Can Bitcoin Destroy Crap Altcoins? - page 4.

Hispo

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Quote from: OgNasty on December 09, 2022, 07:00:29 PM

The only thing that will stop shitcoins from stealing people’s money is education. Too many people think that all coins (and stocks for that matter) have the same number of outstanding coins (or shares). This is the most common tactic to fleece those lacking financial education. Too many people judge whether a coin is cheap or expensive by its price instead of market cap. This is mostly a failure of our education system and a get rich quick mentality by the younger generations.

I agree.
Actually, I have seen some articles or pieces of information around the internet discussing how people should not buy Bitcoin because its price is "too high" and according to that logic they start to chill or sell to people whatever altcoin they want to chill. Basically, trying to convince others that is too late for them to join the Bitcoin party.

As if people were not aware that percentage of return is what matters and not price of entry.

Bazzu

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people are now starting to give up on investing in altcoins, because they have suffered big losses. and I also have investment experience in altcoins and I experienced losses. and I think there must be more people who are at a disadvantage because of investing in altcoins. and I believe the aftermath of the collapse of ftx. will make people realize that bitcoins are worth investing in.
so I'm sure bitcoin will be people's choice and there will definitely be many people who leave lousy altcoins.

silbertlee

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Quote from: OgNasty on December 09, 2022, 07:00:29 PM

The only thing that will stop shitcoins from stealing people’s money is education. Too many people think that all coins (and stocks for that matter) have the same number of outstanding coins (or shares). This is the most common tactic to fleece those lacking financial education. Too many people judge whether a coin is cheap or expensive by its price instead of market cap. This is mostly a failure of our education system and a get rich quick mentality by the younger generations.

Education will be a long process that will take time. But I very much support this point of view, but in the face of greedy and ignorant people, there is too much helplessness in it. The heart and mentality are the hardest to change. On the other hand, no matter what the situation is, there are two sides, which is a natural law. Those with high awareness will naturally distinguish whether it is a high-quality project. So fools who lose themselves in order to make money must also exist.

OgNasty

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The only thing that will stop shitcoins from stealing people’s money is education. Too many people think that all coins (and stocks for that matter) have the same number of outstanding coins (or shares). This is the most common tactic to fleece those lacking financial education. Too many people judge whether a coin is cheap or expensive by its price instead of market cap. This is mostly a failure of our education system and a get rich quick mentality by the younger generations.

bhooscream

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Trash altcoins will self-destruct, especially after they, the developers, and their team have made a lot of money, and they will be destroyed very quickly. Because developers won't develop those shit altcoins, and choose to leave them after earning money. This is what has often happened. And the result is that investors (especially new investors) end up losing their money holding these shit altcoins. Bitcoin itself has always been a market determinant. Bitcoin is capable of destroying those trash altcoins, of course, no one can beat it. Imagine, when Bitcoin gets FUD and eventually crashes, most of the altcoins will also crash.

jossiel

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We are really in the period where investors are smarter these days.

But, as an upgrade to them, there will be the new ones that will be the next potential investors of random hyped altcoins in the market.

There could be the reduction but for those people that might choose random shitcoins, we cannot have a control on them.

Oilacris

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Quote from: alexandr1115 on December 09, 2022, 04:26:35 PM

It seems to me that you don't quite understand what you are writing about! Alternative tokens are one of the engines of cryptocurrencies, including bitcoin! It seems to me that Bitcoin and Ethereum are like two connecting links, and I think it's not quite right to separate them!! Bitcoin and the platform Ethereum together are of great importance for the crypto industry!!

Not only on Eth but also in other top altcoins which does have their own blockchains as well and their utility which we could really generalize that they arent totally shit after all.

I agree that we do really want to have a single or a couple of crypto in the market but creating out something out of those top coins is every developers dream
because they do know that they could get tons and millions of dollars in profit or revenue if ever it would succeed out.

There's no need for some destroying or not because shit projects would naturally die on their own specially if there would be no demand.

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Quote from: goldkingcoiner on December 08, 2022, 09:37:00 AM

There is absolutely no need for Bitcoin to destroy the altcoins. Altcoins are altcoins and Bitcoin is Bitcoin. Lets not compare apples to bananas here.

Bitcoin has been the king of "crypto" ever since day one and that has not changed, throughout all these years. You should view Bitcoin as something which is separate from Altcoins. Each of them is different in their nature. It would be better to not even compare the two.

But also, lets not call all crypto a scam. DeFi is quite useful, as long as you know what you are doing and avoid the known traps.

Bitcoin and alts can co-exist with each other. They are catering different purposes just like we need ETH network for smart contracts.
There are several valuable alts that we need other than bitcoin. Just make sure you are choosing a valuable one and not just a pump and dump coin.
Thousands of alts have been created, but we are seeing that only few of them are in the top serving the crypto community.
And there's no need for bitcoin to destroy those crap alts, they die on their own if they don't have actual use case in the market.

