Altcoins are the silent killer of Bitcoin

[reefsea]

In my opinion, what has harmed the market and Bitcoin the most is not all altcoins, but specifically memecoins and shitcoins.

Memecoins, in particular, are the biggest source of corruption in the market, and unfortunately, they have garnered the attention of presidents and influencers, most notably President Trump, who is supposedly a Bitcoin supporter. He should have eliminated these shitcoins instead of issuing and supporting them.

Unfortunately, millions of worthless memes have been issued, draining liquidity from the market. This unhealthy phenomenon must be stopped.

Their characteristics are indeed more destructive especially for some shitcoins that only rely on pumps or even for the reason that the community looks very fake which makes not a few people actually destroyed there and this is clearly very destructive.

Altcoin is actually not too different, it's just that when talking about damaging it is clear that nothing else is more destructive than shitcoin.
I will not say as a whole but it is mostly like that, not that I am also anti because for me altcoins also still provide a good influence and movement to support that bitcoin feels more special because after all, when there is no altcoin there, it is certain that no one will be able to make bitcoin king because no one follows. Although bitcoin does not need altcoins but still to show them to be special, there must be altcoins that are used as a foothold to show bitcoin is very different.

[MarjorieZimmermanGinger]

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.

That's why you have to be wise in choosing which coins to invest in. There are many coins in crypto that are simply driven by hype, trapping many people in unfavorable situations. Some people think differently because they think they can make big profits with a small investment in shitcoins, but without careful consideration, their money is lost after the coin loses its market position and its price continues to decline sharply. It's quite unfortunate when people lose more money in shitcoins due to hype, because they could have invested in bitcoin which is much safer and has a better chance of long-term profits.

[pawanjain]

Not only ETFs but I believe it is the same way for altcoins too right. If there were no altcoins then the only crypto would be bitcoin for people to invest in.
But again, every popular asset is bound to have clones and people willing to invest in it.
So the true bitcoin believers will still go ahead and invest in bitcoin and to be honest I don't think any altcoin will be able to kill bitcoin any time soon.

[qwertyup23]

I don't want to go into that much depth. I understand it very simply. It's because of Shitcoin that we understand the difference between light and darkness, trust and fraud, value versus illusion, and technology versus marketing. Most people have ended up losing money and getting scammed and moving to Bitcoin.

The problem with altcoins is its very nature and its credibility. Lots of altcoins nowadays are created primarily for pump and dump scheme, in which we call them "shitcoins". The question is, will this probably be considered as the silent killer of BTC?

While there may be some altcoins that have persisted over the years (e.g. eth, ripple, etc.), it is still inferior to BTC compared to its current price on the market. There is also a reason on why BTC is so sought after as an alternative means of investment over ATCs.

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.

That's why you have to be wise in choosing which coins to invest in. There are many coins in crypto that are simply driven by hype, trapping many people in unfavorable situations. Some people think differently because they think they can make big profits with a small investment in shitcoins, but without careful consideration, their money is lost after the coin loses its market position and its price continues to decline sharply. It's quite unfortunate when people lose more money in shitcoins due to hype, because they could have invested in bitcoin which is much safer and has a better chance of long-term profits.

I agree with you.

A person cannot just simply ride the wave and call it a successful investment just because other people are doing it. If that were the case, then everyone would be rich by now. Just like any other investment which is not crypto, it requires research, time, and patience in order to fully utilize its profitability long term wise.

[Don Pedro Dinero]

The problem with altcoins is its very nature and its credibility. Lots of altcoins nowadays are created primarily for pump and dump scheme, in which we call them "shitcoins".

Nowadays? A decade ago they were already created like that.

The question is, will this probably be considered as the silent killer of BTC?

Naaa it seems like the OP hit his head in 2017 and just woke up now. All altcoins are trending towards zero relative to Bitcoin. You only have to look at what happened recently, when Bitcoin fell slightly in price and altcoins fell much more. And there are tens of thousands of them. I believe that the more that are created, the less danger there is for Bitcoin, because people tend to put them into two categories: Bitcoin and altcoins. There are Bitcoin maximalists, but there are no shitcoin maximalists who only have one altcoin and nothing else. The more there are competing in that category, the harder it is for one to stand out and beat Bitcoin.

[Taskford]

The problem with altcoins is its very nature and its credibility. Lots of altcoins nowadays are created primarily for pump and dump scheme, in which we call them "shitcoins".

Nowadays? A decade ago they were already created like that.

