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Author Topic: Altcoins are killing Bitcoin and Cryptocurrency as a whole  (Read 9444 times)
dandydavv
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October 26, 2014, 01:59:41 AM
 #41

can i ask u something? a few days ago my friend start mining altcoin, it faster than we mining btc and altcoin also increase their price all the time.
is it worth to make some attention to those coin? or we just leave it.
will btc replaced by them someday ?
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raveldoni
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October 26, 2014, 02:30:07 AM
 #42

Most altcoins are trading with btc only as no exchange is ready to directly trade them with fiat so fact is that bitcoin is the reason they have any value.
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October 26, 2014, 02:58:16 AM
 #43

I don't think so,altcoin is a nice way spreading bitcoin instead!

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October 26, 2014, 05:19:39 AM
 #44

Negative fud like in the op are doing worse for btc

The second alt coin close to btc looks like ripple, which is only 3% of btc's market size and most of that is fake premined coins

SBradford
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October 26, 2014, 05:25:47 AM
 #45

I wonder why people can't stop spreading FUD even after bitcoin price is already down much.
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October 26, 2014, 07:43:56 AM
 #46

most people who trade BTC for the latest ,greatest  pump and dump coin  end up at a total loss

They trade their  BTC's for half a million of some new coin being pumped to death and end up with nothing

it happens every in every other market too  but the smart people will still  be the winners in the end

a fool and his money ...............Smiley
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October 26, 2014, 08:43:12 AM
 #47

All the altcoins as a whole make up ~20% of the market cap of bitcoin (at least they did at the beginning of the year - I believe they have overall gone down in value since then so I am not sure where they stand now).

The peak was about 12%. The chart quoted below ends a couple of months ago at 4% and I'm pretty sure the number is lower now given the collapse of alt values (priced against BTC) over the past month.

The OP is completely wrong they are not hurting Bitcoin. If anything they are helping. Alt values against BTC are positively correlated with BTC values against USD. If alts were a substitute or threat you would expect a negative correlation, and that doesn't exist.

Interest in crypto whereever it comes from (for example, DOGE's much interest) helps all crypto. Lack of interest (for example the past month) hurts all crypto. But in reality the effect of alts is proportionate to their size which is tiny.


adhitthana
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October 26, 2014, 09:29:12 AM
 #48

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.
Can you show me a coin someone produced in a few hours?
The reality is there are some very smart and very talented innovators adding enormous value to blockchain technology.
juicyjuice87
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October 26, 2014, 09:57:02 AM
 #49

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.
Can you show me a coin someone produced in a few hours?
The reality is there are some very smart and very talented innovators adding enormous value to blockchain technology.

Bitcoin is be all and end all of crypto. How could anyone possibly improve on it
Turnkey
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October 26, 2014, 02:38:39 PM
 #50

I am not sure if they are killing bitcoins but they keep diverting people's attention from bitcoins to some shitcoins.
evok3d
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October 26, 2014, 03:37:19 PM
 #51

As Andreas M. Antonopoulos nicely put, did twitter kill the email or did youtube and social media kill media and publishing companies?

It is all part of the evolution of digital currency. Bitcoin does not have the means to evolve quickly and make mistakes. The other coins allow for new technologies to be experimented and adopted to reveal what bitcoin can truly do. Without most altcoins we would not the great understanding of what wallets can be made into, sidechain applications (such as storj), other uses of the currency etc..

There is a huge market being developed that has never existed. There is a huge room for all coins that are developing good things to exist. As Andreas once again said, it is the first time we have been able to as a mass express our views in the form of a currency and not abide by the limited centralized choices.

All the scams will lead to better development and better movement. The market is regulating itself, people are learning from scams and users are understanding which coins are useful. In time all turbulence will clear as it has been.

You need to look at this as a whole not just thinking about bitcoin. This is going to completely change the way do things online in less than 10 years.

