7 Creepy Reasons Why Alt Coins are Dead: Number 10 Will Shock You

in steemleo •  6 months ago 

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See what I did there? I felt a bit silly and I created a clickbait title, but since I claim there were only 7 reasons, then why didn't most of you notice there would be no number 10 to shock you?

Well, jokes aside, what I came here to discuss was indeed Alt Coins dying, or better yet, the fact that Bitcoin Maximalists are shouting everywhere that these are the days to end all alt coins.

Why?

Because of the increase in Bitcoin dominance over the alt coins in the markets.
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Bitcoin Dominance: The Good, The Bad, The Ugly

Well, let's start by the bad: Bitcoin Maximalists claim that Bitcoin Dominance is in the rise because alt coins are dying and spending their last moments in the sun.

While it's true that alt coins are losing power (hence Bitcoin's dominance) this has happened before, so I think those maximalists are darn crazy, and even my BTC shill @sames can agree right?

The good thing is that when Bitcoin Dominance rose in the past, it brought a huge pump afterwards.

I'm expecting this alt pump to happen.

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Here's the Drill: What Dies is Vaporware, not Alt Coins

Finally, I get what maximalists are saying. They say "gone are the days in which hard forks and ICOs had a chance" and I get it. Heck, we alt coin believers agree that ICOs were mostly a spoonful of nothing and everyone and their mother would alt fork shitcoins.

But, on the other hand, those were doomed to die from the start.

Now look at EOS, look at Ethereum, look at Steem, look at the projects, apps, integration projects and ecosystem around those. Look at all the worthy alt coins.

How will they end?

How will the blockchains that are indeed USEFUL for the market die?

This makes no sense, and the only reason I can see for maximalists to claim that altcoins are dying is pure ignorance.

What do you think?

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Yo.
I am much than a Bitcoin shill...
I am a Bitcoin Minimalist :P
I actually both admire and look at them crazy.
Maxi=people who devote only to Bitcoin help secure the coin and prevent hostile. They have more interest to protect it compared to multi as they could have back ups :P
To be noted not many of the blockchain are useful forsay. They are cool and has use but they might not be needed. It the free market to decide if the stuff built it really worth it. There are good gems but no one knows.
I just hate ones that are "usefill" product having useless tokens, and dumb ideas :P

Those dumb ones are the ones that are going to die, imho

You still got it! Lol. That title... hahaha... perfect!

I keep wondering why BTC is still the leader of the pact... Does that blockchain have any use at all, aside from the currency? (And sóóóóó slow. Earlier today, it took 40 minutes for a payment to get through, sigh)

P.S.: small tip (if you'd allow me?): only the 1st 5 tags are picked up by SteemIt and Busy. it might not be a bad idea to use those to categorize, and use the last 5 for tribe tags. Just sayin' ... ;0)

  ·  6 months ago (edited)

Ah yes.
Speed isn't everything.
That a key thing in marketing many altcoiners are getting wrong.
For one: Bitcoin has long ceded the fact it will be fast(for now)
Even early one did Hal Finey once say that mainnet won't be able to scale and offchain records were needed.
And till then it was a waiting game. LN which came at the start of 2018 did Bitcoin finally catch up to others. LN itself still is not that great, still super beta. Breez wallet is the only really usable LN wallet for newbies which is noncustodial-a long way to go. As such the push for payments is not as strong which many maxi/bitociners to emphizie on a key feature that gives Bitcoin value-memes and Sov.
SoV is a meme of belief and history. Gold as a SoV is a meme of thousands of years.
A thing to note is that SoV doesn't need to be fast just secured and history/meme.
IE look at gold.
SoV gives a currency alot of value and in fact leads many to say much of Bitcoin value is SoV. With the economics in dispear as of right now-safe havens are needed and Bitcoin probably is one of them.
Also do note if you want to see btc has more use look at RSK and tradelayer/rainbow Network :P
lot of cool stuff you could do on Bitcoin.

Thanks for the valuable input, Ill look at those two. Also, I trust you agree with me with altcoins not dying?

I mean, it seems only logical, trusting humans to be humans and like different tokens.

Many altcoins are dying just the good ones are just not appreciating as much to show up for it.
Altcoins will never die-it easy money after all as well :P

I suspect a few others are just hedges again Bitcoin ie Decred.
For exp Silver is a more hedge against Gold but Gold is still number 1.

I view Cryptos more like nation states. There no such thing as Bitcoin friendly as there is Bitcoin allied and neutral parties and antagonistic.
For exp:
Litecoin,Monero and Decred are Bitcoin "allied" coins as of right now.
Steem and Eos are more neutral parties.
BCH and Dash are more so antagonistic(to Bitcoin).
And so on ie...

It's the first and it was the one that rose to 20K... nothing can take that away from it.

People perceive Bitcoin with a degree of confidence they don't perceive the others, much because of the shitcoins and ICOs constantly launched, as well as the marketing scams using cryptos as excuses for huge ponzi schemes.

The truth is, BTC will probably be the top dog for years to come, and I can even see a future where it will be ultra expensive because of its collection value - for its historical meaning.

Recently, someone referred to it as 'the granddaddy of all crypto', lol. Maybe you're right about it becoming a collector's 'item' :0)

Plenty of scams and failed experiments out there, indeed. I've had my share (Envion, for example)...

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Thanks, that's great!

Interesting choice of topic @spiritualmax

The most important reason of all is lack of trust. The thing about trust is that it takes many years (probably one generation of investors in our case) to get it back.

With bitcoin things are easier, simply because so much depends on mass media. So if mass media narrative will be to promote crypto, then they will talk mostly about bitcoin.

Altcoins have been bleeding out for very long and most of them do not have resources to work on their brand. To change their image.

ps.
10th reason indeed shocked me :P :)

Yours,
Piotr

Nice to see you around here Piotr. I also agree that it has all to do with the fact people always say Bitcoin when talking about crypto.

I mean, I even have countless friends who say - I have lots of different bitcoins.