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It seems to me that you don't quite understand what you are writing about! Alternative tokens are one of the engines of cryptocurrencies, including bitcoin! It seems to me that Bitcoin and Ethereum are like two connecting links, and I think it's not quite right to separate them!! Bitcoin and the platform Ethereum together are of great importance for the crypto industry!!

goldkingcoiner

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A Bitcoiner chooses. A slave obeys.

There is absolutely no need for Bitcoin to destroy the altcoins. Altcoins are altcoins and Bitcoin is Bitcoin. Lets not compare apples to bananas here.

Bitcoin has been the king of "crypto" ever since day one and that has not changed, throughout all these years. You should view Bitcoin as something which is separate from Altcoins. Each of them is different in their nature. It would be better to not even compare the two.

But also, lets not call all crypto a scam. DeFi is quite useful, as long as you know what you are doing and avoid the known traps.

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Quote from: irhact on December 07, 2022, 11:02:50 PM

Quote from: spectre71 on December 07, 2022, 10:56:01 AM

They will destroy themselves. When I rank the industry by market cap it blows my mind to see how many shit coins have a few billion.

They won't, both coins has different market target. Bitcoin is a currency so its focus should be trying to achieve that status while leaving the altcoins to achieve what ever their aims are provided its pure and doesn't destroy the industry. We have altcoins trying to achieve different aims that bitcoin isn't focus on like Ethereum been used as a smart contract and some other projects wanting to achieve the stablecoin status.

What will be the benefits of Bitcoin destroying altcoins, this industry has grown this far because of the contribution of both coins. We have investors coming into the industry solely because of altcoins investment as we do to Bitcoin so both does compliment each other.

Besides the cleanup we are witnessing is only happening due to the bear market still going strong, once a new bull market appears then all of those people which supposedly were looking for a strong and decentralized coin will begin to invest in all kind of absurd projects once again.

So we must simply accept that altcoins will still be part of this market, as more than anything people invest in them to speculate and to try to earn more money than by simply holding or trading bitcoin, and as long as there are a few winners which can showcase the profits they got by investing in those coins then that will be enough to keep generating interest in the altcoin market.

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OP, the goal of Bitcoin is not to crush the Alt coins, but rather to learn from them and then to apply improvements to it's own code. Satoshi anticipated that the Bitcoin "protocol" would be copied and he had no problem with that, because he knew his protocol would stand the test of time, if competitors tried to dethrone it as the King of tokens.

The Bitcoin protocol is a piece of code, so if some Alt coin come up with a better function... Bitcoin can cannibalize that and it can be coded into the Bitcoin protocol. (Alt coins can copy the Bitcoin code and Bitcoin can copy their code.... but will the majority of the Full node run that code..... now that is the question) Roll Eyes

Also, Bitcoin's main strengths are it's huge merchant network that accept Bitcoin and also the massive amount of hashing power that are backing it for security against attacks. Wink

Ojima-ojo

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Ops you have mixed up a lot of terms in the process of you trying to make a point one of the term you missed used a lot is encryption /encrypts this term mean that the object is end to end and that is talking about security and privacy.

It doesn't really have any place in the industry market volume or operational manner as regard to Bitcoin /cryptocurrency adoption, usage, and dominance.

Bitcoin has a role as the primary cryptocurrency but Bitcoin is not fighting to kill any other coin and bitcoin is not a replacement for fiat currency but Bitcoin performs the role of an alternative digital currency that is decentralized and void of third parties entanglement.

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As some say: “There is good in every bad thing.”
I see that there is a lot of good in the bad events that have occurred in the market in the recent period, and that these bad events will have a huge positive effect on the market in the long run by cleaning up all this rubbish.
It is true that what happened left a huge negative impact at the beginning, which led to a loss of confidence for many people in Crypto, but on the other hand, we see that people’s confidence in Bitcoin has become very great, and the popularity of Bitcoin has increased significantly during the last period.
People are finally realizing their mistake by risking their money on centralized exchanges or investing in altcoins.
Let's let the market clean itself up and soon we'll see the positive effects of painful events.

irhact

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Quote from: spectre71 on December 07, 2022, 10:56:01 AM

They will destroy themselves. When I rank the industry by market cap it blows my mind to see how many shit coins have a few billion.

They won't, both coins has different market target. Bitcoin is a currency so its focus should be trying to achieve that status while leaving the altcoins to achieve what ever their aims are provided its pure and doesn't destroy the industry. We have altcoins trying to achieve different aims that bitcoin isn't focus on like Ethereum been used as a smart contract and some other projects wanting to achieve the stablecoin status.

