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Author Topic: STOP BUYING INTO ALT COINS , as you are indirectly hurting Bitcoin  (Read 8301 times)
zolace
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April 11, 2014, 05:01:16 PM
 #21

If you guys dont know it does kinda hurt bitcoin, when u exchange btc into another coin your giving that coin the power.

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April 12, 2014, 05:31:35 AM
 #22

Maybe thats one of the reason btc cant hold its value

please unban me.
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April 12, 2014, 06:54:40 AM
 #23

Well, I have a question: If I choose to buy penny stocks instead of investing in Boeing or Costco, then does that hurt Costo's stocks because I'm not investing in them like I could be?

It's all a gamble. Buying bitcoin is a gamble. Buying litecoin is a gamble. Everyone is just trying to figure out the best odds of making a few bucks a year from now.

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April 12, 2014, 07:06:36 AM
 #24

I used to think nearly the same..altcoins were simply a distraction as bitcoin is a protocol and layers will be built on top. Then I look at the marketcap disparity between litecoin (which will have no advantages when ASICs roll out) and Vertcoin (which is a superior #2 coin.)

If the world wants Altcoins then Vertcoin has a shit ton of upside to catch up to LTC.

BTC and VTC
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April 12, 2014, 08:43:23 AM
 #25

I used to think nearly the same..altcoins were simply a distraction as bitcoin is a protocol and layers will be built on top. Then I look at the marketcap disparity between litecoin (which will have no advantages when ASICs roll out) and Vertcoin (which is a superior #2 coin.)

If the world wants Altcoins then Vertcoin has a shit ton of upside to catch up to LTC.

BTC and VTC

The price is determined not by ASICs/no ASICs, but by supply/demand. Demand is driven by adoption, merchants, marketing/media efforts. With that in mind I don't see how Vertcoin has any advantage over other more popular/innovative altcoins. This resistance to ASICs feature is utterly useless in my opinion, as only miners care about that, and miners for the large part don't work to generate demand, on the contrary, they dump coin supply on the market. ASICs are even good because they add more hashrate to the network, making it more secure, but I wouldn't mention this factor as it's not very significant for price appreciation. The significant ones are typed in bold above.
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April 12, 2014, 01:22:31 PM
 #26

Well, I have a question: If I choose to buy penny stocks instead of investing in Boeing or Costco, then does that hurt Costo's stocks because I'm not investing in them like I could be?

Yes. That would hurt Costco's stocks. First of all you might have used the money to buy Costco stocks, if you didn't had your sights on the penny stock. Secondly, it adds to the demand of the penny-stock, at the same-time (relatively) reduces the demand for the Costco stock.

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dmeter
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April 12, 2014, 09:29:49 PM
 #27

other coins in market is competition for bitcoins but no body can beat BTC 
other coins in market is simple shit and don't have purpose except chance for exchange to bitcoins and exchange for fiat
sergio
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April 12, 2014, 10:50:09 PM
 #28


It is true that alt coins are bad for the bitcoin market since they dilute the bitcoin market cap, but on the other hand it is important that everyone has freedom and that the freedom that people enjoy not be destroyed, that is one of the reasons bitcoin has been so successful it provided the freedom that other currencies did not provide.

I would argue that some alt coins provide a very specific purpose, and therefore have a reason to exist, for example namecoin provides dns services, some are asic resisteant, some can be mined only with a cpu, etc.

If it is true that some 500 or more alt coins are not needed and serve no useful purpose, my opinion is that at most 5 alt coins are needed, and to avoid dilution the bitcoin market at most you should hold 10% in alt coins, the rest in bitcoins.

critical properties of good alt coins:
open source
decentralized
deflationary

Some coins like darkcoin, or any anonymous coin might be needed for countries that are trying to crack down on bitcoin.
I think bitcoin should be  made fully anonymous, it would help it a lot capturing an even greater market from repressive countries.


coins that do not meet this 3 basic conditions are useless, but it is bad to dilute the market, so hold at least 90% in bitcoins.



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April 13, 2014, 01:51:18 AM
 #29

Alts will continue to exist.
Welcome to the free market OP.

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April 13, 2014, 03:07:26 AM
 #30

It's an open-source ecosystem, which means anybody can take bitcoin's code and try to improve on it. Or build another cryptocurrency from the ground up. In the end it's survival of the fittest, with only the strongest coins dominating the market. There's always going to be competition, and btc is still beta software, so don't think that it can't be overtaken.

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FNG
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April 13, 2014, 05:22:03 AM
 #31

I used to think nearly the same..altcoins were simply a distraction as bitcoin is a protocol and layers will be built on top. Then I look at the marketcap disparity between litecoin (which will have no advantages when ASICs roll out) and Vertcoin (which is a superior #2 coin.)

If the world wants Altcoins then Vertcoin has a shit ton of upside to catch up to LTC.