Indeed and its true that they are like that for decade or even when Bitcoin start to became popular coin in the market. Lots of those scam devs take advantage on the success gotten by Bitcoin that's why lots of them create their own shitcoin to scam lots of people. This happen for many years and situation became more worse now especially that lots of people know crypto and lots of vulnerable individuals still think that they can easily get rich if they invest on new altcoins.

The question is, will this probably be considered as the silent killer of BTC?

Naaa it seems like the OP hit his head in 2017 and just woke up now. All altcoins are trending towards zero relative to Bitcoin. You only have to look at what happened recently, when Bitcoin fell slightly in price and altcoins fell much more. And there are tens of thousands of them. I believe that the more that are created, the less danger there is for Bitcoin, because people tend to put them into two categories: Bitcoin and altcoins. There are Bitcoin maximalists, but there are no shitcoin maximalists who only have one altcoin and nothing else. The more there are competing in that category, the harder it is for one to stand out and beat Bitcoin.

Or maybe he's just assuming that it might happen without looking at the real situation happen in the market. If he just study each bullish and bearish movement of the market for sure that he can figure out for his self that those silent killer thing in his mind is just crazy thoughts. Many challenge and say that their coins or token will became the next Bitcoin but all of those alts became a scam.

[Altryist]

Not only ETFs but I believe it is the same way for altcoins too right. If there were no altcoins then the only crypto would be bitcoin for people to invest in.
But again, every popular asset is bound to have clones and people willing to invest in it.
So the true bitcoin believers will still go ahead and invest in bitcoin and to be honest I don't think any altcoin will be able to kill bitcoin any time soon.

I don’t think altcoins can harm Bitcoin in any way, and this bull market shows it very well. Bitcoin is growing while altcoins stay out of the game, only a few of them manage to rise. Overall the market shows the strength of Bitcoin, and I think that can’t be changed. And if in the next 5–10 years countries start creating Bitcoin reserves, it will make Bitcoin an asset that no other coin will be able to come close to.

[qurbanshah02]

Not only ETFs but I believe it is the same way for altcoins too right. If there were no altcoins then the only crypto would be bitcoin for people to invest in.
But again, every popular asset is bound to have clones and people willing to invest in it.
So the true bitcoin believers will still go ahead and invest in bitcoin and to be honest I don't think any altcoin will be able to kill bitcoin any time soon.

I don’t think altcoins can harm Bitcoin in any way, and this bull market shows it very well. Bitcoin is growing while altcoins stay out of the game, only a few of them manage to rise. Overall the market shows the strength of Bitcoin, and I think that can’t be changed. And if in the next 5–10 years countries start creating Bitcoin reserves, it will make Bitcoin an asset that no other coin will be able to come close to.

I also understand this but in some ways it can happen like when Bitcoin is running at a good price and sometimes Altcoin does not get support then Bitcoin has to reduce itself due to which we can say Altcoins harm Bitcoin but this does not happen every time so we can understand it to some extent. That is what I am saying that Bitcoin goes up with its growth and there are some coins which see this and due to its growth come up and move towards success. This is also very good but compared to Bitcoin there will be some coins which will move themselves upwards but the position of Bitcoin will become difficult for them.

[Bushdark]

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.

That's why you have to be wise in choosing which coins to invest in. There are many coins in crypto that are simply driven by hype, trapping many people in unfavorable situations. Some people think differently because they think they can make big profits with a small investment in shitcoins, but without careful consideration, their money is lost after the coin loses its market position and its price continues to decline sharply. It's quite unfortunate when people lose more money in shitcoins due to hype, because they could have invested in bitcoin which is much safer and has a better chance of long-term profits.

I don't think there is any altcoins that can competw with Bitcoin even if it have use case and plenty investors buying it.
With all the pump and influence on Ethereum we have not seen any way Ethereum can compete with Bitcoin that is the foundation of the cryptocurrency market. There is no threat to the existence of Bitcoin and not even the whole altcoins market can make Bitcoin bleed or show a low adoption. Like we have seen that many altcoins had fallen more than what we have seen with Bitcoin that dropped only few percentage.

[martinex]

With all the pump and influence on Ethereum we have not seen any way Ethereum can compete with Bitcoin that is the foundation of the cryptocurrency market. There is no threat to the existence of Bitcoin and not even the whole altcoins market can make Bitcoin bleed or show a low adoption. Like we have seen that many altcoins had fallen more than what we have seen with Bitcoin that dropped only few percentage.

BTC moves on its own, and altcoins follow BTC; there's a clear fundamental difference. Even if altcoins and some do experience a pump today, it's just a pleasant illusion and isn't permanent. Fundamentally, it's okay to hope and can be used as a foundation for long-term investment. If we choose the wrong altcoin with a powerful pump, be prepared for significant losses. A trash coin remains trash and will continue to harm anyone who buys it, and there will be many victims.