You can read more about some of the stuff coming forward:

http://www.coinssource.com/future-of-decentralization-part-ii-social-media-atms-bitcoin-2-0-more/

Cheers

CoinCidental
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October 26, 2014, 03:38:33 PM
 #52

I am not sure if they are killing bitcoins but they keep diverting people's attention from bitcoins to some shitcoins.

just keep your eye on the ball (btc) is all thats important
new shitcoins will come and go  every night but the best features if there are any will be ported to btc where is possible

i just wish the alt coins could be kept  in a separate forum or something so i didnt have to see them being pumped/dumped/pimped/spammed  so often in other areas of the forum because it just gets tedious having to scroil past garbage coins  in the btc forums



Unbelive
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October 26, 2014, 04:08:06 PM
 #53

Most altcoins are trading with btc only as no exchange is ready to directly trade them with fiat so fact is that bitcoin is the reason they have any value.

Exactly and people that want to buy alts first need to buy BTC.

Alts are just BTC market. More markets BTC have more stable and more adopted it get.

CoinCidental
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October 26, 2014, 04:19:33 PM
 #54

~most altcoins are based of a fork of bitcoin code so for the most part they ARE bitcoin ..  Wink

if people spent as much time developing satoshis bitcoin as making pump and dump  alts there would probably be a lot more btc services available but theres always the chance they might discover something useful that can be incorporated into bitcoin qt in a later release so their work is not a complete waste of time  Tongue
Neg
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October 26, 2014, 04:25:07 PM
 #55

Alt coins could actually be beneficial to bitcoin. They're good experiments for new features that could possibly be implemented into bitcoin in the future, though obviously 99 percent are worthless bullshit, but you never know...
Beliathon
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October 26, 2014, 04:27:55 PM
 #56

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.

"rightfully?  Please explain the rules of "rightfully" in a rational manner to all of us. Who has these "rights"? Where do they come from?




Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
adhitthana
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October 27, 2014, 09:54:12 AM
 #57

Would it really matter if alts killed Bitcoin though. That would not necessarily be bad.
Of course if you own a lot of Bitcoin you might think it was bad but it's conceivable it could be good.
Yes I know that is heresy  Tongue
devphp
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October 27, 2014, 10:00:26 AM
 #58

Would it really matter if alts killed Bitcoin though. That would not necessarily be bad.
Of course if you own a lot of Bitcoin you might think it was bad but it's conceivable it could be good.
Yes I know that is heresy  Tongue

Bitcoin itself is heresy against fiat system. So it's funny when bitcoiners consider altcoins heresy. Talk about hypocrisy Smiley
Spoetnik
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October 29, 2014, 02:55:49 AM
 #59

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.


What a load of drivel  Roll Eyes

Oh, & bitcoin is a dinosaur.

He's right and your a confirmed scam coin pusher..

Blocknet = asking for 900k right now to *finish a coin on an IPO/ITO/ICO (abbreviation for scam)

EMC2 = Claims to be doing Ebola research but the US Dept of defense funds it, so who is getting paid ?

CarbonCoin = A scrypt clone with a go-green carbon emissions/credit gimmick tacked onto it with lies such as,
they will plant a tree for each block they find then when i confronted them about they posted endless fake pictures showing grape vines
in a vineyard claiming they were professionally planted trees in a forest to help combat Global Warming.  Roll Eyes

Stealthcoin and countless others..

This guy seems to be credited or cheering on all these notorious scams loudly
and then following people around trolling on them with insults to prop up his bank account.

scammy clowns should STFU .

FUD first & ask questions later™
Come-In-Behind
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October 29, 2014, 03:02:12 AM
 #60

Would it really matter if alts killed Bitcoin though. That would not necessarily be bad.
Of course if you own a lot of Bitcoin you might think it was bad but it's conceivable it could be good.
Yes I know that is heresy  Tongue

Bitcoin itself is heresy against fiat system. So it's funny when bitcoiners consider altcoins heresy. Talk about hypocrisy Smiley

Exactly. Altcoins provide the innovation within this space that we need, especially since Bitcoin is already pretty large and changing things around would require deep thought beforehand, etc etc, which limits the amount of creativity/innovation that would arise if Bitcoin was the only cryptocurrency.
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