Topic: WHY SUCH CONTEMPT AND DISPARAGING FOR ALT-COINS?! - page 2. (Read 540 times)
Some altcoins are still valid able and good. It's just that the ICO guyz are doing more harm than good to altcoins
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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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?
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.
There`s no agreement that altcoins are shitcoins.The big and old altcoins like ethereum,monero,litecoin and dogecoin are not shitcoins.The small altcoins created just for pump and dump purposes + all the forked bitcoins (bitcoin unlimited,BCH and bitcoin gold) are shitcoins.
Anyway,you are right that the idealism about mass blockchain and cryptocurrency adoption is gone.
It`s all about making money.
Anyway,you are right that the idealism about mass blockchain and cryptocurrency adoption is gone.
It`s all about making money.
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?
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?
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