Altcoins are the silent killer of Bitcoin

[headingnorth]

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.

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.

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.

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.

[Helena Yu]

I didn't get it.

I think many people are invest their money in Bitcoin ETFs compared to Ethereum ETFs or other altcoins in ETFs version (I don't really know because I didn't follow it). If they buy Bitcoin ETFs, technically it boost the price of Bitcoin.

So I disagree ETFs hurt Bitcoin if we talk about the price.

[headingnorth]

I didn't get it.

I think many people are invest their money in Bitcoin ETFs compared to Ethereum ETFs or other altcoins in ETFs version (I don't really know because I didn't follow it). If they buy Bitcoin ETFs, technically it boost the price of Bitcoin.

So I disagree ETFs hurt Bitcoin if we talk about the price.

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

Let me put it another way.

Say someone has $1000 to invest in a bitcoin spot ETF. While they have their money in the bitcoin ETF
they find out about other ETFs like ethereum, solana, etc. Now instead of $1000 going all into bitcoin
they will split their money two or three different ways or more between bitcoin and all the other shitcoins.

They may even take all their money out of the bitcoin ETF completely and throw it all into the shitcoin ETFs.
Remember, your typical ETF investor is not a bitcoiner, they tend to be speculators and the presence of the
shitcoin ETFS only serves to distract or confuse them. They often have little understanding of what they are
investing in, they are just gambling with the price.

[Bluedrem]

There is nothing to worry about, it is only for a short period of time. When the ETF of the Shit Coin fails, when investors do not get the expected results from it, they will move back to Bitcoin. I see this as more good than bad for Bitcoin because it proves the potential and transparency of Bitcoin more. People learn to understand how high the economic security of decentralized assets is. I think there will be no other cryptocurrency in the world other than Bitcoin that will be more popular than Bitcoin. Since I believe that Bitcoin is not only better than fiat currency, it is also thousands of times better than gold, then there is no reason to worry so much. Now our only goal should be to own as much Bitcoin as possible.

[BIT-BENDER]

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.

[ruykeri]

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. Billions of people around the world have been scammed and lost a lot of money through shitcoin, and it is because of that experience that most people ultimately trusted Bitcoin, and those who realized this as soon as possible did well in the end because the longer they keep pouring money into something fraudulent and controlled by others, the more they will suffer.

[Merit.s]

I don't think that altcoins can halt bitcoin price growth because a lot of real investors know that shitcoin is gambling. Bitcoin price cannot continue to keep pumping only without correction. I am happy that bitcoin price have increased to $126k which no one predicted before the halving event took place.

Bitcoin price is doing fine because the rate of adoption is increasing daily. Bitcoin price will increase gradually because it's not shitcoin that is been pumped. Didn't you take not that despite lunching Ethereum ETF, ethereum is still unable to reach a new ATH

[headingnorth]

Most people have ended up losing money and getting scammed and moving to Bitcoin. Billions of people around the world have been scammed and lost a lot of money through shitcoin

That may be true in some cases. But what commonly occurs is, someone gets burned by a shitcoin
which makes them think all crypto is a scam including bitcoin. Then they never return to the market.

Then they go around telling everyone bitcoin and everything crypto is a scam.

Why do stocks and assets like gold keep going up while bitcoin is going down?  
That's because the value of stocks and gold is easy for anyone to understand.

But outside of our bitcoin bubble, the value of bitcoin is much harder for the average person to grasp.

[Sammye3]

Altcoins can never be a competition for Bitcoin. They are only a means of ripping people off their money and are very inconsistent in their volatility compared to Bitcoin.

On the other hand Bitcoin ETF only increases the demand and attract investors to the market so I don't see how it is a threat to the price of Bitcoin as Bitcoin price actually rises on the launch of it's ETF.

There is no assured future for altcoins are rug pull is really rampant with developers promote an altcoin and abandon it ripping investors off their money. Bitcoin is consistent and shouldn't be compared to altcoins.

