. Essentially, Bitcoin is more valuable than altcoins, and anyone who understands Bitcoin fundamentally has confidence in its future, Cmiiw.

[CryptoBuds]

Imagine if there was no shitcoin market. Bitcoin would be worth at least twice as much as it is now
 because all the money in the crypto market would flow into bitcoin instead of being spread out over
a million different shitcoins.

Well, maybe the altcoin or shitcoin market is having an impact on Bitcoin, and maybe people are attracted to it, but it won't last. We know that people are investing in altcoins or shitcoins, but I think it is just a temporary thing, meaning they are just trying their luck there, and I am sure they will eventually come back to Bitcoin as well. If altcoins are so good to hold, then why do so many shitcoin or altcoin creators still invest in Bitcoin? Are there any of these creators who don't own Bitcoin? I don't think so, and I suspect many of them are secretly holding significant amounts of Bitcoin. So, I think the reason is obvious, meaning they have a lot of trust in Bitcoin. Essentially, Bitcoin is more valuable than altcoins, and anyone who understands Bitcoin fundamentally has confidence in its future, Cmiiw.

It is true that altcoin creators and altcoin investors are also investing in bitcoin, which means they believe in bitcoin. But I don't think they invest in altcoins just as a temporary hobby/strategy. If it is just a temporary strategy and they will return to bitcoin after making profits from altcoins. Why do many altcoins still exist and thrive until now like ETH, BNB or even Doge? Because they cannot survive without community support.

Altcoin market started with ETH and if I remember correctly ETH was created in 2013 which means they have been around for more than 13 years.
In my opinion, altcoins are not going away anytime soon and will even grow more as institutions join in supporting it.

[purple_sparkles]

Any altcoin is highly dependent on bitcoin, since fluctuations in bitcoin’s price have a direct and significant impact on altcoins. I doubt that any altcoins could ever “kill” bitcoin or even partially take away its popularity. No matter how things go, all altcoins, whether they’ve existed for 13 years or just recently appeared, are still tied to bitcoin. And if we imagine that bitcoin crashes, they’ll fall even faster, and not all of them will be able to recover and start a new growth cycle.

[Outhue]

This is not the case, as you can see altcoins are slowly dying because Bitcoin is taking out liquidity from altcoins, even if Bitcoin dumps altcoins keeps dumping harder and if Bitcoin pumps then dominance goes up too which means that altcoins will also bleed, the true winner of this cycle is Bitcoin and there is nothing that altcoins can do about it.

Bitcoin can survive without altcoins and now that there are many altcoins in the market makes it even more worse for investors, they will now know the true potential of Bitcoin, including those that believe that Bitcoin value is too high for adoption, the way I see things now, I believe that altcoins are gambling while Bitcoin is the real investment.

[fuguebtc]

So not sure what the OP really mean that altcoins will be the killer when everything points that Bitcoin is still the king of market base on how dominant it is.

If I remember correctly,OP is a Bitcoin maximalist and he has created many threads comparing Bitcoin vs altcoins, Bitcoin vs gold, and most of the time he defends Bitcoin at all costs. So I was quite surprised that he was bearish on bitcoin, but looking back, the market is nearing the end of its bull run and bitcoin is still falling instead of rising. I guess he was quite disappointed that things didn't turn out the way he expected, and he started blaming.


These are 2 topics that he spends a lot of time writing about bitcoin and supporting it in any way. But now he's choosing to leave and move to gold, blaming alts.

https://bitcointalk.org/index.php?topic=5554128.msg65679252#msg65679252
https://bitcointalk.org/index.php?topic=5558967.msg65800691#msg65800691

[Fiasem20]

Bitcoin was good while it lasted, but I don't have much hope it can go much higher due to being
eaten up by the shitcoin market so I am out.

Many people will start learning the hard way once these shitcoins in the market start dropping.In everything there's always a competition,so if there was no competition in the crypto space it would be boring.In every competition the strongest tends to stand tall,so Bitcoin happens to be the strongest that's why it hasn't reduced to nothing.When the hype of all these shitcoins has faded then those that were interested in it will come back to their right senses.Many individuals are only after getting rich quick that's why shitcoins is still making great wave in the industry but in my own opinion Bitcoin still remain the king of the crypto industry.

