Altcoins are the silent killer of Bitcoin

[Zlantann]

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.

This might be one of the major ways that these shitcoins are denting the image of the crypto industry. I know people who were deceived that they were buying Bitcoin, but it turned out it was a pump-and-dump coin they bought. Many of them vowed that they would never have anything to do with cryptocurrencies. But with the availability of information on the internet, people should be able to distinquish beyween Bitcoins and others.   

Yes some funds that would have gone to bitcoin are channeled to altcoins

Those funds will still be channeled back to Bitcoin because of the reputation and trust it has built over the years. Bitcoin has its market and its loyal supporters who will never pull out funds to invest in altcoins. We cannot assume that gold would have done better if not for other precious stones like silver.   

[Dogedegen]

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.

It is fascinating to note how people are easily manipulated. They are complaining and doubting Bitcoin even though it is trading at around $100,000 despite many global issues and bad economic conditions. This is only because some people told them to expect higher prices, nothing else. These few predictions manipulated their brain completely, amazing!

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.

I don't think the impact is that great on the existing price. The impact is more on the potential price that is never reached. Think about shitcoiners and how they usually do it. If someone buys ETH and sellers it later to fiat when it pumps then they have only created negative pressure on the ETH price. Now the people that do this could be split into 2 groups. In the first groups are those that might have bought Bitcoin instead if the risky shitcoins didn't exist, and this is where there is a negative effect but only on the potential price that could be reached through additional buys. The other group are people who would not have bought it anyway, they do not have any negative pressure on the price at least not directly. Sure there is occasionally selling from BTC into altcoins by those that try to multiply their gains, but that is a small portion of the market and it is definitely not happening now as shitcoins are in very bad shape.

Unfortunately a good deal of the population does not learn lessons unless they experience the related consequences, so many of these people can't be turned towards the right path until after they have lost money in shitcoins.

[Donneski]

Op, I think I understand understand where you're coming from. The explosion of altcoin ETFs and tokens has definitely diluted market attention and capital. It’s easy to see how this could slow Bitcoin’s momentum especially when people chase quick profits in projects that offer nothing of real value.

That said, I still believe Bitcoin’s fundamentals remain untouched. Unlike altcoins, Bitcoin doesn’t rely on hype or manipulation to stay relevant. Its scarcity, network effect and decentralization are still unmatched and will remain unmatched as far as the crypto market is concerned.

The noise from the broader crypto market might be frustrating now but you need to understand that Bitcoin's dominance will always supercede and in the long term, Bitcoin will filter out all the distractions and prove its worth again.

[macson]

It's true that money that should have gone into Bitcoin has been wasted on altcoins, but there's nothing that can be done about it because it's a free market, and everyone has the right to decide where they want to invest their money.

But with so many scams and chaos in the altcoin market, we can see how Bitcoin differentiates itself from these altcoins and how it remains the most dominant and trusted asset. This is why Bitcoin remains considered the most reliable asset. Despite the emergence of so many altcoins promising various innovations or high returns, Bitcoin continues to grow and its adoption continues to grow.

And because of this, altcoins are unable to challenge Bitcoin's dominance, because Bitcoin has value and long-term potential. It's not simply relying on the hype that many altcoins offer.

[headingnorth]

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.

Bitcoin killer might be too strong of a word, because bitcoin itself will probably never die.
But rather the altcoin casino exerts a strong downward pressure on bitcoin that serves to cripple its momentum.
This pressure will only get worse over time since there is no limit to how many shitcoin ETFs there can be.

Sooner or later we may see hundreds of shitcoin ETFs dumped on the market. Every catcoin and monkeycoin will
eventually get their own ETF. It's ridiculous. The SEC doesn't care, as long as they are paid their big fees they will set one up for you.

The BS will never end but it makes sense for a corrupt government that runs on big lobby money, also known as legalized bribery.
And the shitcoin lobby has a lot of money.

That said, I still believe Bitcoin’s fundamentals remain untouched. Unlike altcoins, Bitcoin doesn’t rely on hype or manipulation to stay relevant. Its scarcity, network effect and decentralization are still unmatched and will remain unmatched as far as the crypto market is concerned.