[EluguHcman]

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.

Satoshi Nakamoto the developer of Bitcoin made the Blockchain technology to be an open source in the decentralized concept so as to build and encourage large scale of decentralized financial and monetary digital system.

Believe me, those shitcoins has also attributed to the awareness of Bitcoin in other way as long crypto currency is concerned.
Forget about how some newbies are being deceived by their hypes, later on they realizes that Bitcoin is the best reliable and they comes back to buy and hold on Bitcoin.
Don't be deceptive learning Alt coins are also into the market system

[criptoevangelista]

Shitcoins only serve to maximize profits with Bitcoin; it's a risk that real investors know how to take, while amateurs will always lose money to those who know how to play the game... unfortunately, altcoins exist, but they will practically all go to zero over time; very few will manage to survive the test of time... especially because they all have an owner, unlike Bitcoin, which belongs to the community.

[mrust_mobile]

Some altcoins are not that bad imo. I know most of them are scams but there are a few good ones too. I like xmr a lot for example because it is completely anonymous. It is like having a pocket size Swiss bank account. We used to call btc a Swiss bank account too but these chain analysis and kyc stuff kind of broke bitcoin’s privacy a bit. Since even exchanges don’t want to deal with xmr, it shows us that xmr is actually doing something the authorities don’t want. Ltc and doge are also not that bad imo since their tx fees are nearly nonexistent and they fast too. The rest? Well the rest can die off and we probably wouldn’t lose anything. Btc is still the kind and always will be but let’s be honest, if privacy is what you want, nothing beats monero.

[Mrbluntzy]

Bitcoin price doesn't need to get to the price that we had expect it to reach this year before we can conclude that the value did well this year,  there were different speculation last year and this year telling us that Bitcoin will get to $200k or $500k but unfortunately it didn't reach those price but overall, Bitcoin did very well compare to so many other assets. I also expected Bitcoin to go above $200k this year because it actually surged to $100k last year so I thought this year would even be better but unfortunately it didn't even get to $150k but despite that, it still did well, if you had bought when the price was at $40k last year, you will agree with me that the price did well.

[icebar]

It is true that the promotion of altcoin ETFs may have some impact on the Bitcoin ETF market, but I do not think that this impact can create obstacles to the growth of Bitcoin prices. When investors understand the difference between Bitcoin and altcoins, they will definitely never associate Bitcoin with altcoins. They can take risks in altcoins for short-term gains, but in the long run, they will definitely move away from altcoin investments. We saw an altcoin bull market a few years ago, but that is no longer the case. Although Bitcoin has repeatedly created new AHTs, altcoins have not met all expectations. I do not know how much the ETF market will actually affect the growth of Bitcoin prices, but for those who invest and hold Bitcoin for the long term, there are big changes in Bitcoin prices.

[Jaksonhard]

Bitcoin price doesn't need to get to the price that we had expect it to reach this year before we can conclude that the value did well this year,  there were different speculation last year and this year telling us that Bitcoin will get to $200k or $500k but unfortunately it didn't reach those price but overall, Bitcoin did very well compare to so many other assets. I also expected Bitcoin to go above $200k this year because it actually surged to $100k last year so I thought this year would even be better but unfortunately it didn't even get to $150k but despite that, it still did well, if you had bought when the price was at $40k last year, you will agree with me that the price did well.

That’s a very fair point. Bitcoin does not have to reach those extreme price targets of 200k dollars or 500k dollars for us to realize how well it has fared this year. Most people have unrealistic expectations based on mere speculation, but without even reaching those figures, Bitcoin is doing very well compared to most assets. And yes, many did expect a mega rally after the surge last year to $100k, thinking that this year would be even bigger. Well, though it didn’t reach $150k, the overall performance still looks impressive. Anyone who bought at around $40k last year would still have been in for significant profits.

