Altcoins are the silent killer of Bitcoin

[fredericktaylor]

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.

Yes, People are being cheated in various ways in the Crypto world, investing in Altcoins is risky because they have short-term goals and no specific long-term goals, after coming to the market, the price suddenly increases, people invest a lot of money without thinking in the hope of making money quickly, as a result, it disappears at some point. People who invest in Altcoins out of greed face losses. The main purpose of Altcoins is that they will come to the market for a short time and will make a lot of money by cheating people, this is its main feature, so investing in Altcoins is very risky.

[Justbillywitt]

I don't know were you are getting your data from, but from the way things has gone for Bitcoin since the ETF, bitcoin hasn't been stagnant bitcoin record a new ATH. And bitcoin market dominance has been far greater than the altcoins. How many of those altcoins were able to break their previous ATH after being listed in ETF? I don't know in what category you think those altcoins has had effect on bitcoin, they couldn't stop bitcoin from setting a new high. Bitcoin has been doing well on it's own, so everything you are saying here is a lie.

[Scarlett_23]

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.

Satoshi Nakamoto created Bitcoin to create a decentralized economic system and it has been made available to all people in the world. Along with Bitcoin, there are now a lot of shitcoins or altcoins in the market. These are coins that have no real use or technical value, but they are also cryptocurrencies. Therefore, new investors often invest here without understanding the difference and think of Bitcoin. Since these coins often do not exist in the market, investors are deceived. And those who have fallen victim to these frauds consider all types of cryptocurrencies to be fake. However, those who know about Bitcoin can easily find the difference between the two.

[MusaMohamed]

Satoshi Nakamoto created Bitcoin to create a decentralized economic system and it has been made available to all people in the world.

Economy is something bigger and it's not initial purposes of Satoshi Nakamoto when Bitcoin was lauched.
The Bitcoin White Paper with its headline as "Bitcoin: A Peer-to-Peer Electronic Cash System".
https://bitcoin.org/en/bitcoin-paper
https://nakamotoinstitute.org/library/bitcoin/
You can have a little bit more details at the White Paper's Abstract section.

Abstract

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

It is not Bitcoin's purposes to do with economy, it was created as an online payment tool and is part of a financial system if possible.

Your thinking is wrong like people as Bitcoin maximalists think Bitcoin can change, improve economy of a nation.

[TastyChillySauce00]

I'd blame meme coin shitfest more than the altcoin ETF because arguably that's where the retailers got drained of their money and could never rotate to bitcoin again.

ETF is all about allowing capital from traditional finance to be injected into crypto but more seamless for institutional investors.

[TheUltraElite]

Altcoins have been a distraction for possible bitcoin investors, I agree but they are also a learning lesson for those who wanted to get their hands dirty back in the ICOs days where huge returns were possible for such altcoins. That has faded away and I dont think any diligent bitcoin investors dips their hands into altcoin bags anymore, only the ones who are willing to take such risks will and they are not going to last long.

But such cashgrab attempts by making shitcoins are nothing new done by shady people and many of them will come in the future too, people need to learn that thinking of quick returns will lead to quick losses.

[BALIK]

I'd blame meme coin shitfest more than the altcoin ETF because arguably that's where the retailers got drained of their money and could never rotate to bitcoin again.

ETF is all about allowing capital from traditional finance to be injected into crypto but more seamless for institutional investors.

If you blame memes, shitcoins, altcoin ETFs shouldn't be ruled out either. Because they will also absorb some of the cash flow and dilute the cash flow into bitcoin. Instead of just pouring money into bitcoin, some of the money is now going into altcoin ETFs.

As we have seen, there was a time when a large amount of money continuously flowed into ETH ETFs instead of BTC ETFs for 3 consecutive weeks. As a result, bitcoin increased significantly slower than ETH at that time. This problem will become more serious if more altcoin ETFs are approved in the future. Money will continue to be fragmented rather than just concentrated in bitcoin.

But honestly, I don't want to blame anyone because the market only matures when there is competition. If we only blame, it only shows that we are afraid.

I believe in Bitcoin and I believe the more competition from altcoins, the more it will assert its position.

[GigaBit]

Bitcoin is never hurt by altcoins. Even if there are temporary problems in the market due to hype, Bitcoin will continue on its own way in the long run. Altcoins cannot be compared to Bitcoin. Even if the price of Bitcoin does not increase for a long time, it can still achieve new ATH. But that is never possible with Altcoins. Moreover, if an Altcoin is added to the ETF market, it will not have any positive role. Although there has been a big hope for Ether in the Altcoin market for a long time, it does not have any new ATH. But Bitcoin is just touching new ATH constantly.

