ALT coins are all crap anyways lol.
Alt coins will always exist as long as BTC continues to reject the idea of adopting new changes to improve the coin.
Topic: STOP BUYING INTO ALT COINS , as you are indirectly hurting Bitcoin (Read 8521 times)
Alt coins will always exist as long as BTC continues to reject the idea of adopting new changes to improve the coin.
May 12, 2014, 11:22:15 AM
As you all are aware of recent Aurora coin that shot up to $100 with market cap almost $ 1.2 Billion.
That is almost 15% of Bitcoin Market Cap.
Of course as predicted, everyone sell it off and now it is worth $ 1.49 with market cap of $ 15 m.
In almost all exchanges, all alt coins are quoted by xxx/BTC.
Hence, for example, a person wish to sell Aurora Coin, he has to change to BTC via AUR/BTC and then BTC/US.
This has TWO Major implication.
Firstly, it will PUSH the price down as he would SELL it to the highest buyer.
Secondly, the alt coin will "eat into" the Bitcoin Market Cap.
I wish to call upon all exchanges to either change this exchange model to a specific value that doesn't involved Bitcoin and normal people don't buy into all these alt coins.
As you can see, by doing this, you are actually causing more harm to Bitcoin price indirectly.
That is almost 15% of Bitcoin Market Cap.
Of course as predicted, everyone sell it off and now it is worth $ 1.49 with market cap of $ 15 m.
In almost all exchanges, all alt coins are quoted by xxx/BTC.
Hence, for example, a person wish to sell Aurora Coin, he has to change to BTC via AUR/BTC and then BTC/US.
This has TWO Major implication.
Firstly, it will PUSH the price down as he would SELL it to the highest buyer.
Secondly, the alt coin will "eat into" the Bitcoin Market Cap.
I wish to call upon all exchanges to either change this exchange model to a specific value that doesn't involved Bitcoin and normal people don't buy into all these alt coins.
As you can see, by doing this, you are actually causing more harm to Bitcoin price indirectly.
And this will be one of the times when I use broken grammar, and English:
kkk we believes you
May 12, 2014, 11:18:25 AM
Well, free altcoins make me profits. And why should i pay fiats for bitcoin while ppl get it near free years ago?
May 11, 2014, 12:38:42 AM
I tend to agree, in long run one or atmost two are gonna dominate the scene
Most alts are pump and dump schemes and bad PR period
Makes more confusing for newbies
Most alts are pump and dump schemes and bad PR period
Makes more confusing for newbies
May 10, 2014, 07:10:25 PM
ALT coins are all crap anyways lol.
May 10, 2014, 06:26:31 PM
Obvious free markets are obvious.
May 10, 2014, 06:03:28 PM
I actually think altcoins are good for bitcoin. The dogecoin community made a lot of people aware of cryptocurrency.
May 10, 2014, 05:46:27 PM
I make more money trading altcoins than Bitcoin, so I hope you will not mind if I keep buying into alt coins.
This is a post out of clear desperation. Bitcoin is down not because of alts.
This is a post out of clear desperation. Bitcoin is down not because of alts.
May 10, 2014, 03:34:31 PM
BTC has already earned the reserve status, people buy BTC to invest in alt-coins. So nothing is going to hurt BTC since using BTC in trades only leads to wider adoption of BTC.
I think it would just have the opposite effect -- more people buying into alt coins, the better off BTC is.
I think it would just have the opposite effect -- more people buying into alt coins, the better off BTC is.
I agree Bitcoin has already reached reserve status for other coins so it should still be seen as a store of value for some time
+1
The easiest way to buy altcoins is to buy bitcoins first.
May 10, 2014, 10:59:48 AM
but some altcoin is showing new ideas,so just buy if you think it's worthy of investing.
April 30, 2014, 10:05:17 AM
I'll tell you somethingelse.
It is the free market. Bitcoin doesn't need "protecting", what it needs is to be awesome. If bitcoin is the best coin, other coins can't/won't hurt it. Right now that is the case and bitcoin is the reserve but that is to some extent being driven by its first mover advantage. But if bitcoin needs to stay number #1 it needs to innovate and adapt. If not..... an alt WILL come along and hurt it something bad. First mover advantage only gets a product so far. Ask Myspace, Altavista, and Hotmail. After that you got to beat the man to stay the man. This is reality.
It is the free market. Bitcoin doesn't need "protecting", what it needs is to be awesome. If bitcoin is the best coin, other coins can't/won't hurt it. Right now that is the case and bitcoin is the reserve but that is to some extent being driven by its first mover advantage. But if bitcoin needs to stay number #1 it needs to innovate and adapt. If not..... an alt WILL come along and hurt it something bad. First mover advantage only gets a product so far. Ask Myspace, Altavista, and Hotmail. After that you got to beat the man to stay the man. This is reality.
April 29, 2014, 10:47:32 PM
The real people who hurt bitcoin are hoarders who never spend it
Exactly the opposite is true: hoarders give the currency value.
If a currency is hoarded and seldom spent, is it still a currency?
