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.
