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Author Topic: Altcoins are killing Bitcoin and Cryptocurrency as a whole  (Read 9528 times)
J9901
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October 25, 2014, 08:08:13 AM
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The altmarket is the biggest suppression when it comes to Bitcoin mass adoption. To date, there should rightfully only be a handful of altcoins available, specifically, those that actually feature innovations and/or improve upon blockchain technology.

But no, instead we have thousands of 'shitcoins' made strictly, for the most part, to scam investors for a quick buck.

Adding a new currency was initially limited to the governments throughout the world. Now we gave that same power to every capable individual. And we as a whole, have produced one decent 'currency' per hundreds of shitcoins produced per month.


When I was introduced to Bitcoin, i did more research into cryptocurrency. Not long after, without even trying, I basically knew so much about altcoins...specifically, the scams. I heard more news about Altcoin scams than I did about actual bitcoin news.

This is the kind of crap that will ruin Crypto. A huge percentage  of BTC owners dont hold or invest in BTC. They use it to trade via trading against shitcoins. A majority of BTC holders dont really care about if Bitcoin goes 'to the moon'. They just want to choose wisely between a 'short' or a 'long'.

Your average basement dweller can produce a new altcoin in a few hours and dedicate the remainder of the day to create a few graphics, hype up some new 'innovation', and the sheeple traders follow blindly. Next thing you know, hidden premine. Dev earns $5-50k for a days work. And on to the next one.

This is crypto. Only a tiny percentage actually use bitcoin as a currency instead of just a trading token. The majority are only in it for trading against shitcoins.

Shut down all Bitcoin exchanges save only those keeping ONLY BTC/USD, and you will see a true rise to BTC. As long as the alt market is present, Bitcoin will go nowhere but a steady downtrend in terms of value.

The majority of the bitcoin community is the reason why Bitcoin will never be truly become the new currency as some believe.

I'll come back to this when BTC is trading @ $250 ea. by XMAS, and $120 by the end of winter.

RIP Tim Draper.

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devphp
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October 25, 2014, 08:42:34 AM
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Welcome to free market. Free market decides which is best.
MaxDZ8
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October 25, 2014, 08:55:53 AM
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100% agreed OP. There's little we can do but trying to be informative, for those who wants to listen.

Even today, people get excited because of "improved mixing"! Excuse me if I'd go Stealth Addresses or Ring Signatures rather than improving something which I consider obsolete at this point.

Sadly, Pump n Dump brings people money (not all necessarily the original scammers) so there are true and (debatably) legit interests in using those trading tools.
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October 25, 2014, 08:59:31 AM
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Altcoins aren't killing bitcoin or crypto at all. Altcoins will kill themselves eventually because it'll get to the point where people just get tired of the same crap over and over. The best way to deal with all these alts is to just ignore them.
bitsmichel
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October 25, 2014, 09:05:53 AM
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Altcoins aren't killing bitcoin or crypto at all. Altcoins will kill themselves eventually because it'll get to the point where people just get tired of the same crap over and over. The best way to deal with all these alts is to just ignore them.
Most of the altcoins first go up in price and then go to the bottom. Sometimes they are scam or virus to steal BTC.
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October 25, 2014, 09:18:44 AM
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Sadly that is true. Most of the altcoins use back the same bitcoin code except for a few with some tiny minny changes for the cosmetic effect coupled with some clever photoshop skill and that is that. The word innovation and technology is practically non existence. Investors get turned off as they ended up as bagholders in these coins and the game is basically who gets in first who gets out last. Eventually the bad press gets around finally very little people have whether they should move in to crypto.

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October 25, 2014, 09:32:39 AM
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Alt coins might give crypto a bad name but not bitcoin. They're two completely different things. Some alt coin technology could even be beneficial to btc in the future.
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October 25, 2014, 09:32:58 AM
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100% agreed OP. There's little we can do but trying to be informative, for those who wants to listen.

Even today, people get excited because of "improved mixing"! Excuse me if I'd go Stealth Addresses or Ring Signatures rather than improving something which I consider obsolete at this point.

Sadly, Pump n Dump brings people money (not all necessarily the original scammers) so there are true and (debatably) legit interests in using those trading tools.

It is ironic that you mention pump and dump since I see Bitcoin as being speculated as hell in the past months. Human greed takes over in altcoins and it Bitcoin, you wanted to admit that or not!! If you find this hard to believe, just remember the trading bots of Mt. Gox and than talk about the speculation.

This really sadness me, because I'm sure Satoshi didn't envisage this when he rolled out Bitcoin. I am sure he was thinking more of the financial freedom! But greed is a greed!
bitnanigans
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October 25, 2014, 10:10:57 AM
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No, they're not killing Bitcoin. Sure, they can be attributed to killing adoption of other cryptocurrency options due to all the scams out there, but then again it's a free market. Plus who knows, someone could come up with innovative ideas that can be implemented as well.
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October 25, 2014, 10:19:43 AM
 #10

In what capacity are they 'killing' bitcoin? They're not harming it at all. Most intelligent people just disregard them as the scams they are. Move along, nothing to see here.

