Are altcoins useless? - page 49. | Bitcointalksearch.org

wuvdoll

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Quote from: valek.bruno on February 12, 2019, 11:39:29 AM

there are such thoughts, but I don’t think that there is truth in the fact that something can be changed here. I am sure that now a huge number of people are trying to still have the opportunity to not sell the available finances for a penny. Everyone is waiting for the waves.

Even majority of the people from this community also thinking like that still I believe we cannot have general opinion like this on all altcoins as there are proven coins existing and I believe altcoins are needed for crypto space at least for testing nee features. But, I guess no once could ignore the important role being played by altcoins in promoting cryptocurrencies to new people. I believe this one reason is more than enough to conclude that altcoins are not useless.

We cannot simply pass the thoughts of "altcons are useless" because may altcoins are here for no reasons. They are just clones of some other modified coin's algorithms. When many altcoins are failing, we cannot stop people to have a common opinion like why these many altcoins are being introduced.

Adriano2010

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To answer just to title, i would say yes but not all, some of altcoins are useless, besides there are some altcoins i like, some of them can be sent and received instantly and without pay a fee (Nano for example), and there are some altcoins which are used in some domains.

Sebas.tian

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Alts have different usage than bitcoin. Like how xrp is to banks and eth is to smart contracts. It is true though that a vast majority of alts are useless but once adoption prospers, the public will be able to use its services to the outmost.

mcnocon2

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I agree with you there, most of the altcoins are useless and never used based on their true purpose. Most of the altcoins are used only for trading, that's why their price are dump because they have no real use-case. But to point out that there are few altcoins that are used in daily transactions and used based on their purpose like BNB.

leslie4u

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I don't think Altcoins are useless. They offer some of the features which not even BTC has. BTC adoption is huge and this is why when it comes to Crypto everyone just talks about BTC/ETH but then it doesn't mean other coins out there are junk.

However I can understand about ICO's and ERC20 tokens. Many are just scams and fail to deliver as we all know.

As a trader I do buy Altcoins and then the time is right I sell them to gain BTC like what many of us do. With that being said I also hold some Altcoins for I see potential in the project.

Have a good one.

valek.bruno

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Of course, there are such thoughts, but I don’t think that there is truth in the fact that something can be changed here. I am sure that now a huge number of people are trying to still have the opportunity to not sell the available finances for a penny. Everyone is waiting for the waves.

SuneEmber

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Quite the contrary. Altcoins, or at least "tokens", are in many cases much more useful than their cryptocurrency counterparts.
Tokens often have a utility, which means that even if they never become the preferred medium of exchange in the crypto community, they still have value because of the platform on which they're used.

For example, imagine if the premium currency in a video game were tokens. That'd create a constant demand for that token from players. And over time, more games could be launched using the same token. Now that's proper utility.

As long as an altcoin/token is used in a product or service where there'll actually be demand, then it's much more useful than traditional cryptocurrencies

masterrex

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Quote from: mosprognoz on February 12, 2019, 07:51:49 AM

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart. I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

For me it depends on the Altcoin's purpose and function if it has a true use case then its not useless, But most of Altcoins are indeed useles with no demand for real life application and utilization those characteristics are often found on new created coins or Tokens thats base on hype and not on real purpose.

Prompyboo

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Quote from: newbie0506 on February 12, 2019, 11:02:49 AM

Only those with meaningful use case and a competitive team can break through this over saturation of projects.

now almost there is no project has any real use. just words and nothing behind them. So i thing that now ICO is useless

Raizou

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In my opinion it's wrong for you to frame altcoins in this category, just because below the altcoins, there are shitcoins! But remember that market opening, free trade favors and increases profits, so far the position of King of Bitcoin has been unquestioned. The creation of numerous coins is precisely this possibility that Bitcoin initially provided that it's freedom to do what it likes without many limitations and bureaucracy.

newbie0506

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Only those with meaningful use case and a competitive team can break through this over saturation of projects.

bittraffic

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Quote from: martin1221 on February 12, 2019, 10:23:37 AM

Altcoins create variety in the crypto world. Each one that is created advances the blockchain and at the same time develops it. So whether they do not have some obvious real or proven use, as long as they develop the technology I am ok with it. They create diversity in your holdings.

Don't agree to it though. I expect profit for each token I hold so if it doesn't really have a use case but I still got it, I will definitely make the initiative to sell them all than keep holding it. There ain't no use if its just for diversity for your holding, those token has to reason why it can have some demands in the market, if it doesn't then it has zero value.

martin1221

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Quote from: mosprognoz on February 12, 2019, 07:51:49 AM

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart. I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

Altcoins create variety in the crypto world. Each one that is created advances the blockchain and at the same time develops it. So whether they do not have some obvious real or proven use, as long as they develop the technology I am ok with it. They create diversity in your holdings.

cabron

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ETH and XRM are both altcoins. You already know how useful it when it comes to being a platform and also you need ETH for gas which is pretty logical. For XRM this is personal for those who used it, it concentrate more on its privacy. For some altcoins, they need to have a purpose to become useful and we see it every day here where tokens are promoted and will have use case in real world. To some that doesn't have use case then that's waht you can call useless.

CoinsOrDie

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Quote from: mosprognoz on February 12, 2019, 07:51:49 AM

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart. I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

Exactly we have more than 2000 altcoin in coinmarket, and there are many other altcoin not listed there. But in fact we only use less than 100 altcoin and even less than that number. There are many meaningless altcoin and it is made from copying other altcoin and now they are dead. There will be many other altcoin that will die in the future and I just hope that this market will only have about 300-500 altcoin. At that time the market will certainly be very big and increase very strong

jorenpo

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Quote from: mosprognoz on February 12, 2019, 07:51:49 AM

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart. I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

not all altcoins are useless but most of it are. well some altcoins need token to work like stellar lumen.. it is mostly your share on the project. if you own that token youre a shareholder. i guess.

lichuan

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No, I don't think so, there are many different needs in the world, and no single coin can satisfy all of them, so I created Askcoin, a decentralized Q&A platform, welcome to mine ASK, our mainnet is launched in Feb 1, 2019, here is the ANN url:

https://bitcointalksearch.org/topic/ann-askcoin-asic-resistant-is-a-decentralized-qa-and-prediction-platform-5104959

poptok1

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Bobby Fischer was right

Quote from: mosprognoz on February 12, 2019, 07:51:49 AM

Are altcoins useless?

If mining and exchanging in to bitcoins can be called useful then no, they are not useless.
Potential for pump and dump is endless, speculations are inherited, morally doubtful but beneficial.

Quote from: mosprognoz on February 12, 2019, 07:51:49 AM

So do we really need altcoins?

We do. Mostly because competition that they create for the main actors. Without them established coins could get this "hegemonic attitude". When market loses its competition aspects, its stops being free and as such can not represent adequate value.
Every theatre needs the stage, main role, action and background characters to project and influence changes in to preferably dynamic main role. It may be a little troubling, as people don't like changes very much but that's the true and there is no escape from this simple analogy.

rosezionjohn

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For now, every altcoin is still highly dependent on bitcoin In terms of price movement. But I believe there will come a time where major altcoins will be independent of BTC's price. Do we really need other altcoins other than Ethereum and Monero? I think we do. Dash for example is doing an amazing job.

Stervyatnik

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I think that all the same are needed, because some tokens quite acceptablely fulfill their role!

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