Bitcoin can be the greatest invention ever created by humans, but that doesn't mean much for real mass adoption
if very few people understand what it is or why it is valuable.  

Have you ever tried explaining bitcoin to a friend or family member? Haha good luck with that.

They will usually just look at you like you are crazy. When you have to struggle to explain it
then you have already lost. I think bitcoiners take it for granted how much time and effort it takes to understand bitcoin.
As Michael Saylor said you need at least a hundred hours of study to have a good grasp and understanding of bitcoin.
I think that is very true. It took me months of personal study and research to actually understand bitcoin myself.

But not very many will have the time or inclination to do that.
Just because you and I can understand it doesn't mean others will.

OTOH assets like stocks or gold need no explanation. Any average person intuitively understands
the value of a company like Apple, Starbucks, Tesla, etc. Anyone in the world understands the value of gold without explanation.

[Dogedegen]

Sooner or later we may see hundreds of shitcoin ETFs dumped on the market. Every catcoin and monkeycoin will
eventually get their own ETF. It's ridiculous. The SEC doesn't care, as long as they are paid their big fees they will set one up for you.

If people need to burn themselves to understand that these are scams, let them burn themselves. There is nothing we can do to change this, so why panic here?

Bitcoin can be the greatest invention ever created by humans, but that doesn't mean much for real mass adoption
if very few people understand what it is or why it is valuable.  

Everyone will buy Bitcoin at the price that they deserve. Have you not heard of this?

I think bitcoiners take it for granted how much time and effort it takes to understand bitcoin.

Not true. The general consensus is that it is difficult for most and that it is not needed to understand it to get to using it, since anyway average people don't know nothing about the money and cards that they are using. They don't even know what inflation is other than some number that the government tells them every now and then.

But not very many will have the time or inclination to do that.
Just because you and I can understand it doesn't mean others will.

Everyone has the time, they are just lazy and distracted by other things. Anyway, normal people don't need to fully understand Bitcoin.

OTOH assets like stocks or gold need no explanation. Any average person intuitively understands
the value of a company like Apple, Starbucks, Tesla, etc. Anyone in the world understands the value of gold without explanation.

What are you talking about? The average person does not even know how a market works or that the price is determined where the buy and sell sides meet. They don't know anything about the things that you mention. It is a tiny minority that is invested in these things and that understands them to different degrees. Some are even passively invested but they are as clueless as the next person.

[nutildah]

Bitcoin killer might be too strong of a word, because bitcoin itself will probably never die.
But rather the altcoin casino exerts a strong downward pressure on bitcoin that serves to cripple its momentum.
This pressure will only get worse over time since there is no limit to how many shitcoin ETFs there can be.

Its a weird topic to be preoccupied with since you can't change things either way. Our universe could have only ever unfolded in the way that it did, which means shitcoins. Perhaps there is a parallel universe where nobody ever thought to make Bitcoin competitors or expand on the usefulness of blockchain technology. But we don't live there. Its better to plan around what you can control than chastise what you can't.

Sooner or later we may see hundreds of shitcoin ETFs dumped on the market. Every catcoin and monkeycoin will
eventually get their own ETF. It's ridiculous. The SEC doesn't care, as long as they are paid their big fees they will set one up for you.

I don't think any of this diminishes from Bitcoin's clear superiority as a cryptocurrency. And in the years that I've been here we went from the SEC caring too much to not caring at all, which is progress in a way.

[Alphakilo]

Bitcoin killer might be too strong of a word, because bitcoin itself will probably never die.
But rather the altcoin casino exerts a strong downward pressure on bitcoin that serves to cripple its momentum.
This pressure will only get worse over time since there is no limit to how many shitcoin ETFs there can be.

Its a weird topic to be preoccupied with since you can't change things either way. Our universe could have only ever unfolded in the way that it did, which means shitcoins. Perhaps there is a parallel universe where nobody ever thought to make Bitcoin competitors or expand on the usefulness of blockchain technology. But we don't live there. Its better to plan around what you can control than chastise what you can't.