Bow down, bitches.
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October 25, 2014, 10:30:49 AM
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It is ironic that you mention pump and dump since I see Bitcoin as being speculated as hell in the past months.
But BTC is not just a speculative tool. It is a viable alternative to legacy value transfer methods. Yes, there are speculative positions on BTC just like any other bubble.
devphp
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October 25, 2014, 10:46:49 AM
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But BTC is not just a speculative tool. It is a viable alternative to legacy value transfer methods.

Just like most other crypto currencies. The only advantage of Bitcoin is first mover advantage and hence a larger market share. If Bitcoin was just released today, nobody would even notice it among others as it wouldn't stand above the crowd, in any aspect of it.
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October 25, 2014, 10:49:19 AM
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The altmarket is the biggest suppression when it comes to Bitcoin mass adoption. To date, there should rightfully only be a handful of altcoins available, specifically, those that actually feature innovations and/or improve upon blockchain technology.

But no, instead we have thousands of 'shitcoins' made strictly, for the most part, to scam investors for a quick buck.

Adding a new currency was initially limited to the governments throughout the world. Now we gave that same power to every capable individual. And we as a whole, have produced one decent 'currency' per hundreds of shitcoins produced per month.


When I was introduced to Bitcoin, i did more research into cryptocurrency. Not long after, without even trying, I basically knew so much about altcoins...specifically, the scams. I heard more news about Altcoin scams than I did about actual bitcoin news.

This is the kind of crap that will ruin Crypto. A huge percentage  of BTC owners dont hold or invest in BTC. They use it to trade via trading against shitcoins. A majority of BTC holders dont really care about if Bitcoin goes 'to the moon'. They just want to choose wisely between a 'short' or a 'long'.

Your average basement dweller can produce a new altcoin in a few hours and dedicate the remainder of the day to create a few graphics, hype up some new 'innovation', and the sheeple traders follow blindly. Next thing you know, hidden premine. Dev earns $5-50k for a days work. And on to the next one.

This is crypto. Only a tiny percentage actually use bitcoin as a currency instead of just a trading token. The majority are only in it for trading against shitcoins.

Shut down all Bitcoin exchanges save only those keeping ONLY BTC/USD, and you will see a true rise to BTC. As long as the alt market is present, Bitcoin will go nowhere but a steady downtrend in terms of value.

The majority of the bitcoin community is the reason why Bitcoin will never be truly become the new currency as some believe.

I'll come back to this when BTC is trading @ $250 ea. by XMAS, and $120 by the end of winter.

RIP Tim Draper.


Yes, agree with you. Altcoins are cancer for Bitcoin. But, fortunately, it represents only 10% of bitcoin economy (for now..)
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October 25, 2014, 10:57:30 AM
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Shut down all Bitcoin exchanges save only those keeping ONLY BTC/USD, and you will see a true rise to BTC. As long as the alt market is present, Bitcoin will go nowhere but a steady downtrend in terms of value.


Lol. How can we do that exactly? It's a free market and people can trade whatever they want, just like it's a free market for alt coins. As much as I dislike them alts are here to say but have no bearing over bitcoin whatsoever.
ranochigo
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October 25, 2014, 11:01:16 AM
 #15

Honestly, altcoin can help to experiment and develop new ideas that can help bitcoin. It's up to the users to determine whats worth it. Bitcoin have the most importance in cryptocurrency than any other alt coins.














 

 

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juicyjuice87
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October 25, 2014, 11:45:47 AM
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On a similar note.. This btc fourm is the most boring and lamest place in the world. Get a life, get an alt
J9901
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October 25, 2014, 11:54:34 AM
 #17


Shut down all Bitcoin exchanges save only those keeping ONLY BTC/USD, and you will see a true rise to BTC. As long as the alt market is present, Bitcoin will go nowhere but a steady downtrend in terms of value.


Lol. How can we do that exactly? It's a free market and people can trade whatever they want, just like it's a free market for alt coins. As much as I dislike them alts are here to say but have no bearing over bitcoin whatsoever.

Thats my point exactly. You can't. Its not going to stop until crypto as a whole collapses down the road.

If you think alts have no bearing in bitcoin or crypto as a whole, then you might want to reassess. When people mention Bitcoin to want to give a complete newbie a bit of thought, they will do some research. Upon doing research they will find out about Cryptocurrency as a whole, and how it has and continues to be plagued by scams.

Not to mention the whole Moolah situation is another huge red flag for potential investors.

Free market starts to sound really dodgy when someone can steal over a million dollars worth of BTC and essentially 'break no laws'.

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October 25, 2014, 12:05:12 PM
 #18

Im sure somewhere out there, token ring networks still run; but most people run IP over Ethernet.  Same will happen will all the alts. 
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October 25, 2014, 12:27:00 PM
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Im sure somewhere out there, token ring networks still run; but most people run IP over Ethernet.  Same will happen will all the alts.
I essentially agree, a few might make it though, like platinum or silver compared to gold.
TheLoser
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October 25, 2014, 04:21:12 PM
 #20

I considered Bitcoin or CryptoCurrency BBS just like the early 90's.

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