[Mate2237]

I will tell you this altcoin has never and will.never be in competition with Bitcoin it is not just possible, regardless of is altcoins has ETF's, get backed by politicians or any public figures altcoins is no competition with Bitcoin.
Altcoins is even feeding off the success of Bitcoin, as the adoption of Bitcoin increases some investors will also be looking into altcoins, this is the benefits altcoins get from Bitcoin and if Bitcoin drops most likely many altcoins will feel the impact. Bitcoin is opening doors for so many altcoins and if they follow suit that doesn't mean competition.

I definitely agree because I don't get the logic how one will be comparing Bitcoin with altcoins using some parameters that I don't get, the fact is that when it comes to crypto currency Bitcoin is the umbrella that every other crypto currency hides, altcoins is today this popular because of Bitcoin. Let take our memory back in the past three to four years how many altcoins were there.infact the the whole Idea about altcoins started as a result of the successes that was recorded by Bitcoin so there altcoins can't be compared to Bitcoin not to talk about been a problem to Bitcoin.


The records are there for everyone to see Bitcoin in terms of liquidity can't be used in comparing to altcoins which are still struggling to get a footing due to their untrustworthy nature which has made them less fancy compared to Bitcoin.

[coolcoinz]

Imagine if there was no shitcoin market. Bitcoin would be worth at least twice as much as it is now
 because all the money in the crypto market would flow into bitcoin instead of being spread out over
a million different shitcoins. This has effectively nullified bitcoin's 21 million unit limit IMO.

That's a completely baseless argument. We cannot prove that if there was no coin x, if you could wipe it out today, like say there's no XRP, all that money would flow into bitcoin. Maybe a fraction of it would, but most of it would most likely go back to fiat and then get redistributed among other investments, including shitcoins.

My opinion is that the total crypto market is as big as it is because of shitcoins that attract certain type of investors - gamblers, scammers, people who like to believe in nothing, traders who like volatility, devs who spend time to try to be innovative and attract investors. Many of these coins are worthless, many are scams, but people who put money into them wouldn't participate in the market if not for these coins.

Do we need them is another question because we probably don't need scammers and victims in this space, but whether we like it or not they're a part of the ecosystem, just like you can say that you don't like rats, or bugs, but they are here living around us.

[Cookdata]

.

Shitcoins should have been labeled as securities which they clearly are, which I was hoping would happen
under Gary Gensler but of course it didn't. The corrupt judges were probably paid off to rule in XRP's favor.

It is sad how the millions of pump and dump scams in existence known as altcoins are perfectly legal in the US.
Bitcoin was good while it lasted, but I don't have much hope it can go much higher due to being
eaten up by the shitcoin market so I am out.

Bitcoin is an open source project, if you Bitcoin exist alone without shitcoins, then expect a new Bitcoin in as a new independent Bitcoin with features everywhere, you may even see Bitcoin from government as an experiment, you will see different Bitcoin and know nothing to do again. This market is an independent market, not a regulated one so you don't expect not to see a shitcoins, they love it and the demand is there which is why we see them everyday.

The idea of other coins may not completely bad, there are people that never wanted in their life to buy Bitcoin but did at some point and after sometimes, the had a change of mind and has turn their portfolio on into only Bitcoin and nothing more. Some shitcoin owners all have Bitcoin, they know Bitcoin is the best, they sell their shitcoin profits and accumulate more Bitcoin, more like taking opportunity from one place to another make more Bitcoin which is not bad.

[kotajikikox]

The introduction of bitcoin spot ETFs were a great catalyst for bitcoin, but Wall Street managed to screw it up by releasing
a bunch of shitcoin ETFs to compete with it. I believe their actions have led to the debasement and devaluation of bitcoin.

The rise of the shitcoin ETFs creates confusion in the market, pulling away money from bitcoin and transferring it
into the shitcoin market, devaluing everything in the process. This is similar to how governments devalue
their fiat currencies with endless money printing. The result is the same.

I don’t think this is the case at all to be honest.


Yes some people and institutions have shifted their focus towards altcoins but I don’t think it has taken away from bitcoin. Bitcoin was and has always been the dominant one in the market. When did an altcoin ever perform better than bitcoin this year or the past year?

[Muba20]

Bitcoin was good while it lasted, but I don't have much hope it can go much higher due to being
eaten up by the shitcoin market so I am out.