What will be the benefits of Bitcoin destroying altcoins, this industry has grown this far because of the contribution of both coins. We have investors coming into the industry solely because of altcoins investment as we do to Bitcoin so both does compliment each other.

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Quote from: Sayeds56 on December 07, 2022, 09:16:27 PM

Quote from: CryptoHeadlineNews on December 07, 2022, 05:25:13 PM

Quote from: mosleya on December 06, 2022, 09:39:42 PM

The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

I strongly disagree with this very statement of yours, as we all know Bitcoin was never created to be stable, and can never be irrespective of the huge effects on the market, as there is nothing new which Bitcoin hasn't gone through before came out successfully consecutive. But in as much as we are facing bear market now, it's never permanent, as it is an opportunity to acquire more Bitcoin if you can, as bull run is for sure for only those who could afford to hold it for long.

I agree with your opinion that Bitcoin has never been stable since it was launched back in 2009 but I think it will be stable when it will be adapted by masses & its marketcap will reach to reasonable level (around 10 trillion) then it won't be easy for whales to manipulate the market and create FUD or FOMO.

As far as alts coins are concerned, the good ones will survive, and bad ones will be killed by the market.

Bitcoin attracts investors because of its volatility if bitcoin becomes as stable as gold, then I think bitcoin will lose its appeal, I don't expect that to happen. We don't like gold simply because investing in bitcoin is more profitable than gold, not the technology that bitcoin offers, so if bitcoin is no longer volatile, I wonder if people will stay with bitcoin or will find something alternative.
But you are correct in saying that when bitcoin's market cap becomes as large as gold, it is more likely that bitcoin will cease to be manipulated and become more stable.

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Quote from: CryptoHeadlineNews on December 07, 2022, 05:25:13 PM

Quote from: mosleya on December 06, 2022, 09:39:42 PM

The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

I strongly disagree with this very statement of yours, as we all know Bitcoin was never created to be stable, and can never be irrespective of the huge effects on the market, as there is nothing new which Bitcoin hasn't gone through before came out successfully consecutive. But in as much as we are facing bear market now, it's never permanent, as it is an opportunity to acquire more Bitcoin if you can, as bull run is for sure for only those who could afford to hold it for long.

I agree with your opinion that Bitcoin has never been stable since it was launched back in 2009 but I think it will be stable when it will be adapted by masses & its marketcap will reach to reasonable level (around 10 trillion) then it won't be easy for whales to manipulate the market and create FUD or FOMO.

As far as alts coins are concerned, the good ones will survive, and bad ones will be killed by the market.

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Quote from: avikz on December 07, 2022, 06:19:06 AM

Quote

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

I truly belive in this! But bitcoin doesn't have to destroy anything to be honest! It's just about time, the shitcoins are usually rejected by the market and no one really cares about it! That's the usual dynamics of the market. Bitcoin doesn't have to do anything here!

The entire crypto market is at a very nescent stage where we are acquiring new users every single hour. Not all of them are educated about cryptos. As the time goes, as they gather more experiences, they start to understand which is what! That's when they choose their investments wisely. It's normal rules of the market which will happen with time.

If a brand turns a blind eye to imitators? Is it disrespect for yourself. Bitcoin is the first application of encrypted digital currency. While we don't see any of Bitcoin in action, it operates automatically. His benign development is the greatest education and guidance for people.

darkangel11

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Yes it can and it will. Most people who were in the crypto space were mislead that bitcoin wasn't going to grow, that all the profit is in altcoins, that you shouldn't put all eggs in one basket and so on.
This year they're finally realizing this was all a lie to make them spread their funds. To make them think that if bitcoin does well the whole market will and to make them feel like they can achieve passive income by holding shitcoins and staking them.

Check all those stackable shitcoins like Cardano. If you started staking it last year how much did you make? If Cardano was really staying stable and you had 1k USD in it you'd be making like $3 a month or something but it's going down which means you're making less than that and your total investment value is decreasing so you're making negative profit. If next year Cardano somehow goes 2x you'll still be at a loss. That's how bad shitcoins are, especially the PoS based ones and Cardano isn't even a bad coin. It's just bad compared to bitcoin.

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Quote from: mosleya on December 06, 2022, 09:39:42 PM

The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

I strongly disagree with this very statement of yours, as we all know Bitcoin was never created to be stable, and can never be irrespective of the huge effects on the market, as there is nothing new which Bitcoin hasn't gone through before came out successfully consecutive. But in as much as we are facing bear market now, it's never permanent, as it is an opportunity to acquire more Bitcoin if you can, as bull run is for sure for only those who could afford to hold it for long.

Topic: Can Bitcoin Destroy Crap Altcoins? - page 4. (Read 943 times)