I agree that most alts are complete garbage, but I think as the price of bitcoin rises, new people come in, and start buying some of the higher market cap alts (even some of the useless ones) that are available on big exchanges. I still mine ETH and XMR, but that's the extent that I'm even remotely interested in any alt coin these days.
It's honestly comical when you look at some of the alts that people were going crazy about two years ago.
Topic: Thoughts on Bitcoin's Increasing Market Dominance - page 4. (Read 740 times)
As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?
Bitcoin's increasing dominance is a good news! Because 99.99% of the cryptocurrencies doesn't have to exist at the first place. We don't really need one cryptos to book movie tickets and another cryptos for recharging our mobile phones! All these can be done using only one single cryptos and that's it! It's better for us if majority of the altcoins shut down their operations because the market is just getting more and more crowded every single day and the investments are getting divided for no good reason!
It is always better to have 3-4 strong cryptos in the market instead of having thousands of weak cryptos with no/limited use case!
As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?
this was expected to happen when you see altcoins like these:
Jesus Coin:
https://coinmarketcap.com/currencies/jesus-coin
what is the purpose of this altcoin? what the hell did this altcoin serve in the real world? would it really be possible for all churches in the world to use this altcoin? And how would this use of this altcoin?
Why would someone take money to deposit in the bank and then buy this altcoin? Knowing that to buy this altcoin, one would first have to buy bitcoin using their bank card (would pay fees) and then would have to look for some exchange to buy this altcoin.
This altcoin is not meant to be used in the churches, ie it is a meaningless project. this is the problem of many altcoins, they are meaningless projects
That's why so many people are selling their altcoin to buy bitcoin
Binance coin reduces trading fees on Binance, but is pointless as a coin (Why not just charge lower trading fees? Why do they need their own coin to do so? Purely for profit.)
it's pretty brilliant actually. they burn BNB supply based on quarterly profits, so it acts just like a stock. they are essentially paying out dividends in the form of deflation. they've been trying hard to build an "ecosystem" around BNB (like using it as gas for their "DEX") to cast it as a utility token, but the SEC probably sees right through the whole scheme.
People are finally realizing that 99% of the altcoins they're investing in still doesn't do anything; basically mostly hype.
Pretty much this.Look at the top 10 coins. You could make an argument for Ethereum having a use case, but at the moment that use is pretty much to host scam ICOs. Monero is the only other coin on there that actually has a real world use. XRP is a centralized bankers' coin. Litecoin is pointless. Tether and EOS are literal scams. Binance coin reduces trading fees on Binance, but is pointless as a coin (Why not just charge lower trading fees? Why do they need their own coin to do so? Purely for profit.) BCH and BSV are so hilariously awful that they are barely even worth mentioning. And that's just the top 10. Quality rapidly drops off as you move down the list, and it isn't exactly high to begin with.
During the bull run at the end of 2017, it was pretty difficult not to make money in crypto. You could "invest" in literally any piece of trash, and see gains of 20% overnight. Go and have a look at some of the heavily shilled coins at the time. Here are some I can remember off the top of my head:
https://coinmarketcap.com/currencies/bounty0x/
https://coinmarketcap.com/currencies/dragonchain/
https://coinmarketcap.com/currencies/poet/
https://coinmarketcap.com/currencies/waltonchain/
https://coinmarketcap.com/currencies/deepbrain-chain/
They could pretty much all have the same graph. Huge spike at the end of 2017/start of 2018, followed by a rapid fall to nothing. I have no doubt that during the next big bitcoin bullrun, there will be a bunch of newbies entering the space who will once again throw their money away on trash projects, but for the time being, the majority of people who have been involved for a while are starting to realize that altcoins are largely trash.
People are finally realizing that 99% of the altcoins they're investing in still doesn't do anything; basically mostly hype. As with 'repercussions'(for the altcoin holders at least), I think in the next bull market, though yes altcoins will also rise, just not as much as people are expecting to. There's so much anticipation for the "aLt SeAsOn" that I don't think it's going to happen at all(though it's still very very possible). Or if we actually get an "alt season", it most likely will be very underwhelming.
As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?
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