Do we think BTC still has upside or are alts the only way to go?

NUFCrichard

legendary

Activity: 1218

Merit: 1003

Quote from: Sagefit on November 29, 2013, 05:50:05 PM

BTC seems to have found SOME sort of stabilization until some news report sends it in (insert direction). Do we think Alts are really the way to go now? Is there a purpose in leaving something in BTC and not moving it to an alt coin? I myself put most of my profit into Worldcoins and it's upcoming payment center, Scharmbeck. What do you all think?

I look at the bitcoin chart and see that it is up 291% in the last 30 days! 20% swings in a day are the norm. What kind of stabilization is that? In one month BTC could be $200 or $5000, alts could swing even more. You have to be crazy to trade alt coins, but that's why we are all here!

MR2

newbie

Activity: 47

Merit: 0

Quote from: steelhouse on November 30, 2013, 10:09:19 AM

Why do you need stability? The higher it goes the better it is for the users. I hope it goes to $1 million if someone is willing to buy it for that much.

Better for the users, but useless for merchants which have time-shifted expenses - and as long as it is useless for merchants in big scale it is useless as a currency.

Example: (when 1 BTC = 1000$)

Merchant buys goods for 500$ (=0.5 BTC) per piece. Sells it for 1 BTC per piece. (0.5 BTC profit = 500$)

2 weeks later 1 BTC = 1500 $ (aprox. for the sake of simplicity)

Another merchant buys the same good for 500$ - which now is only 0.3 BTC - so THIS merchant can sell the product for 0.6 BTC to have the same profit.

The first merchant need to drop the price to 0.6 BTC (cause of competition), leaving him with just 0.1 BTC profit

You see the problem? And there is ALWAYS fiat-currency involved

msin

legendary

Activity: 1470

Merit: 1004

Personally, I'm looking into completely alternative non-BTC based currencies like eMu and Nxt. Everything will ebb and flow with BTC. With all the attention to BTC, you'll have the NSA an their mothers trying to break the BTC crypto, then all the other crypto's will go down in flames.

hilariousandco

global moderator

Activity: 3990

Merit: 2717

Join the world-leading crypto sportsbook NOW!

Quote from: bitcoin44me on November 29, 2013, 06:01:41 PM

Altcoins are useless at all.
They do not provide anything new to bitcoin.

They only need to make the creators rich ...

I'm not a creator and I've made a sizeable profit from various alts, so everybody is winning. You could suggest BTC is just a way to make money for its early investors. It's easier to invest in alts because they're cheaper to get. I'd suggest buying in both.

defaced

legendary

Activity: 2198

Merit: 1014

Franko is Freedom

ITT people upset that BTC is opensource >_< lol

steelhouse

hero member

Activity: 717

Merit: 501

Quote from: MR2 on November 30, 2013, 08:50:18 AM

So as long as there is no stability and therefore not useable for every-day-purchases, btc is just a bubble.

Why do you need stability? The higher it goes the better it is for the users. I hope it goes to $1 million if someone is willing to buy it for that much.

steelhouse

hero member

Activity: 717

Merit: 501

I think the alt coins have shown where bitcoin is headed, near zero. Anybody can create an altcoin for about $1000, change 3 lines of code. Yes bitcoin is limited in supply, but if you consider all the coins taken as a whole the supply in not limited. New coins should be popping up every week. That is the value right now creating your own coin, you can be a millionaire. The reality is there is no value added in mining. Just a scheme to get a few people interest in and writing about the coin. Like pokemon cards were dilute by new editions, bitcoin will be diluted by new coins.

sdp

sr. member

Activity: 469

Merit: 281

Quote from: MR2 on November 30, 2013, 08:50:18 AM

Guys, don't be stupid.

The WORLD has to accept Cryptocoins - not a handful of merchants.

A merchant need to pay his storage rent, need to pay taxes, need to pay electricity, pay staff, buy food etc.

He cannot use BTC to buy food, he cannot pay his elec. bill with BTC he cannot pay staff with BTC he cannot pay taxes in BTC etc etc

So he has to exchange every BTC to USD. But BTC is too volatile. He may earn today 1 BTC ala 1000usd but may pay taxes 2 months later where btc is 2000 USD (example). Does not work out. He would have to adapt his store prices every hour, highy risky, world is not ebay.

So as long as there is no stability and therefore not useable for every-day-purchases, btc is just a bubble.

