Topic: WHY SUCH CONTEMPT AND DISPARAGING FOR ALT-COINS?! (Read 476 times)

when almost all the altcoins are completely useless, and then the rest are only alive with hype and false information and pump and dumps nothing else is expected. people consider this behavior as "shit coins". there are of course good coins too but they get buried under all the shitcoins that come out every day. it is a reality not to do something like you suggested!

We all know the potential of legitimate cryptocurrencies and ICOs, but it's just so difficult to sift through the scammy garbage. Not speaking out about the reality of the situation would make matters worse, simply because more people will fall for it, and more scammers will be born.

then you know nothing about history.
so far altccoins are the reason for many of the issues regarding regulations and legality that bitcoin is facing. the most recent ones caused by ICOs!

not at all.
you are trying so hard to connect two things that are not even related!
people invest in ICOs with altcoin tokens such as ETH which they buy with fiat. bitcoin (in most cases) is not even involved.
and ICOs don't even do anything. they just gather some money and then give some out as profit and end!

when almost all the altcoins are completely useless, and then the rest are only alive with hype and false information and pump and dumps nothing else is expected. people consider this behavior as "shit coins". there are of course good coins too but they get buried under all the shitcoins that come out every day. it is a reality not to do something like you suggested

I have been to some of the cryptocurrency reddits including r/cryptocurrency and r/bitcoin. There is this usual agreement that Alt-coins are Shit-coins and a general show of contempt towards them. I feel this is a disservice to the cause of wealth redistribution touted by Bitcoin enthusiasts.

I see alt-coins as the one possible way that bitcoin can gain mass acceptance and legality.

The use cases for alt-coins and ICOs are what can gives bitcoin its major value in the long-run.

The big hurdle in this is going to be the greed of the major holders. The major holders are able to perform pump and dumps and every such Alt-project loses its legitimacy afterwards. The big players run off with the money looking for the next shit-coin to suck dry. The banks/ governments have the funds to become the big holders. This is one way they can easily turn bitcoin against itself and destroy its legitimacy. Why isn't there more of a discussion on this?

Some altcoins are still valid able and good. It's just that the ICO guyz are doing more harm than good to altcoins

No one knows what the future brings, but that does not change the fact that most of the ICOs are scam. It is not that ICOs are not good, but how most people have used the avenue to create coins that are shitty (we cannot deny that) and make the whole market just filled with non progressful coins can be so annoying.

Like you said, it is no doubt that some projects are really coming up which might give a great push in the market but until then and no one knows the future.

The hate stems from uncertainty. People have money invested in btc and they react defensively.
A lot of alts are already technically superior to bitcoin, who knows what the future brings for some of them.

I have been to some of the cryptocurrency reddits including r/cryptocurrency and r/bitcoin. There is this usual agreement that Alt-coins are Shit-coins and a general show of contempt towards them. I feel this is a disservice to the cause of wealth redistribution touted by Bitcoin enthusiasts.

I see alt-coins as the one possible way that bitcoin can gain mass acceptance and legality. Those who think that "legality" is something bitcoin doesn't need are just kidding themselves. If the governments outlaws it, it will remain the plaything of uber-hackers with the necessary skill to conceal their identities and be used in the deep web for things like drugs/guns/child-porn (aka Silk Road).

The use cases for alt-coins and ICOs are what can gives bitcoin its major value in the long-run. For example, If the blockchain technology and ICOs enables someone in a third-world country to raise easy capital and use it to invest for setting up a small factory/ infrastructure. Being able to network with investors in developed countries, this also brings the option of open exchange of ideas and availability of expertise from the community. The products these third-world entrepreneurs create in turn benefit the community and give more acceptance to Bitcoin.

The big hurdle in this is going to be the greed of the major holders. The major holders are able to perform pump and dumps and every such Alt-project loses its legitimacy afterwards. The big players run off with the money looking for the next shit-coin to suck dry. The banks/ governments have the funds to become the big holders. This is one way they can easily turn bitcoin against itself and destroy its legitimacy. Why isn't there more of a discussion on this?

Sorry if what i have said is just too obvious or already discussed. I started reading about Bitcoin and ICOs about 3 months back and the idealism behind it was exciting. As of now, it seems like its mostly about trading and money. Do we need thought leaders?

It is easy to dismiss altcoins because most are ultimately worthless and have no reason to exist. While there may be a few viable altcoins out there, they are tainted by all the other crap coins.

The situation for ICOs is similar, but worse. Most of the ICOs are outright scams whose sole purpose is to enrich the promoter. The rest may be legimate attempts but the vast majority of them are doomed to fail. I doubt that more than 1% of the ICOs will succeed.

That is the reality. People bash altcoins and ICOs because it is easy.

It's because a lot, if not most altcoins are vaporware with no real technology behind it. I guess altcoins that purely function as a currency are doing what they are designed for but for the most part a lot of crypto are coming out with no real substance. I try to find and support crypto that have a real development team behind it, a strong community and of course a real product, platform or service.

I just feel that bitcoin enthusiasts, especially the old hands at crypto should see the altcoins and ICOs for the potential they have and try to support it, rather than talk shit about them all the time.

It's just like how people pretty much assume every ICO they see is a scam. A massive majority of altcoins are pump and dump. just as majority of ICOs are scams. I wouldn't go as far as to call it a "disservice to the cause of wealth redistribution touted by Bitcoin enthusiasts", but rather just a case of a sweeping generalization and maybe discrimination in some cases.


This is a legitimate concern, actually. The way I see it, though, is that Bitcoin is too small at the moment to warrant an allocation of such resources, and that it's just going to get harder as Bitcoin gets bigger. It is a possibility, but hopefully a remote one. There's also the fact that if they want nothing to do with Bitcoin, governments have the power to impose an outright ban which would effectively cripple Bitcoin trading in their countries -- people will likely still be able to trade with each other, but having no exchanges or vendors to accept transactions would complicate things a lot.

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It is easy to dismiss altcoins because most are ultimately worthless and have no reason to exist.