BTC and VTC

The price is determined not by ASICs/no ASICs, but by supply/demand. Demand is driven by adoption, merchants, marketing/media efforts. With that in mind I don't see how Vertcoin has any advantage over other more popular/innovative altcoins. This resistance to ASICs feature is utterly useless in my opinion, as only miners care about that, and miners for the large part don't work to generate demand, on the contrary, they dump coin supply on the market. ASICs are even good because they add more hashrate to the network, making it more secure, but I wouldn't mention this factor as it's not very significant for price appreciation. The significant ones are typed in bold above.
Bold - I agree.. Has Litecoin gained much traction besides on the investment front? Not really.

Where do you think all the new GPU rigs will flock to once scrypt ASIC put them out of business? VTC. This leads to a community which support a decentralized network. ASICs lead to centralization and they put GPU miners, which make up most of the Alt coin communities, out of business.

If we simply follow your rules then there's no reason to venture outside of bitcoin.
devphp
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April 13, 2014, 05:39:16 AM
 #32

Bold - I agree.. Has Litecoin gained much traction besides on the investment front? Not really.

Where do you think all the new GPU rigs will flock to once scrypt ASIC put them out of business? VTC. This leads to a community which support a decentralized network. ASICs lead to centralization and they put GPU miners, which make up most of the Alt coin communities, out of business.

If we simply follow your rules then there's no reason to venture outside of bitcoin.

There are definately reasons to venture outside of bitcoin, because venturing per se means taking a risk, and bitcoin is getting risky these days due to more centralized network than in its earlier days. As long as it's a calculated risk, I am all for it. Everyone has different calculations. I just don't see how VTC can overtake Litecoin. What can really overtake Litecoin is Dogecoin, there are still ponderings going on the technicals, perhaps they will change its algo to the same of VTC or even introduce more than one independant algo, same as Myriadcoin did, and that would ensure the largest network. Yes, this would hardfork Dogecoin, but their community is so condensed on reddit that it won't be a problem, there were 2-3 hardforks already and nobody seemed to mind that much, and that only affected the price for a day at most. The most flexible coin will win in my opinion, the one that can evolve quickly with the demands of users and miners.
zeeshanblc
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April 13, 2014, 09:45:44 AM
 #33

bitcoin is hurt when morons sell out all they have because of fake news from china
dmeter
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April 13, 2014, 02:38:01 PM
 #34

Alts will continue to exist.
Welcome to the free market OP.
All alt coin including LTC is only gambling chips.moron bay alt coin and hope price go up and earn more BTC.I mining alt coin now primecoin and every days change for BTC.moron by my primecoin which dont have any purpose.If you want gamble simple go in casino play roulette odd/even you have more chance for win and for 60 second you win or lose.no pain,no registration,confrimation and other shit.
look dogecoin last month moron bay doge for 0,00000280 what is today price.  when next month doge come to 0,00000001 i bay for 1-2 btc and hope somebody pump this shit coin 0,0000001
i am also moron because i mining BTC and waste energy and euro.
I now have monetary objective, return my 5000$  from mining equipment i bay ,and put in garbage my antminer S1.i don't want sale equipment for nobody because i don't want bed karma at my soul.
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April 16, 2014, 08:09:44 AM
 #35

I personally think that if people bought alt coins that were bringing some new and needed to the table it would create real competition and a free market.  Instead we have this mess of useless alts that seems only useful for attracting newbies hoping to get rich quick and instead the get scammed even quicker.
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April 17, 2014, 10:11:15 AM
 #36

No altcoin can succeed.

http://themisescircle.org/blog/2014/03/14/the-coming-demise-of-the-altcoins/

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April 17, 2014, 12:04:52 PM
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I personally think that if people bought alt coins that were bringing some new and needed to the table it would create real competition and a free market.  Instead we have this mess of useless alts that seems only useful for attracting newbies hoping to get rich quick and instead the get scammed even quicker.

+1

I'm all for innovative alts, the problem is 90% of the ones coming out were never meant to be more than pump and dump scams. Sure, knowledgeable people may profit from it, but it makes the crypto scene look like a joke to many and it leaves newbies holding the bag which can lead to countless people being scared away.
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April 17, 2014, 06:15:09 PM
 #38

Yea it is ok to buy some coins that actully bring something worthwhile to the community but hoping to get profit from a pump and dump dead horse just seems to be all to common.
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April 17, 2014, 06:28:38 PM
 #39

Altcoins are a silly and harmless hobby for people who are fools and/or eccentric.  They will never threaten bitcoin, in the same way that whittling, dog breeding, and fencing do not threaten bitcoin.

What would happen if a new clothing store opened up and only accepted bitcoin?  That would help bitcoin, if only a tiny amount.  Altcoins are bought and sold using bitcoin, and thus are just another thing that people can spend their bitcoins on.

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April 17, 2014, 08:30:59 PM
 #40

Altcoins are a silly and harmless hobby for people who are fools and/or eccentric.  They will never threaten bitcoin, in the same way that whittling, dog breeding, and fencing do not threaten bitcoin.

What would happen if a new clothing store opened up and only accepted bitcoin?  That would help bitcoin, if only a tiny amount.  Altcoins are bought and sold using bitcoin, and thus are just another thing that people can spend their bitcoins on.

This point of view doesn't get the medal of honor for short-sightedness, for there are even more short-sighted views, but it certainly ranks high.
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