BTC must seize this moment and move quickly or it will lose its uptrend. If the rising zone continues to rise, it will create a strong monthly close. Otherwise, the market will be torn apart again, and what Peter Schiff predicted will come true, and the troops will soon disband, and that's what he said.

[Asuspawer09]

I mean, this was already a discussion a long time ago, and the answer would just end up being that altcoins are nothing and not going to kill Bitcoin. There is a market for altcoins, but there is no way it is going to surpass Bitcoin or even replace it. We know that there was a lot of huge room for profit when it comes to altcoin investment, if you are going to compared that to Bitcoin investment, Because Bitcoin is already on top, if you wanted a higher return for sure its going to take years on Bitcoin investment even though you can already see a huge movement on Bitcoin getting like x10 on it seems impossible this days. Compared to the altcoins market, you could probably achieve that if you're lucky with your altcoin investment. We see a lot of them increase their market price in just a short amount of time.

We see a lot of risk in meme/shit coins since you already mentioned it, there might be some liquidity that flow on it, but when it comes to long term, you dont really plan to invest on it because they were mostly hype in the market, but there was no foundation on it, after the hype the token usually dies and forgotten, liquidity is just going to go back on Bitcoin or top altcoins in the market.

No need to worry, since we have a lot of assets, so it's expected that the money is not all going to Bitcoin. What's great is we are seeing a great momentum on the Bitcoin market price through the years, with that we could expect more in the coming years.

[Graph001]

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.

That's why you have to be wise in choosing which coins to invest in. There are many coins in crypto that are simply driven by hype, trapping many people in unfavorable situations. Some people think differently because they think they can make big profits with a small investment in shitcoins, but without careful consideration, their money is lost after the coin loses its market position and its price continues to decline sharply. It's quite unfortunate when people lose more money in shitcoins due to hype, because they could have invested in bitcoin which is much safer and has a better chance of long-term profits.

I don't think there is any altcoins that can competw with Bitcoin even if it have use case and plenty investors buying it.
With all the pump and influence on Ethereum we have not seen any way Ethereum can compete with Bitcoin that is the foundation of the cryptocurrency market. There is no threat to the existence of Bitcoin and not even the whole altcoins market can make Bitcoin bleed or show a low adoption. Like we have seen that many altcoins had fallen more than what we have seen with Bitcoin that dropped only few percentage.

It is safe to say that Bitcoin is by far the most powerful and trusted cryptocurrency, often referred to as digital gold. Bitcoin’s fixed supply makes it stand out from the rest and is what makes it the market leader, and it is more valuable than most altcoins in the market. You might think that no other altcoin can match its impact. However, altcoins like Ethereum have also introduced new technologies like smart contracts and apps that Bitcoin does not yet offer. This shows that despite Bitcoin being so powerful, in some cases this altcoin also has more advantages than Bitcoin. Here you have to remember that people do not only consider the price when investing, but also whether it will be beneficial for them. So while Bitcoin is currently at the top, as technology and new innovations continue to change the crypto world, other altcoins are also growing and, if not currently, can compete with it in the future, even if they cannot lead like Bitcoin.

[aylabadia05]

<snip>

Bitcoin ETFs don't hurt bitcoin, but the altcoin ETFs do as I explained.

Alternative coins aren't always in a bad position in the crypto space. Altcoins, with their grouping, can offer positive benefits for those willing to think before making a decision.
With the advent of altcoins, people will discover that nothing is better than Bitcoin because they exist because of a difference in thinking. No matter how hard altcoins try to surpass Bitcoin, their efforts are futile.
Don't waste your time on any coin other than Bitcoin.

[bakasabo]

I havent seen such topics for a while and thought that all those bitcoin killers have already disappeared. Nevertheless, people still think that there is a bitcoin killer. How many times we have seen and heard such announcements? How many times people buried bitcoin? I dont know what should happen with bitcoin or what idea should altcoin offer, that bitcoin death would be at least a little bit near. As long as we observe that bitcoin has +50% dominance on the market, there is not even a pinch of doubt that there is somewhere a silent killer.

[MinoRaiola]

That is one reason I believe the price of BTC has been so stagnant this year.  
It's not the only reason, but IMO one of the major factors that no one ever thinks about.

At the beginning of the year, the price was 93.000$, and today it is 103.000$, an increase of 10.000$, or +10%. There are altcoins that have lost 50-60%, some more. Everywhere the best version of something is being copied, and this will continue in the future. But Bitcoin is number one, no altcoin can deal with it. And the BTC history is unique.
One thing is strange. October was so bad month for Bitcoin, which hasnt happened in the last six years. The months of November and December are unpredictable at the moment, with a situation in the world that is difficult to evaluate.

