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sana8410
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April 24, 2014, 10:14:50 AM |
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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.
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Ayers
Legendary
 Offline
Activity: 2604
Merit: 1023
Leading Crypto Sports Betting & Casino Platform
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April 24, 2014, 11:08:37 AM |
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they should tie them with usd already, they are just sucking btc life
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blatchcorn
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April 24, 2014, 11:41:32 AM |
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The real people who hurt bitcoin are hoarders who never spend it
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GodHatesFigs
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April 24, 2014, 12:51:46 PM |
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The real people who hurt bitcoin are hoarders who never spend it
Exactly the opposite is true: hoarders give the currency value. |
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rudius
Member
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Activity: 84
Merit: 10
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April 24, 2014, 12:57:22 PM |
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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.
A bit of a translation here is needed. Op message : "stop pumping the alt coins you dumb fucks! Let s pump Bitcoin, i want my candy!" |
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Cryptogirl82
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April 25, 2014, 06:07:14 AM |
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Aurora coin shot up to $100? I thought it was a scam coin
it is a scam coin, look at the price now! |
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bryant.coleman
Legendary
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Activity: 3654
Merit: 1217
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April 25, 2014, 06:27:34 AM |
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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.
That statement is factually incorrect. People can't get these alt-coins by buying BTC. They can only purchase alt-coins by selling BTC. And that is the basic problem with the alt-coins. |
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Lethn
Legendary
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Activity: 1540
Merit: 1000
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April 25, 2014, 06:29:54 AM |
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I'm so glad none of you are in charge of monetary policy and didn't have control over the Bitcoin code when it first came out.
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OhMyCoin
Member
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Activity: 117
Merit: 10
Long live Bitcoin.
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April 25, 2014, 10:08:37 AM |
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I'm so glad none of you are in charge of monetary policy and didn't have control over the Bitcoin code when it first came out.
That's true))) |
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SuperClam
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April 26, 2014, 01:54:01 AM |
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For every "sale" of BTC, there is a "purchase" of BTC.
Which edge of the supply/demand equilibrium that sale/purchase takes place on is important, but the fact that a transfer took place is not.
An infinite number of transfers could take place at equilibrium and the price would not change.
Unless, of coarse, you are sending satoshi to an address that is verifiable as inaccessible (burning), but that is neither "here nor there" as they say...
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Paladin69
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April 26, 2014, 02:56:51 AM |
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OP-
People are trading alt-coins as a means to acquire more BTC, dude.
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Cluster2k
Legendary
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Activity: 1692
Merit: 1018
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April 26, 2014, 03:53:32 AM |
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The real people who hurt bitcoin are hoarders who never spend it
Exactly the opposite is true: hoarders give the currency value. If a currency is hoarded and seldom spent, is it still a currency? |
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andyatcrux
Legendary
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Activity: 938
Merit: 1000
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April 26, 2014, 05:01:43 AM |
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The OPs entire argument is based on the assumption that the person selling the alt for btc will without a doubt so badly need to change btc to usd that they will sell to the "highest bidder." This is baseless. There is no reason to believe that someone would not just as likely keep the BTC to continue trading alts.
They had to obtain BTC, right? So I guess they need to buy BTC at asking price to enter the alt market. Demand drives prices so I fail to see how alts would hurt BTC in this regard. It would seem to be quite the opposite.
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devphp
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April 26, 2014, 05:31:52 AM |
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Some alts (from top 10 on coinmarketcap.com) are already available for purchase directly with fiat.
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andyatcrux
Legendary
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Activity: 938
Merit: 1000
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April 26, 2014, 05:37:02 AM |
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Some alts (from top 10 on coinmarketcap.com) are already available for purchase directly with fiat.
Yes, this is one area where alts could eat into the market, but the OP did not make this point. Also, despite the availability of several alts directly to fiat, all alts seem to rise and fall with BTC still. This may change, but for now it could as easily be argued that alts encourage more BTC from fiat purchases rather than hindering it. I don't see where alts are hurting BTC prices by eating into the market. It does not add up. Now one may be able to bring forth a reasonable argument that alts damage Bitcoin's image as a serious new technology, but even this is a double edged sword. |
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counter
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April 26, 2014, 06:21:54 AM |
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I spend Bitcoins that I have so I can't be called a hoarder I know that much. If I see potential to make some profit in an alt coin that I believe in I don't see anything wrong with buying them. I would more then likely use the extra funds to invest in more BTC down the line...
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Fatpony
Member
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Activity: 74
Merit: 10
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April 26, 2014, 05:10:31 PM |
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Well im earning money by playing the market. I still do not have Script miner but i plan to get few ( well at least one ) soon, when things at job get more calmer so I would have more time
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Tsquared
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April 26, 2014, 07:33:08 PM |
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I don't see why buying and selling something for BTC can hurt. Why would buying electronics from tigerdirect with BTC be good for BTC, but buying alt currencies from Cryptsy be bad for it?
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STT
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Activity: 3906
Merit: 1413
Leading Crypto Sports Betting & Casino Platform
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April 26, 2014, 08:04:31 PM |
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There is argument that retailers are also bearish for BTC. Mostly as they are not reusing that BTC for anything, so they pay taxes, wages, produce and profits out in USD.
Seems like a one way transaction, if they at least paid for advertising in BTC that would be something, maybe theres a gap for some daring agency to enter. Im not sure anything BTC can rival google ads just yet but that would be a big deal as advertising is the first currency of the internet for micro transactions, all those 'free sites' are really relying on that backbone first and BTC is a long way behind still
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GodHatesFigs
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April 27, 2014, 03:04:50 AM |
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The real people who hurt bitcoin are hoarders who never spend it
Exactly the opposite is true: hoarders give the currency value. If a currency is hoarded and seldom spent, is it still a currency? Yes; the more it is hoarded, the more valuable it will be as a currency. Without hoarders, there is no demand, and therefore no value, to it as a currency. |
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