STOP BUYING INTO ALT COINS , as you are indirectly hurting Bitcoin

[tstang]

As you all are aware of recent Aurora coin that shot up to $100 with market cap almost $ 1.2 Billion.

That is almost 15% of Bitcoin Market Cap.

Of course as predicted, everyone sell it off and now it is worth $ 1.49 with market cap of $ 15 m.


In almost all exchanges, all alt coins are quoted by xxx/BTC.

Hence, for example, a person wish to sell Aurora Coin, he has to change to BTC via AUR/BTC and then BTC/US.

This has TWO Major implication.

Firstly, it will PUSH the price down as he would SELL it to the highest buyer.

Secondly, the alt coin will "eat into" the Bitcoin Market Cap.


I wish to call upon all exchanges to either change this exchange model to a specific value that doesn't involved Bitcoin and normal people don't buy into all these alt coins.

As you can see, by doing this, you are actually causing more harm to Bitcoin price indirectly.

[alxs]

Omg, are you so naive?

buy low, sell high.  Keep washing.

Learn to play

[graphfox]

Dilution as a 'tragedy of the commons' is real, yes, but it's clear the system isn't going to collapse unless we see ten thousand more direct clones. Coins that really supersede Bitcoin, like Cryptonote, are a totally different matter, wouldn't you agree?

[Bit_Happy]

When people buy BTC (with cash) so they can be part of the alt coin "scene", then the alts are helping BTC.

[trazmoflex]

BTC has already earned the reserve status, people buy BTC to invest in alt-coins.  So nothing is going to hurt BTC since using BTC in trades only leads to wider adoption of BTC.

I think it would just have the opposite effect -- more people buying into alt coins, the better off BTC is. 

[killinitsoftly]

Bitcoin has to beat out competition over time.  There is no getting around this and it doesn't have any impact (detrimental) on Bitcoin.  Learn how to business!

[GTO911]

Bitcoin has to beat out competition over time.  There is no getting around this and it doesn't have any impact (detrimental) on Bitcoin.  Learn how to business!

Lol, i feel sorry for you

[T-800]

As you all are aware of recent Aurora coin that shot up to $100 with market cap almost $ 1.2 Billion.

That is almost 15% of Bitcoin Market Cap.

This wasn't the actual market cap, because only a few coins were actually in circulation (before the 'air drop').

[Dafar]

Aurora coin shot up to $100? I thought it was a scam coin

[RodeoX]

If bitcoin could be hurt and needed my help, I would not want it. People should be able to do as they want. Even if it is wasting their money.

[BitcoinBobbeh]

I'm sure your message touched the hearts of everyone holding $100 AuroraCoins that were worth 0.04 cents when they were purchased.

"No", they said, "Becoming a millionaire isn't worth hurting tstang's feelings."

[glendall]

I don't like many alts but hey, they are allowed to exist. It is a free market.  You have to hope that dumb copy coins made over a weekend will die slow deaths while the few and great inventive and promising new alts prosper.

The cryptocoin game is far less rigged than 'real' fiat funny money markets, so it's nothing to feel to shitty about. I still have no idea why Doge got so popular but I don't begrudge that it did; it's a free market.

[AnonyMint]

My paraphase of the OP. "Stop helping yourself, thinking for yourself, and be unified with and welded to the Titanic".

[EternalWingsofGod]

BTC has already earned the reserve status, people buy BTC to invest in alt-coins.  So nothing is going to hurt BTC since using BTC in trades only leads to wider adoption of BTC.

I think it would just have the opposite effect -- more people buying into alt coins, the better off BTC is. 

I agree Bitcoin has already reached reserve status for other coins so it should still be seen as a store of value for some time

[Pente]

BTC has already earned the reserve status, people buy BTC to invest in alt-coins.  So nothing is going to hurt BTC since using BTC in trades only leads to wider adoption of BTC.

I think it would just have the opposite effect -- more people buying into alt coins, the better off BTC is. 

I agree Bitcoin has already reached reserve status for other coins so it should still be seen as a store of value for some time

+1

The easiest way to buy altcoins is to buy bitcoins first.

[AnonyMint]

BTC has already earned the reserve status, people buy BTC to invest in alt-coins.  So nothing is going to hurt BTC since using BTC in trades only leads to wider adoption of BTC.

I think it would just have the opposite effect -- more people buying into alt coins, the better off BTC is.  

I agree Bitcoin has already reached reserve status for other coins so it should still be seen as a store of value for some time

+1

The easiest way to buyobtain altcoins is to buy bitcoins first.

I wouldn't be so sure of that.

[devphp]

It's a crypto currency war, some altcoins are struggling to be #1. There are many people who joined late, and they hate buying expensive (relative to altcoins) bitcoin, some can't afford to buy even 1 full bitcoin, that sure makes them feel like losers, and they buy into promising altcoins. No mercy and no prisoners in this war, sorry OP, there are no friends in profits or love.

[ie007cheung]

BTC has already earned the reserve status, people buy BTC to invest in alt-coins.  So nothing is going to hurt BTC since using BTC in trades only leads to wider adoption of BTC.

I think it would just have the opposite effect -- more people buying into alt coins, the better off BTC is.  

I agree Bitcoin has already reached reserve status for other coins so it should still be seen as a store of value for some time

+1

The easiest way to buyobtain altcoins is to buy bitcoins first.

I wouldn't be so sure of that.

For me, I just obtain altcoins by mining

Then sell them for bitcoins

That's 'indirectly' supporting bitcoin price 

[redhawk979]

Stop buying DVDs, youre hurting VHS.

[bryant.coleman]

Stop buying DVDs, youre hurting VHS.

The OP was actually saying: Stop buying VHS, you are hurting the sales of Blu-Ray (and your eyes).