Yes; the more it is hoarded, the more valuable it will be as a currency. Without hoarders, there is no demand, and therefore no value, to it as a currency.
less volume April 29, 2014, 12:48:52 PM
I don't love bitcoin that much
April 29, 2014, 12:30:27 PM
Look I've thought about this argument before too. One post is not going to change an entire mindset. As long as people can mine alts and sell them for BTC it's not going to stop. I really don't get who is paying to buy all these alts but I guess there are some trying to win the lottery on the "next" Bitcoin.
Yes. It happened with BC, 450 Satoshi to 94k at its peak. 1 BTC turned into 209 BTC. It does happen.
April 29, 2014, 11:17:30 AM
Look I've thought about this argument before too. One post is not going to change an entire mindset. As long as people can mine alts and sell them for BTC it's not going to stop. I really don't get who is paying to buy all these alts but I guess there are some trying to win the lottery on the "next" Bitcoin.
April 29, 2014, 10:00:00 AM
Quote from: KaChingCoinDev
...and every buy drives the price up, which helps Bitcoin
When someone buys an altcoin, someone is also buying Bitcoin!
When someone buys an altcoin, someone is also buying Bitcoin!
I'm not sure if you're trolling
Im not trolling.
April 29, 2014, 12:07:58 AM
Quote from: KaChingCoinDev
...and every buy drives the price up, which helps Bitcoin
When someone buys an altcoin, someone is also buying Bitcoin!
When someone buys an altcoin, someone is also buying Bitcoin!
I'm not sure if you're trolling
April 28, 2014, 09:42:36 PM
Sounds a bit like dollars. No matter how you try, in end you are buying dollars for something and helping the Washington political system to continue on with its nonsense. Im sure half the world wishes it could leave behind big brother but in the end everything comes back to it. I do think alt coins can just trade by themselves but most are tiny and probably dont benefit from cutting themselves off from a larger market, most are dying to be placed on a larger exchange next to btc ltc and doge as it can bring in new business and liquidity Is that how dollar dominates, you dont dare cut it out and so your'll serve washingtons wishes even Russia?
April 28, 2014, 08:38:07 PM
For every 1 Altcoin sold, an Altcoin is bought.
Example:
I mine an Altcoin:
Mine 1000 ALT
Sell 1000 ALT at 500 Satoshis.
Someone just bought 1000 ALT, someone just sold 1000 ALT. BTC is unaffected. This is like saying "stock trading hurts USD".
Example:
I mine an Altcoin:
Mine 1000 ALT
Sell 1000 ALT at 500 Satoshis.
Someone just bought 1000 ALT, someone just sold 1000 ALT. BTC is unaffected. This is like saying "stock trading hurts USD".
Opportunity cost: you could buy bitcoins intead and give btc more value.
Each time someone leaves btc to invest in stock markets or something else, it hurts because the selling pressure. Stock trading also hurt btc with the opportunity cost issue, and btc hurts the stock market. So few to invest, and so many investiments.
Yes, but when someone sells their coins, someone has to buy the coins, or else there is no trade. For every Sell there is a Buy.
...and every sell drives the price down, which hurts Bitcoin: currencies are unusual in that their utility increases the more they're worth.
http://themisescircle.org/blog/2014/02/12/im-hoarding-bitcoins-and-no-you-cant-have-any/
...and every buy drives the price up, which helps Bitcoin
When someone buys an altcoin, someone is also buying Bitcoin!
i think altcoins help bitcoin even if its a smal amount because it is almost like a item being bought and sold in bitcoin. since tey all revolve around bitcoin and people need bitcoin to get the alt coin. so i think it helps bitcoin overall
Exactly
April 28, 2014, 02:40:36 PM
For every 1 Altcoin sold, an Altcoin is bought.
Example:
I mine an Altcoin:
Mine 1000 ALT
Sell 1000 ALT at 500 Satoshis.
Someone just bought 1000 ALT, someone just sold 1000 ALT. BTC is unaffected. This is like saying "stock trading hurts USD".
Example:
I mine an Altcoin:
Mine 1000 ALT
Sell 1000 ALT at 500 Satoshis.
Someone just bought 1000 ALT, someone just sold 1000 ALT. BTC is unaffected. This is like saying "stock trading hurts USD".
Opportunity cost: you could buy bitcoins intead and give btc more value.
Each time someone leaves btc to invest in stock markets or something else, it hurts because the selling pressure. Stock trading also hurt btc with the opportunity cost issue, and btc hurts the stock market. So few to invest, and so many investiments.
Yes, but when someone sells their coins, someone has to buy the coins, or else there is no trade. For every Sell there is a Buy.
...and every sell drives the price down, which hurts Bitcoin: currencies are unusual in that their utility increases the more they're worth.
http://themisescircle.org/blog/2014/02/12/im-hoarding-bitcoins-and-no-you-cant-have-any/
...and every buy drives the price up, which helps Bitcoin
When someone buys an altcoin, someone is also buying Bitcoin!
i think altcoins help bitcoin even if its a smal amount because it is almost like a item being bought and sold in bitcoin. since tey all revolve around bitcoin and people need bitcoin to get the alt coin. so i think it helps bitcoin overall
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