[death69]

Wall Street does what Wall Street does. You are witnessing the shock doctrine on stage in real life, only the catastrophe is confounding. They did not kill bitcoin through ETFs. They diluted the signal. Flooded the zone. When you cannot do something, you clone it until no one can remember what the original was doing.

Btcoin does not require the price to win. It needs to outlast. The shitcoin casino? It is a characteristic of fiat thinking. Each pump-and-dump educates somebody. Each rug-pull makes another refugee who at last has it. Market cap dilution does not cancel out the 21 million limit. The timechain does not worry about Coinbase listings.

You're out? Who care, actually?

[osasshem]

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.

At this point, Bitcoin was not single-handedly created to be alone, and that is why we have the presence of altcoins in the crypto market, where Bitcoin remains the lead of the entire market. Bitcoin having its own ETFs and the altcoins having theirs doesn't stand to affect anything related to Bitcoin. There is a reason for diversification of our assets, where everyone knows well that in investment Bitcoin remains the safe, so, putting hands into other coins doesn't mean it will affect Bitcoin.

[Boiboi20]

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.

Altcoins will never be on the same level as bitcoin most of them are just hype projects that end up scamming people or dying off after a while their prices jump around too much and you can’t really trust them long term.
However Bitcoin ETFs on the other hand are actually good for the market they bring more investors and boost demand which usually pushes bitcoins prices even higher.
At the end of the day bitcoin stand strong while most Altcoins Fada away it is really not even fair comparison.

[Numeral]

[...]
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 altcoin market is currently very profitable for many, including the US administration, which often speculates on them and earns well. Therefore, it cannot be otherwise, and there is no point in discussing the past, because we cannot return to the past and change it, we must accept the present and try to adapt to it. Thoughts about exiting Bitcoin may be inspired by the current BTC correction. In my opinion, corrections are a normal phenomenon in the market, and periods when prices are low should be approached with a cool head. Incidentally, there are examples of large investors who are currently buying BTC rather than exiting the market. Altcoins are not going anywhere, they should be accepted as a given and their presence in the cryptocurrency market should be taken into account.

[taufik123]

Bitcoin is never hurt by altcoins. Even if there are temporary problems in the market due to hype, Bitcoin will continue on its own way in the long run. Altcoins cannot be compared to Bitcoin. Even if the price of Bitcoin does not increase for a long time, it can still achieve new ATH. But that is never possible with Altcoins. Moreover, if an Altcoin is added to the ETF market, it will not have any positive role. Although there has been a big hope for Ether in the Altcoin market for a long time, it does not have any new ATH. But Bitcoin is just touching new ATH constantly.

So the statement about how Altcoins will be the killer for Bitcoin it will never happen.
On the contrary, altcoins will be greatly affected by the presence of Bitcoin, how Bitcoin moves up or down the altcoin will depend on a lot,
especially when the dominance is higher than Bitcoin, then the altcoin will only give up on this situation.

Bitcoin continues to print new ATH and even does so several times in the same year, while altcoins depend on the price of Bitcoin such as ETH which has not reached the ATH again
this year and BNB which has reached a higher ATH this year due to the positive trend and more and more BNB holders believe that BNB is a better asset than ETH.

[Dogedegen]

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.

Yes. Crypto how it is right now is one of the worst environments that exists. Scamming is the norm, it is not the exception which it should be. Out of a 100 altcoin projects, 99 are a scam of some kind. There are different types of scams that most people fail to understand. Lying about the capabilities of your blockchain and calling it the next Bitcoin is also a scam.

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.

There is an ability. While the legislator should not try anything to prevent the creation of anonymous coins and tokens because it is not possible anyway, it should go after everything else. A clear split must be made between two types.

First, anonymous coins or tokens. By default you are investing here at your own risk. We can't stop you, so we won't even try. However, real people who promote things around this coin or token can be held accountable. If you say this is the next Bitcoin, then you must be held accountable for this financial advice. Writing a disclaimer that it is not financial advice should be dismissed.
Second, coins or tokens that are created by companies or public people. Here the regulator must take all measures to ensure that no type of fraud is occurring. Even exaggerating about the potential future of your coin or token must be met with the sword. Swift action must be taken to any person that lies about the project, regardless of their role in it.