Many people will start learning the hard way once these shitcoins in the market start dropping.In everything there's always a competition,so if there was no competition in the crypto space it would be boring.In every competition the strongest tends to stand tall,so Bitcoin happens to be the strongest that's why it hasn't reduced to nothing.When the hype of all these shitcoins has faded then those that were interested in it will come back to their right senses.Many individuals are only after getting rich quick that's why shitcoins is still making great wave in the industry but in my own opinion Bitcoin still remain the king of the crypto industry.

Shitcoins introduce the difference with bitcoin what is good and bad. Those who have faced losses using shit coins are now able to understand very well why Bitcoin is a good investment. If other coins did not exist and there were no various concerns or influences on the market, then many people would not be able to understand the impact of Bitcoin. Instead of considering altcoins as Bitcoin killers, it is a great opportunity to consider the differences between them and Bitcoin.

[Marykeller]

If the altcoins ETF has meaning in the market, we would have started to see its effect gradually, with most altcoins not being controlled by Bitcoin's price movement, and as a result, Bitcoin's market dominance would have reduced significantly.

If you check all that, everything seems to be as it is, as Bitcoin is controlling the market, and its market dominance remains the same.

That aside, the whole lot of altcoins being created is serving as a distraction for us not to achieve the financial freedom we aimed at through Bitcoin. Instead, for us to go the wrong way of investing in shitcoins as they are being called. We lose our money in them, our target is not achieved. We get discouraged from investing in crypto. That's the whole plan.

[Dogedegen]

That's a completely baseless argument. We cannot prove that if there was no coin x, if you could wipe it out today, like say there's no XRP, all that money would flow into bitcoin.

You can't prove what would happen in an alternative reality scenario there you are correct, but there are scientific methodologies with which these things can be estimated to some degree.

Maybe a fraction of it would, but most of it would most likely go back to fiat and then get redistributed among other investments, including shitcoins.

You got the order of events wrong. The idea is not that today these shitcoins disappear and then we see what happens with the money. The idea is that these scams should have never been allowed to exist. Some of the people that went in other directions would have definitely gone to Bitcoin because there is no alternative to it. Meanwhile millions of people have been cheated by promises of Bitcoin 2.0, scam shitcoins like ETH and many other types of lies that the founders and companies of these projects spread.

My opinion is that the total crypto market is as big as it is because of shitcoins that attract certain type of investors - gamblers, scammers, people who like to believe in nothing, traders who like volatility, devs who spend time to try to be innovative and attract investors. Many of these coins are worthless, many are scams, but people who put money into them wouldn't participate in the market if not for these coins.

As you say we cannot prove that to the other person, you are now being a bit hypocritical here by the use of an argument that you cannot prove. You can't prove that these people would not have joined the Bicoin market were those other things absent.

Do we need them is another question because we probably don't need scammers and victims in this space, but whether we like it or not they're a part of the ecosystem, just like you can say that you don't like rats, or bugs, but they are here living around us.

No, they are not needed. Were they gone all focus would be on Bitcoin and everyone would benefit from this coherence. You can see what is happening to altcoins themselves this cycle because of the greed and their incoherence. Way too many projects, attention, liquidity, users, everything is split everywhere. The game is now who can lie and yell the loudest on Twitter, it does not matter what is the truth anymore for them. This is what happens when you let greedy people make whatever they want and promote it however they want without consequence. In the old times there would be lawsuits by which companies are kept under control.

[NewRanger]

Do we need them is another question because we probably don't need scammers and victims in this space, but whether we like it or not they're a part of the ecosystem, just like you can say that you don't like rats, or bugs, but they are here living around us.

No, they are not needed. Were they gone all focus would be on Bitcoin and everyone would benefit from this coherence. You can see what is happening to altcoins themselves this cycle because of the greed and their incoherence. Way too many projects, attention, liquidity, users, everything is split everywhere. The game is now who can lie and yell the loudest on Twitter, it does not matter what is the truth anymore for them. This is what happens when you let greedy people make whatever they want and promote it however they want without consequence. In the old times there would be lawsuits by which companies are kept under control.

Fraud persists and will not disappear in this space, but now it's very weak and uncontrolled from a legal perspective. In the past, there were clear consequences if a company was registered with a regulator. If they lied, manipulated prices, or ran away with investors' money, they would face sanctions now, who knows.

New coin developers use power and other resources to achieve their goals. Remember, they want to maximize profits from users and then disappear. But the real problem here is our own inability to control something that looks good on the outside but is bitter when experienced. That's the risk of playing with altcoins and until now Bitcoin remains the most robust.