Topic: What effect does a growing number of altcoins have on Bitcoin - page 6. (Read 972 times)

There are already more than ten thousand cryptocurrencies on the cryptocurrency market. They draw on themselves capital from the total investment in this market and therefore inevitably this will affect the decrease in the price dominance of bitcoin. I don't think this is a bad sign. Bitcoin is too conservative in development and this affects altcoins as well. Therefore, let everything go as it is already happening. I think that the market will deal with these problems on its own. However, I expect bitcoin's price dominance to decline over time.

None and if there's any, it'll be quite insignificant; In reality, it's the other way around if you check how the market reacts to BTCitcoin ^{[look at the top 10 on CMC, almost similar behavior]}.

They could but only some of them do it on a large scale...
^{- I do know that there's no way one could completely succeed in achieving that, but a large portion of them aren't even trying.}

There's no effect if altcoins do not have potential, actually, we have a lot of altcoins created in the space but that did not make the market congested because most of them, at least a huge percent of them do not have the potential and some are just scams.

Bitcoin will remain dominant and will remain as the number coin in the market, if altcoins will grow then well and good but bitcoin will not be left behind.

Consider bitcoin as the digital gold, it will always stay at the top.

There wont be any long term effects of having more altcoins on the market.
There are already over 8000 altcoins and many dont have any volume.

We could argue that its really only the top 100 that are actively creating
any interest from Lambo hunters and traders.

There are over 50 pages of nonsense and almost all coins slip down
the list and into that abyss.

There will always be new shiny coins to replace old tarnished coins which
were once new and shiny. Funds will flow from Bitcoin into $hit projects
and flood back into Bitcoin when it starts to rise.

You can always look on the market dominance on how alts is significant into this market but lets not really avoid the fact that bitcoin is always the best coins out there or simply here on crypto.

They might able to add up some liquidity but doesnt mean that they would be the market maker or only basis on where it would be going. Altcoins are always correlated with bitcoins price
or market trend and whenever bitcoin is on bearish mode then expect that altcoins would follow.

Day by day,new coins are being added into the market but i dont see to have an effect directly with Bitcoin.

I have wondered why the new projects have not created solutions in order to improve bitcoin.
Really, I wish that was the case and that the new developments were focused on meeting the demands of bitcoin users. But the opposite is happening as OP mentions.
The new coins or the altcoins are totally detached from the functionalities of bitcoin so I agree as some of you say that they want to be superior to bitcoin and that is their purpose.
Although I think they will not make it, bitcoin has faced battles from which it has remained undefeated.

Alt-coins slow the growth of bitcoin.

People invest in alt coins, hoping that they will moon. They will for early adopters in very solid projects, but that is almost impossible to predict and very, very rarely the case. Most of the time they will rise factors faster than bitcoin, and then fall factors faster than bitcoin. Many of them start with higher percentages of the initial investors having stake, who will invariably cash out, crashing their projects. Other will have what seemed like solid principles that turned out to not be solid at all. Most of these will crash, causing those who needed "their moon" but were too leveraged from crashing as well. The access to these is often through bitcoin, which pumps bitcoin's price initially, and then drops it as they move to other currencies. The funds that would have been invested in bitcoin are then lost to a different system.

Will alt-coins break bitcoin?

No. How can they? Cryptocurrencies rely on market recognition initially. Bitcoin simply has more recognition, and that only increases with time. Bitcoin can crash in price, but markets run on belief. Bitcoin has that. Ethereum is getting recognition, but it runs into many of the same problems in limited transactions, and a small group of enriched investors (from what I understand). A major reason why bitcoin cannot crash as low as alt-coins is because previous investors -- over the past decade+ -- are a potentially a large group with high reserves to buy at low prices. The opposers of bitcoin often refer to the "greater fool theory", not realizing that a greater fool can be a single individual/group who can operate at both high and low prices.

Decentralization improves robustness

Shitcoins also prevent bitcoin from being singly attacked in whatever form by providing additional forms of decentralization. Philosophical attacks have to deal with someone defending with "but has feature that fixes ". In that sense, shitcoins defend the bitcoin network. Eventually someone will come up with a decent shitcoin that will compete with bitcoin. Ethereum is likely to go through its troubles when it looks to surpass bitcoin.

Shitcoins are the future

Bitcoin is the future. But shitcoins are too. They will follow behind bitcoin, becoming a new form of stock in a company or providing additional services. Bitcoin will remain king as the primary financial mechanism has to remain "pure" of these "developments" and prove robustness instead of utility. Utilities come and go with new generational technologies, but underlying finances last a lot longer. In that sense, shitcoins matter, but not nearly as much, not unless someone can come up with a much more pure use-case.

More market pairs, means bitcoin value increases , as more bitcoins spread over an ever growing range of alts.
Same for the other major market pair such as DOGE.

Any coin that achieves Major Market pairing such as BTC & Doge get a bump due to their increased usage, of all new altcoins or tokens that are opposite them.  

Depends on do you consider Ethereum a shitcoin,
if you don't you are rational,
if you do , then you are a proud bitcoiner cultist nutjob.  

Only Bitcoiners think any coin not bitcoin is a shitcoin, even thru these so called shitcoins far exceed anything that bitcoin will ever offer.
Everyone else recognizes the smart contracts, faster transactions, lower fees, energy efficiently that altcoins offer that bitcoin never will.

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?