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Author Topic: Altcoins are killing Bitcoin and Cryptocurrency as a whole  (Read 9528 times)
btcduke
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October 31, 2014, 12:41:17 AM
 #121

Which coin is best is not decided by the creator of the coin but by the users.

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October 31, 2014, 03:46:01 AM
 #122

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.

agree, the technology they need to develop to impress people would bring lots of innovation to BTC
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October 31, 2014, 05:22:14 AM
 #123

Altcoins allow a easy way in to new investors,

How is investing in altcoins easier than bitcoin? As far as I'm aware bitcoin has the most onramps and sellers and most alts require you to buy bitcoin first before investing in their alt.

A lot of investors are reluctant to get into Bitcoin due to the price and think that the return will not be so much. The think that some altcoins provide a higher return. Eventually they sell off, and the money flows into Bitcoin.
The EV of investing in altcoins is less then the EV of investing in bitcoin. Although you may realize a higher short term return by investing in an altcoin, you are taking on substantially higher risk. Additionally the long term trend (which will likely continue) of altcoins is that the price will decline
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October 31, 2014, 05:32:14 AM
 #124

I also do not like altcoins, but let it run its course
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October 31, 2014, 05:36:40 AM
 #125

Very few alts will prove to be important in the long term for crypto currency.

If they don't directly help Bitcoin... then they are probably SOL.  It is better for BTC to be flowing into ALTS over fiat since the bid is a little thin. 

That's a good thing.

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November 01, 2014, 08:48:54 PM
 #126

Altcoins allow a easy way in to new investors,

How is investing in altcoins easier than bitcoin? As far as I'm aware bitcoin has the most onramps and sellers and most alts require you to buy bitcoin first before investing in their alt.

A lot of investors are reluctant to get into Bitcoin due to the price and think that the return will not be so much. The think that some altcoins provide a higher return. Eventually they sell off, and the money flows into Bitcoin.
The EV of investing in altcoins is less then the EV of investing in bitcoin. Although you may realize a higher short term return by investing in an altcoin, you are taking on substantially higher risk. Additionally the long term trend (which will likely continue) of altcoins is that the price will decline

That was not my argument. I was merely saying that some other investors who would be reluctant to invest in Bitcoins may buy altcoins and eventually sell them for Bitcoins.


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November 01, 2014, 08:50:35 PM
 #127

I know there's altcoins that release after "burning" BTC but are there any that hold BTC in multisig trust then release their own coins based on that value? Or a centralized mobile currency that uses bitcoin for backing as a way to bootstrap their payment scheme yet?
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November 01, 2014, 09:30:24 PM
 #128

You know what is killing Bitcoin and crypto's as a whole?


YOU are doing it (metaphorical you, not directed as OP)!


People are worrying about price and the next pump to $1200, instead of utilizing it as a payment system. People are getting overly greedy and we are all suffering for it.


I also blame the companies and exchanges that are coming out with complex trading mechanisms. Leverage trading, seriously? It's like we moved the assholes from one area (wall street) to another (Bitcoin). Bitcoin represents financial freedom from a system that was designed to rob the masses and concentrate money and power into a handful of few. You know what is going to happen next? We are going to see exchanges coming out and doing fractional reserves soon (Which I suspect a few exchanges are already doing) and admitting to it.


If you want Bitcoin and crypto's to succeed, you need demand accountability from exchanges who essentially dictate the price. Make sure they are responsible, and stop utilizing them as a mechanism to "get rich quick". Also blame the pumpers, those who are influencing the market and add little value to the movement as a whole. OP you need to remember that its not the alt coins themselves, but the snake oil salesmen pumpers that could be destroying confidence.


Andrew/TheMage


PS I skipped reading after page 1 so if this was said already I appoligize.

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November 01, 2014, 10:02:20 PM
 #129

Bitcoin, Alts they all have there place. If anything is killing us it's bots on exchanges

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November 01, 2014, 10:13:46 PM
 #130

Bitcoin, Alts they all have there place. If anything is killing us it's bots on exchanges

Jon  Wink

Gawd damn those high frequency traders *shakes fist* Tongue

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November 01, 2014, 10:25:50 PM
 #131

Altcoins are just forks of Bitcoin source code.
Bitcoin can merge the improvements from Altcoins if there are some superior mechanisms.
That's how open source works.
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November 01, 2014, 10:44:37 PM
 #132

Altcoins are just forks of Bitcoin source code.
Bitcoin can merge the improvements from Altcoins if there are some superior mechanisms.
That's how open source works.

Not true. While most altcoins are just forks of Bitcoin, there are some that do not use Bitcoin's code and cannot have their features just implemented into Bitcoin.
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November 01, 2014, 11:36:54 PM
 #133

I totally agree. A cryptocurrency is a universal currency but lets go ahead and compare it to a national currency anyway. If a country had multiple forms of currency it would do nothing but dilute the value of each and every seperate currency and it would cause economic chaos really. Which is why MOST countries stay away from that, and when they come out with new technology for the currency they do away with the old. Which is how cryptocurrency should work also, If one is better because of an advancment then naturally it should take the forefront. But there should not be multiple forms of essentially the same currency with absolutely no difference but the name. It dilutes the market and its main purpose is to just trick newbie investors who don't have a clue.
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November 02, 2014, 02:49:00 AM
 #134

All the other altcoins are just hype riding on bitcoin wave. Well almost all..

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November 02, 2014, 04:18:54 PM
 #135

First time i know bitcoin, I do not care about altcoin, which i only pursue bitcoin, but as time goes by, I became interested and started looking for altcoin and of course, to exchange into bitcoin Grin so I think altcoin not kill bitcoin but only innovation development of cryptocurrency, just my opinion Cheesy
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November 02, 2014, 04:25:21 PM
 #136

Part of technology progress is replaced the innovative with even more innovative technology.

Should crypto currency to survive in the long term, bitcoin will of course be replaced by one of his children.

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November 02, 2014, 07:50:29 PM
 #137

Not sure, everything depends of the bitcoin.
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November 02, 2014, 08:00:11 PM
 #138

Eventually the altcoin developers & investers of alt coins will slowly become bored of it. It's just stupid that a Bitcoin forum has more posts in alt coin section than most of the other sections.
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November 02, 2014, 08:13:21 PM
 #139

Some could be useful though. For example, you can now merge mine Litecoin and Dogecoin, or Bitcoin and Namecoin. Just a little bit of extra profitability for miners.
Though, I do agree that the coins scammers make hurt Bitcoin and cryptocurrency in general.
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November 03, 2014, 09:38:58 AM
 #140

First time i know bitcoin, I do not care about altcoin, which i only pursue bitcoin, but as time goes by, I became interested and started looking for altcoin and of course, to exchange into bitcoin Grin so I think altcoin not kill bitcoin but only innovation development of cryptocurrency, just my opinion Cheesy

One of the Altcoins might become BTC 2.0
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