[iamsange]

Alternative coins aren't always in a bad position in the crypto space. Altcoins, with their grouping, can offer positive benefits for those willing to think before making a decision.
With the advent of altcoins, people will discover that nothing is better than Bitcoin because they exist because of a difference in thinking. No matter how hard altcoins try to surpass Bitcoin, their efforts are futile.
Don't waste your time on any coin other than Bitcoin.

Altcoins may never surpass Bitcoin, but their presence has added enough color and diversity to the crypto space that everyone should learn not to consider them the same as Bitcoin. And on the other hand, anyone who can utilize altcoins for short-term profits is perfectly welcome, although holding them in a specific wallet for too long is not recommended. Because altcoins are less suitable for long-term storage, they are also less suitable for investment. However, in terms of profit, I think it's okay for anyone who wants to utilize them.

[Renampun]

Altcoins are useless and dangerous but something worse has happened in this market cycle with massive growth of meme tokens. They are useless, even more useless than traditional altcoins, no technology, no promising use cases, only funny narratives. I know most altcoins fail and die but with meme tokens, their appearances, hypes, growths and deaths are even more unbelievable.

snip

Memecoin was created just for hype, there is no utility value that makes it worth investing in, so if people choose to invest their money in memecoin it is only because they want to gamble that their money can double in a short time, not because there is a strong fundamental behind the project. it is not surprising that why many memecoins die compared to regular altcoins due to the lack of community support and the creators of the coins running away after getting money from the holders.

[abaeze]

It is true that big companies have launched various altcoin ETFs in addition to Bitcoin ETFs, but for this, I do not agree with the fact that investors' attention and money in the market are moving away from Bitcoin, rather I think that the price of Bitcoin has increased further due to altcoins. Many people invest in altcoins and get disappointed and return to Bitcoin and use Bitcoin as a standard of stability. Just as when the price of Bitcoin increases, the prices of other coins naturally increase slowly and when its price falls, it also affects other coins. Wall Street controls all the markets in the world except the crypto market, They won't do this because it is decentralized. Although they are trying to control or influence the Bitcoin financial marke but they will never succeed.

[uchegod-21]

That is one reason I believe the price of BTC has been so stagnant this year.  
It's not the only reason, but IMO one of the major factors that no one ever thinks about.

At the beginning of the year, the price was 93.000$, and today it is 103.000$, an increase of 10.000$, or +10%. There are altcoins that have lost 50-60%, some more. Everywhere the best version of something is being copied, and this will continue in the future. But Bitcoin is number one, no altcoin can deal with it. And the BTC history is unique.
One thing is strange. October was so bad month for Bitcoin, which hasnt happened in the last six years. The months of November and December are unpredictable at the moment, with a situation in the world that is difficult to evaluate.

I am surprised reading from the op that the price of bitcoin has been so stagnant this year, how is he even able to arrive at such a false conclusion? This year has been one of the best years for investors. This year started off well with the influence Trump's re-election to the current price of 103k. Anyone who is sincere would know this wasn’t a bad year for bitcoin.

The gap between bitcoin and altcoins is indeed very much, that comparison doesn't really hold much fact. Bitcoin has stood the test of time for years, considering altcoins a threat capable of killing Bitcoin is indeed laughable. OP is at liberty to choose what he thinks is the best for him.

[Cookdata]

Not only ETFs but I believe it is the same way for altcoins too right. If there were no altcoins then the only crypto would be bitcoin for people to invest in.
But again, every popular asset is bound to have clones and people willing to invest in it.
So the true bitcoin believers will still go ahead and invest in bitcoin and to be honest I don't think any altcoin will be able to kill bitcoin any time soon.

Bitcoin is even an open source to begin with, which means anyone would have created a fake version of Bitcoin and the fact that the real Bitcoin is successful, people that are late will flood there thinking it's the next Bitcoin, before you knew it more and more fake Bitcoin will be everywhere and with time we are going be having different concept of fake Bitcoin just like the way we had ethereum, Solana and many more concepts of cryptocurrency.

The thing is that, Bitcoin is already a mainstream assets. Everyone knows the real Bitcoin, even if at some point in future there is another coin that people try to push, it will never supercede Bitcoin because it's the foundation of every coin that we have in crypto. It will make sense to see Bitcoin go as high as multiple price than seeing another fake Bitcoin come and pass Bitcoin. I can still recall yearn finance, that coin reach $60k before Bitcoin but today it's almost dead.