PS: I don't care if you can pay anything of the above with btc, because the problem just wanders up the chain and will still remain. Anywhere in the chain you have to exchange btc to usd/fiat/world currency.

From where I am (Argentina) they don't use bitcoins. Those that know about it, either laugh at it or hold them and sell them when they need fiat. It's hard to care about stability if it means they double in value rather than go down. Most coins do not bring anything new to the table. This fact supports your argument. Market adoption encourages more market adoption, it seems that bitcoin has the best chance.

It would be nice to see a list of ideas introduced in Altcoins and a thread on each *idea* evaluating the merits of each one.

MR2

newbie

Activity: 47

Merit: 0

Guys, don't be stupid.

The WORLD has to accept Cryptocoins - not a handful of merchants.

A merchant need to pay his storage rent, need to pay taxes, need to pay electricity, pay staff, buy food etc.

He cannot use BTC to buy food, he cannot pay his elec. bill with BTC he cannot pay staff with BTC he cannot pay taxes in BTC etc etc

So he has to exchange every BTC to USD. But BTC is too volatile. He may earn today 1 BTC ala 1000usd but may pay taxes 2 months later where btc is 2000 USD (example). Does not work out. He would have to adapt his store prices every hour, highy risky, world is not ebay.

So as long as there is no stability and therefore not useable for every-day-purchases, btc is just a bubble.

PS: I don't care if you can pay anything of the above with btc, because the problem just wanders up the chain and will still remain. Anywhere in the chain you have to exchange btc to usd/fiat/world currency.

hope4me

full member

Activity: 126

Merit: 100

Quote from: MR2 on November 29, 2013, 06:15:04 PM

Current value of BTC is ONLY because many ppl want to buy them.

If BTC is not going to be used by the big commerce/merchants the BTC bubble will just pop.

Bitcoin support many merchants already, check this merchant list:
https://en.bitcoin.it/wiki/Trade

Most devs working on Bitcoin, highest security (hashrate), media coverage for network effect, and so on

garan

newbie

Activity: 44

Merit: 0

Alts are like a R&D department. Zerocoin and the likes will be met with stronger opposition form governments, we'll see what happens.

prins

newbie

Activity: 50

Merit: 0

altcoins are currently dependant on the success of btc, but some sure have a bright future ahead of them and some will just fail..

gooryheta

member

Activity: 167

Merit: 10

Quote from: Sagefit on November 29, 2013, 05:50:05 PM

Do we think Alts are really the way to go now?

No, but you may create new alt coin (not much difficult) and find fool to sell your mined coins to.

LitecoinStore.com

newbie

Activity: 5

Merit: 0

Litecoin has been growing exponentially recently.

Bitcoin has room to grow, but if you ask me, Litecoin and a few other Alts is where it is at right now.

pand70

sr. member

Activity: 476

Merit: 250

Quote from: Sagefit on November 29, 2013, 05:50:05 PM

BTC seems to have found SOME sort of stabilization until some news report sends it in (insert direction). Do we think Alts are really the way to go now? Is there a purpose in leaving something in BTC and not moving it to an alt coin? I myself put most of my profit into Worldcoins and it's upcoming payment center, Scharmbeck. What do you all think?

What do you mean stabilization? Yesterday it was at 1000$ and now it is at 1200$. Shocked

MR2

newbie

Activity: 47

Merit: 0

AltCoins are not more and not less useless than BTC. None of them can be considered a hard currency at the moment. BTC just get the most buzz. That's why it has risen so much. Because it has risen so much, everyone gets dollar signs in the eyes and buy even more. That's why it's rising much more.

Current value of BTC is ONLY because many ppl want to buy them.

If BTC is not going to be used by the big commerce/merchants the BTC bubble will just pop.

So all depends if BTC will be an real world accepted currency or not - and for that it is unpractical, other cryptos are more practical. So everything is open :-)

bitcoin44me

full member

Activity: 252

Merit: 100

MARKETPLACE FOR PAID ADVICE LIVE BROADCASTS

Altcoins are useless at all.
They do not provide anything new to bitcoin.

They only need to make the creators rich ...

Sagefit

member

Activity: 84

Merit: 10

BTC seems to have found SOME sort of stabilization until some news report sends it in (insert direction). Do we think Alts are really the way to go now? Is there a purpose in leaving something in BTC and not moving it to an alt coin? I myself put most of my profit into Worldcoins and it's upcoming payment center, Scharmbeck. What do you all think?

Topic: Do we think BTC still has upside or are alts the only way to go? (Read 966 times)