This kind of law would fix the space within months. It is very enforceable. Only shitcoin people would be against it because they are full of lies all the time and there is practically a lie industry going on X and Telegram. You can get any influencer to say positive lies about any coin or token if you pay for it. This should not be allowed. They should go to jail and all their money should be seized.

[Perfectbaby]

You can't blame altcoin or shitcoin as you may have term it, today have many cryptocurrencies out there in the market not because they are there to compete with bitcoin but they are just in the market serving their purposes and of course people most definitely trade on those coin. Therefore, whenever the price drops you see people accumulating all the coin that they knows that it would yield better profits before next the bull run they wouldn't going dipper holding many of it and they it recovers you see them selling heavily just for them to recover what they had already lost on the previous market. As a matter of facts it is bitcoin that generally influence and have control over the market where altcoin just follow after it might have regain itself. I don't actually think is altcoin that is holding down the market from not moving forward and as you may know you and I can't give exactly when the market should rise or dip, but what people are doing right away is just speculating on how bitcoin will break out a specific price.

[DanWalker]

You can't blame altcoin or shitcoin as you may have term it, today have many cryptocurrencies out there in the market not because they are there to compete with bitcoin but they are just in the market serving their purposes and of course people most definitely trade on those coin. Therefore, whenever the price drops you see people accumulating all the coin that they knows that it would yield better profits before next the bull run they wouldn't going dipper holding many of it and they it recovers you see them selling heavily just for them to recover what they had already lost on the previous market. As a matter of facts it is bitcoin that generally influence and have control over the market where altcoin just follow after it might have regain itself. I don't actually think is altcoin that is holding down the market from not moving forward and as you may know you and I can't give exactly when the market should rise or dip, but what people are doing right away is just speculating on how bitcoin will break out a specific price.

Some people blame altcoins because they think that if only bitcoin existed, all the attention and money would flow to bitcoin. That thinking is not entirely wrong but in my opinion it is just selfish or even short-sighted thinking. Because competition is inevitable and it happens in every market. Expecting bitcoin to be the only and exclusive currency in the crypto industry is selfish and the mindset of the undeveloped.

In my opinion, only the weak are afraid of competition and only know how to blame others.

[Rustam Meraj]

You can't blame altcoin or shitcoin as you may have term it, today have many cryptocurrencies out there in the market not because they are there to compete with bitcoin but they are just in the market serving their purposes and of course people most definitely trade on those coin. Therefore, whenever the price drops you see people accumulating all the coin that they knows that it would yield better profits before next the bull run they wouldn't going dipper holding many of it and they it recovers you see them selling heavily just for them to recover what they had already lost on the previous market. As a matter of facts it is bitcoin that generally influence and have control over the market where altcoin just follow after it might have regain itself. I don't actually think is altcoin that is holding down the market from not moving forward and as you may know you and I can't give exactly when the market should rise or dip, but what people are doing right away is just speculating on how bitcoin will break out a specific price.

You are right that altcoins are not just fighting with Bitcoin they are created to deal with certain problems and are used by traders as one of smart ways to make more money in short period of time when market is on rise, and when they purchase much when prices are low. But, market is not without certain rule Bitcoin sets general trend, and only after Bitcoin has become steady, altcoins begin to grow and rise. Since nobody can tell when price will rise or fall, people are just guessing as to when Bitcoin will hit specific price and this keeps altcoins popular, yet risky, option among traders.

[X-ray]

Altcoins are often called the silent killer of Bitcoin because they attract investor attention and capital away from it. Many offer faster transactions, lower fees, or unique blockchain features. While Bitcoin remains dominant, the growth of altcoins increases competition, reshaping the crypto market’s balance and investor focus over time.

Those metrics you mentioned such as TPS, lower fees, and unique features doesn't hold candle to bitcoin's security though and usually their TPS is lab tested not in a real world scenario. Usually in practical they have lesser than that.

Again, altcoin is not a silent killer of bitcoin. They fall under the category of altcoin for a reason and usually considered a different category altogether by market cap.

[yhiaali3]

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.

[MusaMohamed]

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.

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.

It's naturally to see people join any party that can help them richer and richer. This basic greediness of human makes people easily to take risk, ignore risk of losing money with hope that they will only get richer. The fact is painful, most people don't get richer with altcoins and meme tokens but get poorer, even financialy broken.

How many cryptocurrencies failed?