Topic: STOP BUYING INTO ALT COINS , as you are indirectly hurting Bitcoin - page 3. (Read 8521 times)

That statement is factually incorrect. People can't get these alt-coins by buying BTC. They can only purchase alt-coins by selling BTC. And that is the basic problem with the alt-coins.

it is a scam coin, look at the price now!

A bit of a translation here is needed.

Op message : "stop pumping the alt coins you dumb fucks! Let s pump Bitcoin, i want my candy!"

Exactly the opposite is true: hoarders give the currency value.

The real people who hurt bitcoin are hoarders who never spend it

they should tie them with usd already, they are just sucking btc life

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.

(facepalm)

OMG， are you new here? Do you know bit coin ? Sometimes naive!

[/quote]When people buy BTC (with cash) so they can be part of the alt coin "scene", then the alts are helping BTC.[/quote]
agree!

Its possible to buy litecoin with dollars and also a few different alt coins.    Why wouldnt some of that cash be exchanged into bitcoin.   Im not sure I see your point.

If the competition is negative then I'd also disagree.  BTC can similarly compete back and add features and so gain from the added experience of other networks without having to personally test every idea itself    Depends how nimble the developers are I guess

I have already explained this. Shitcoins only take money away from Bitcoin. They do not inject money in to the Bitcoin sector. You can say that the entire Crypto sector is slightly gaining from the proliferance of shitcoins (that argument is also questionable to a very large extent). But for sure Bitcoins are not gaining anything from them.

At a much higher risk: it's not a better investment than BTC.

Altcoin trading can give you much more profit than bitcoin, it's very attractive for traders

I think buying altcoins directly hurts the BTC market cap, and therefore its value in USD.  As for the use of crypto in general, I think it benefits BTC.

Without Alternative CryptoCurrencies this forum is going to be provably dead.

If u stop new forum users from announcing new scam coins, u reduce this problem by 90%

That "shiticoins" inyect money into the Bitcoin (CryptoCurrencies) world.

None of the mining pools are near the 51% mark. And it seems extremely unlikely that anyone will ever reach that mark. And Bitpay is not having an absolute monopoly. There are a lot of other Bitcoin payment processors as well.

saw it yesterday - I think his argumentation is perfectly fine and economically sound.

There are innovations that are more cost effiecient (nxt and the guys around protoshares/bitshares), there are coins adding functionality to the bitcoin protocol like Mastercoin and Counterparty. There are coins trying to anonymize transfers like Darkcoin, Anoncoin or Zercoin/Zerocash. There will be ethereum for decentralization of contracts.

What Andreas is referring to is that even coins that look like complete clones to bitcoin, can also have value because people give them value by using them. Before that video I thought this does not make sense, because they do no really innovate - what makes them useless. Anyway I think I was wrong with that assumption, because you guys and me probably are completely underestimating sociological and cultural factors. You can basically make a political or cultural statement with the money you use NOW. Memes like Doge are nothing different than a cultural expression. This is on a metalevel a really interesting development.

Anyway does it hurt Bitcoin? In my opion not at all, Bitcoins function will probably be the one of the reserve currency. Ask yourself do you know how much a NXT or a litecoin or doge is worth in $, or do you know how much they are worth in btc . In my opion there can only be two events which stop bitcoin from being the reserve currency of the internet.

I agree. But not all altcoins will be like that.

Don't throw out the baby with the bathwater.