Sooner or later we may see hundreds of shitcoin ETFs dumped on the market. Every catcoin and monkeycoin will
eventually get their own ETF. It's ridiculous. The SEC doesn't care, as long as they are paid their big fees they will set one up for you.

I don't think any of this diminishes from Bitcoin's clear superiority as a cryptocurrency. And in the years that I've been here we went from the SEC caring too much to not caring at all, which is progress in a way.

The competition from these altcoins has acted as a catalyst to prove the authenticity of Bitcoin and that's why when they pump, they dump sooner than expected because the quality and vision is lacking in total.
Bitcoin keeps innovating to show to these altcoins and shitcoins that it can help improve the economy, but the main point is that of volatilities that may sometimes be occasioned by the launch of these shitcoins and that alone discourages those investors who have been patient enough but wouldn't let greed of quick profit help them see the limelight in a long-term DCA plan.

On a contrary, I think without the existence of altcoins, Bitcoin wouldn't have done better to stay on top and that is my take on this subject matter.

[serjent05]

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.

I think the era of telling people that  Bitcoin is scam is already over. The government, and company had proven that Bitcoin is not like those shitcoins that is created to milk people of their money.

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

No one will buy this story now except for those who are unfamiliar to cryptocurrency but a little research will uncover the truth behind these lies. 

It is true that altcoin are taking away potential investors of Bitcoin but it is just a normal course of market competition but saying that Bitcoin is the silent killer of Bitcoin is an exaggeration. It has been proven that no altcoin that is created can trample the Bitcoin market.  May it be in traditional trading or as an ETF.

[Dogedegen]

Its a weird topic to be preoccupied with since you can't change things either way. Our universe could have only ever unfolded in the way that it did, which means shitcoins. Perhaps there is a parallel universe where nobody ever thought to make Bitcoin competitors or expand on the usefulness of blockchain technology. But we don't live there. Its better to plan around what you can control than chastise what you can't.

Yeah some people are being very weird and hypocritical to Bitcoin. These types of scams exist everywhere. Should we abolish the possibility of creating businesses because many businesses scam their customers or other businesses? The numbers are not as bad as in crypto because tools that are as easy to use and as free have never existed like this before. You can create a token in a few minutes without knowing any code, nobody can stop you. Were businesses easier to establish and if you could do it without connecting it with your identity then they would probably also have a 99% scam rate.  

I don't think any of this diminishes from Bitcoin's clear superiority as a cryptocurrency. And in the years that I've been here we went from the SEC caring too much to not caring at all, which is progress in a way.

It does the opposite of what the author claims. While in the short term it does have a negative impact as people are getting burned and confused that Bitcoin is the same as those scams, but everyone learns at their own pace. In the long run all these scams and false claims by other blockchains are reinforcing the idea that Bitcoin is completely different, incomparable. Just these recent weeks in some of the major shitcoins the governance vote on some proposal was rejected, and the company behind the blockchain implemented it anyway. I think it was NEAR or some other crap like that. They are self destructing themselves and their fake claims of decentralization.  

I think the era of telling people that  Bitcoin is scam is already over. The government, and company had proven that Bitcoin is not like those shitcoins that is created to milk people of their money.

It is not. There are still plenty of stubborn people who claim this despite everything that has happened.

[GreatArkansas]

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.

This makes sense, Bitcoin dominance says at all.
Combined all market caps of altcoins, they still can't beat Bitcoin, even though there are already ETFs on some major altcoins.

So for me, this is the sign that Bitcoin dominance will continue to stay higher and dominate the market. As this is already proven all over the time.

[CryptoYar]

According to you, decision by Wall Street to launch altcoin ETFs is bad to Bitcoin due to fact that it is like governments printing too much money and making entire market less valuable. And these ETFs are spreading money across large number of low quality coins other than piling up in Bitcoin, which is breaking value of fixed limit of Bitcoin of 21 million coins and is big factor in not changing of price.  This market issue is failure of rules because these altcoins should have been controlled as securities. Since you can see broader, institutional market always weakening value of Bitcoin. But I think if Bitcoin get weaker so alt coins also get weaker.

[minairia3]

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.

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.

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.

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

[Aanuoluwatofunmi]

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.