[Dogedegen]

This one sadly does not click for me. Altcoins are not killing Bitcoin, they are not even competing with Bitcoin. Altcoins are causing damage to Bitcoin's reputation because those that are uninformed consider these things to be of the same. However in this case they are also damaging themselves. I think you got everything backwards. My observation leads me to conclude that as time is passing there is a good portion of people who got disappointed with altcoins and realized what they are and have turned into Bitcoin maximalists.

As more and more altcoins turn out to be a scam or marketing promises, some people will go away and hate the other space but there will be people who will turn to Bitcoin. I see this kind of revelation post on many platforms now and then.

Some altcoins are not that bad imo. I know most of them are scams but there are a few good ones too. I like xmr a lot for example because it is completely anonymous. It is like having a pocket size Swiss bank account. We used to call btc a Swiss bank account too but these chain analysis and kyc stuff kind of broke bitcoin’s privacy a bit. Since even exchanges don’t want to deal with xmr, it shows us that xmr is actually doing something the authorities don’t want. Ltc and doge are also not that bad imo since their tx fees are nearly nonexistent and they fast too. The rest? Well the rest can die off and we probably wouldn’t lose anything. Btc is still the kind and always will be but let’s be honest, if privacy is what you want, nothing beats monero.

XMR has its own place, it does not directly compete with Bitcoin. They are too different.

That’s a very fair point. Bitcoin does not have to reach those extreme price targets of 200k dollars or 500k dollars for us to realize how well it has fared this year. Most people have unrealistic expectations based on mere speculation, but without even reaching those figures, Bitcoin is doing very well compared to most assets. And yes, many did expect a mega rally after the surge last year to $100k, thinking that this year would be even bigger. Well, though it didn’t reach $150k, the overall performance still looks impressive. Anyone who bought at around $40k last year would still have been in for significant profits.

Targets with specific dates are not meaningful and very likely to be wrong. Those can be ignored. Just about any price target has been predicted by someone. It is like listening to gossip inside of a town hall. Eventually Bitcoin will reach all those prices and more anyway.

[AVE5]

There's no form the Alt coins are devaluing bitcoin, rather, their services is part that's also broadening the crypto market while bitcoin is just a breakthrough to the success of the decentralized financial technology.
Moreover the last time I checked bitcoin is doing absolutely well that it still maintenance the hedge inflations as so on adoption is also rising.

I've wanted to ask, are you bittered with the current market behavior as some other investors are also astonished with the current Dip? However, bitcoin still maintains it most dominance of digital assets in the crypto industry. You just have to realize that bitcoin isn't a short term profitable asset. That's if you've expected the price to reach $1,000,000 or some what values that may had so much interested you on before this time.

[OgNasty]

I don't know if I would say that altcoins are a silent killer of Bitcoin, but they do act as speed bumps on the road to adoption.  I don't blame people for looking at crypto and wanting to jump into the biggest get rich schemes possible, but altcoins have always been a form of hidden inflation on Bitcoin.  The hope is that the market gets so big that they don't have an effect, but right now they are definitely sucking some liquidity out of the Bitcoin market.  You could make the argument that some people are getting rich and jumping back into BTC, but I think as a whole altcoins are negative pressure on Bitcoin's price.

[NurseHub]

Bear it in mind that altcoins are not bitcoin and most of the people who have money in altcoins has a lot of money in bitcoin already even though altcoins still affect bitcoins but are only gambling with altcoins hopefully one out of many will produce return and it is not in my opinion the reason why bitcoin is stagnated because even before now there use to be altcoins and even millions of them just like today but bitcoin keep doubling price so what exactly is causing the price not going as fast as it should in my opinion is over expectations, we expect it to be too far in price than normal.

[Ambatman]

In a nutshell you saying Bitcoin needs ETFs to succeed and it not growing lies in the hands of ETFs.
Yes some funds that would have gone to bitcoin are channeled to altcoins
But how can Bitcoin show it's difference and superiority if there isn't anything to compete with.

currently what Bitcoin is facing that's affecting it is the supposed institutional adoption and government unwarranted interest.