How altcoins can benefit Bitcoin and crypto currency

[BitJohn]

Had an opportunity to preach on alt coins quite a bit at the Inside Bitcoin convention in NY City. Met lots of Bitcoin purists who just had no taste for alternative coins and plenty of alt coin lovers all with great and unique ideas.

A few altcoins were well represented at the conference eMunie had a booth on the floor, DOGE coin (of course), Bitshares folks, Florincoin just to name a couple of them.
Figured I would share why I think Altcoins are important to Bitcoin. Altcoins are a grand experiment a giant lab where tweaks and changes to the blockchain give live (mostly) working examples of how a blockchain can work under different conditions.

Why this is good is it shows us ways Bitcoin can if needed adapt and change. Let’s take the androidtokens 2.0 or the protoshares snapshot for example. Both are unique ways to completely abandon a chain and begin on a new algorithm new chain while users retain their holdings. Now whether or not you agree with how it was done the fact that they accomplished it shows that Bitcoin itself could if needed do something similar.

DOGE coin is an amazing example of a coin that I for one discounted early on but now find very intriguing. Not because of its innovation but its community. DOGE has made crypto hip. I think many see Bitcoin as a computer nerd or investors game right now and it is hard to get folks interested unless you talk numbers. While DOGE many in that community only know about crypto because of the coin name and meme. Pretty soon we will have a NASCAR driving around the track at Talladega http://gas2.org/2014/04/09/dogecoin-nascar-livery-chosen-much-black . Like it or not this is VERY powerful. The Bitcoin community could learn from this example.

Rather than ramble on and on figure I’ll see if others have some good examples of how altcoins might help drive Bitcoins future. Maybe we will get a productive thread going


Yes this thread will be moderated so try to keep it on topic and productive.

[Hansen]

A Photo of the Lead Dev of eMunie, Dan Hughes and two of the founders can be found here:

https://www.facebook.com/eMunie.Currency/photos/pb.585808668155048.-2207520000.1399581693./656187674450480/?type=3&theater

[acs267]

I have no idea why some people hate altcoins so much. I guess it's a phase, or something?

[altcoinherald]

I have no idea why some people hate altcoins so much. I guess it's a phase, or something?

It's because a lot of them are pure garbage, so Bitcoin enthusiasts feel like they're taking food off the table. Which is true.

Still, competition is the only way things can get better.

[buddynuno]

Actually altcoins are the reason why many people are using Bitcoins and have come to know Bitcoin!

Altcoins currently also move half the Bitcoin trade volume!

Altcoins brought not only innovation but new blood to cryptocurrency!

We can expect more innovation from future altcoins and maybe Bitcoin can add some of those features to the protocol.

[I2S2SI]

Altcoins are junk in my opinion, just look at the charts, sliding scale on all of them.

Sharpe rises, sharp declines almost 100% of the time.

Not a good intro for new investors.

Tell me I'm wrong

[activecoin]

Altcoins are junk in my opinion, just look at the charts, sliding scale on all of them.

Sharpe rises, sharp declines almost 100% of the time.

Not a good intro for new investors.

Tell me I'm wrong

I guess there is a coin somewhere that has never seen sharp rises or sharp declines?

[acs267]

Altcoins are junk in my opinion, just look at the charts, sliding scale on all of them.

Sharpe rises, sharp declines almost 100% of the time.

Not a good intro for new investors.

Tell me I'm wrong

So your saying EVERY single Alt-Coin is bad? The ones that went up when Bitcoin plummeted to it's lowest low, a few dollars to $80? The ones that are surely more, very much more, stable than Bitcoin?

I'm not going to say your wrong, since it's your opinion, but for the last 1-2 years, Altcoins have kind of proven themselves.

[OC19850520]

Actually altcoins are the reason why many people are using Bitcoins and have come to know Bitcoin!

 
I dont know if your serious here, I dont have numbers but Im confident at least 9 out of 10 people know about decentralized cryptocurrency only because of Bitcoin

[I2S2SI]

Altcoins are junk in my opinion, just look at the charts, sliding scale on all of them.

Sharpe rises, sharp declines almost 100% of the time.

Not a good intro for new investors.

Tell me I'm wrong

I guess there is a coin somewhere that has never seen sharp rises or sharp declines?

Are you asking me or telling me?

[I2S2SI]

Altcoins are junk in my opinion, just look at the charts, sliding scale on all of them.

Sharpe rises, sharp declines almost 100% of the time.

Not a good intro for new investors.

Tell me I'm wrong

So your saying EVERY single Alt-Coin is bad? The ones that went up when Bitcoin plummeted to it's lowest low, a few dollars to $80? The ones that are surely more, very much more, stable than Bitcoin?

I'm not going to say your wrong, since it's your opinion, but for the last 1-2 years, Altcoins have kind of proven themselves.

All the charts indicate otherwise. pick a moment in time if you like but the performance of altcoins is dismal and nothing short of opportune

[activecoin]

Altcoins are junk in my opinion, just look at the charts, sliding scale on all of them.

Sharpe rises, sharp declines almost 100% of the time.

Not a good intro for new investors.

Tell me I'm wrong

I guess there is a coin somewhere that has never seen sharp rises or sharp declines?

Are you asking me or telling me?

Asking, far as I know they all go through high spikes and low spikes, some higher than others and some lower, the supply and distribution has to be analyzed before comparing to other coins, I do not dig into many charts but from what I have seen they all play to the same tune.

If you have some charts and analysis of a coin that does not suffer volatility I would like to see them.