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.

[alastantiger]

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.

I hope you don't regret making this decision of existing the market because alot of people have done the same and regretted. The market is still new and is developing hence alot of things will still not be making sense and since this is a free market. People are allowed to do anything they like and that includes creating their own cryptocurrency. You ain't being forced to invest and better you stay in track with hoarding Bitcoin. Forget about the rest of any other things happening in the market and keep your focus on Bitcoin. Altcoins have stolen alot of trading volume that Bitcoin should have being getting but it also made Bitcoin to be more known in region that weren't familiar with Bitcoin. Altcoins have benefited more from Bitcoin but that doesn't mean there aren't some positive benefits of altcoins to the cryptocurrency industry.

[headingnorth]

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.

I hope you don't regret making this decision of existing the market because alot of people have done the same and regretted. The market is still new and is developing hence alot of things will still not be making sense and since this is a free market. People are allowed to do anything they like and that includes creating their own cryptocurrency. You ain't being forced to invest and better you stay in track with hoarding Bitcoin. Forget about the rest of any other things happening in the market and keep your focus on Bitcoin. Altcoins have stolen alot of trading volume that Bitcoin should have being getting but it also made Bitcoin to be more known in region that weren't familiar with Bitcoin. Altcoins have benefited more from Bitcoin but that doesn't mean there aren't some positive benefits of altcoins to the cryptocurrency industry.

I have been holding bitcoin for years, but I'm not going to hold on to it forever. At some point you have to cash out,
which I have been gradually doing all year long (DCA selling to rotate into gold). And gold has been doing much better
this year than I expected.

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.

Sadly, bitcoin still carries a rather negative perception in the public imagination, which is another heavy weight dragging it down.
When most people think of bitcoin at all it is often in a negative manner. Gold doesn't have that problem.

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.

[Catenaccio]

What's nice about gold is the lack of volatility and FUD. Criminals don't use gold to scam people or launder money.

Are you sure about this?

Gold as all other things, can be used by criminals for money laundering. There are reports on how gold was used for money laundering so saying that gold is not used for that purpose is very inaccurate.

FinCEN Files investigations into the gold trade from around the world.
Money laundering through gold.

"Altcoins are the silent killer of Bitcoin"
They are not, because they failed and died with time, so that they even no longer exist to kill Bitcoin.

Snapshots of top coins over years.
Report on dead coins.

[harapan]

Not holding and having your own keys.
Gatekeepers of Bitcoin.
Not buying Satoshi's
Having little or no knowledge about the Bitcoin standard.  Not doing your own research about Bitcoin. Following influencers blindingly online because they advertise about a certain coin. Regulating Bitcoin and keeping it under control.  These and many more are what I consider killers of Bitcoin. Altcoins are no match to compete with Bitcoin not even compete with it. Yes Bitcoin needs a lot of competition to thrive.

[davis196]

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.

The pump-and-dump scams are illegal in the USA, but the US authorities are acting too slow to stop them from happening.
You are the typical Bitcoin maximalists, who's complaining about the existence of altcoins/shitcoins. Do you have any idea about how to stop all the altcoins/shitcoins from existing? Putting all altcoin developers and miners in jail? Banning altcoin trading? Do you have the political influence to impose such changes in the legislation? I've always repeated the competition is a good thing. Bitcoin must have some sort of competition, because competition is what keeps a project in good shape. We all know that most altcoins suck, but their existence is somewhat justified(I'm not talking about shitcoins/memecoins, they are pure scam).

[Kelward]

I don't look at altcoins being a silent killer to Bitcoin in terms of ATF, I rather see most of the uncountable shitcoins that are being launched and flooding into the market as affecting the reputation of cryptocurrency as a whole. Also some people thinks that altcoins have potentials like Bitcoin but because they are all cryptocurrency and they get scammed then label all cryptocurrency including Bitcoin as scams. I have personally seen newbies that heard some memecoins hype and put money into it because they think that if Bitcoin is profitable every cryptocurrency will be profitable, they always have bad takes in the end. Knowing the difference between Bitcoin and altcoins will benefit any crypto investors so DYOR is essential in this crypto market.