Altcoins are Shitcoins

Just because they are correlated doesn't make them shit.
 
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tb303 said:
Nice thread but it seems to mix Bitcoin up with other altcoins and to me thats not a fair comparison. There is no CEO for bitcoin and that sets it apart from the rest.

I do think its wrong to say cryptocurrencies are backed by cryptography though. Its maybe playing semantics but its more accurate to say its secured by cryptography. I mean pretty much every decent block chain out there is a merkle tree.

As for value, isnt it fair to say that with proof of work the miners are converting electricity into a tradable asset?

That gives it a baseline value as they obviously dont want to sell at a loss. Just watch the hash rate fall after the halving which will reduce the difficulty which in turn will reduce the cost to mine. Proof of stake is a good idea an all that but its still unproven long term. If Ethereum finally switch and it holds up then I might change my view on that.

But if you are talking about some pre-mined coin or token then what gives that value other than belief in the "tech"? This is my main problem with a lot of the altcoins - they are just startups that used ICO money to get off the ground.

I have to agree with @Gogol up there that still after all these years the UX is horrible. Anyone who actually takes their coins off an exchange and uses them will tell you that if they are being honest. Lightening invoices are a step in the right direction but not there yet IMO. Until the UX is fixed up and made idiot proof then we will remain at the mercy of the whales on price as the only thing that kills a whale is volume.
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Nice comment.

Yes I would agree that saying "secured" is more accurate than saying "backed", in fact it's the correct way of saying it. It's definitely not "backed" by an abstract concept like cryptography, but at the same time it performs the same function as when a tangible asset is used to back a currency, so that's where the crossover comes from with the term.

Sure, it's also fair to say that the Bitcoin blockchain is like a function that takes in the electricity cost of all cumulative mining and outputs that value in a tokenised form, plus the additional value gained by the use of the asset, as well as the speculative value that is added. The cost of mining has for sure always acted as a baseline, and as the average cost of mining a BTC increases so has the price.

I think POS is too prone to the centralisation of power, with DPOS being even worse for this and systems like EOS being a joke IMO. There is a lot of potential for ETH2.0 and I think in this run it could do really well because of this.

Sure a lot of altcoins are dogshit still, as always, but I think there's a lot within the top 200 that are legitimately going to do things that provide widespread value and they can't be lumped in with a lot of the projects which just took the opportunity to get $10M thrown at them in 2017.
 
VSYNC said:
I think POS is too prone to the centralisation of power, with DPOS being even worse for this and systems like EOS being a joke IMO. There is a lot of potential for ETH2.0 and I think in this run it could do really well because of this.

Sure a lot of altcoins are dogshit still, as always, but I think there's a lot within the top 200 that are legitimately going to do things that provide widespread value and they can't be lumped in with a lot of the projects which just took the opportunity to get $10M thrown at them in 2017.
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EOS is a good example youve got block.one going to vote when they said they wouldnt. Something like 10% of the tokens still owned by them all in control of basically the ceo. Probably more.

Remember when Roger Ver tried to exercise control over Bitcoin in 2017 the network responded with the UASF. People just spinning up rasberry pi nodes to signal for segwit. The miners supporting him saw that the network was prepared to fork and slowly started to signal for segwit. Rasberry Pi's vs Antminer's - thats real decentralisation.

Its hard to put a direct value on that but thats a level of trust that must be worth something. Its also hard to think of anything else similar, monero or err doge maybe :)

And I never said all altcoins ;)
 
tb303 said:
EOS is a good example youve got block.one going to vote when they said they wouldnt. Something like 10% of the tokens still owned by them all in control of basically the ceo. Probably more.

Remember when Roger Ver tried to exercise control over Bitcoin in 2017 the network responded with the UASF. People just spinning up rasberry pi nodes to signal for segwit. The miners supporting him saw that the network was prepared to fork and slowly started to signal for segwit. Rasberry Pi's vs Antminer's - thats real decentralisation.

Its hard to put a direct value on that but thats a level of trust that must be worth something. Its also hard to think of anything else similar, monero or err doge maybe :)

And I never said all altcoins ;)
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EOS is laughable tbh, how anyone has confidence in it as being a viable "cryptocurrency" longterm is beyond me. I invested in their ICO, but wouldn't have anything to do with them as a project outside of investing.

Comment about Pi's vs Antminer's is funny.. such a solid example of what the whole point of crypto is. Ver is a penis anyway IMO, a smart penis that played it well, but still a penis.

And yeah, most alts are lame af, but I think a good chunk of them will become a part of the future infrastructure of the Internet in a really major way - seems almost certain when you drill down into the problems they're trying to solve.
 
I think some of the Altcoins are quite good, Ethereum, ADA, BAT. Most of them are indeed useless
 
In 20 years, when crypto gets regulated, people will say how easy we had it to make money as pioneers.
But idea that every alt can be investment tool is just ridiculous.
I compare alts today with dot com bubble domains. In the end, ordinary domain is now worth $10
Whole alt market caps will be in same range in the future.
As uncertainty dwindles, so will their value.
 
Chainlink knows to be different sometimes, often a random one is picked to pump, so its good to have a decent amount in all of them. Shitcoins they are most of the time, but think outside of the box.
 
You are absolutely right.

Altcoins are just a mean for the CEO's to take your BTCs via market.

And it makes no sense to hold.

Keep trading whenever you can. And focus on increasing your Satoshis. Every sats count :-)
 
geartips38 said:
Because i said that FSN is good coin?
I read articles a lot and i see people are recommending that..it is not my coin man lol just saying what i think and many others
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You're spamming it all over man
 
Have said this time and time again, altcoins are just not worth it at all. BTC and ETH are the only ones with somewhat of a special tech behind it.
 
Thorr said:
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Good 1
 
Bitcoin will succeed.
Maybe 10% of alts will too, so how to choose?

I choose Bitcoin rather than roulette
 
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