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ARE ALTCOINS BECOMING OBSOLETE??
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Your so entertaining Tre. People really have to listen because you got "golden nuggets" of knowledge that are really useful and profitable. You are just enjoying yourself and you love what you do. And you just don't care what people think. Following your footsteps with Bitconnect and Steem.
I just think it's people rushing in to get some BCC before the fork. If they're thinking they can just jump back into the alts after the fork, it's probably going to be a bit more difficult than that to earn some easy profit. There's probably a good opportunity right now if you want to pick up some of the alts while the price is lower .
bitcoin all the way
Shouldn't you have BTC in a rocketship going the other way :)?
Who are you assholes?
agree with you...i bought some BTS & XRP...& ETH today..
Alt coins will never become obsolete. Money will just go into them after BTC goes up.
I have absolute faith in steem. I won't let no propaganda get me down.
Its obvious that Crypto's will take down the Fiat System but cryptos are merely a temporary system i would say for atleast 20-30 years before a better system replaces it.
Awesome start Trevon!, this had me rolling!
Many Alts are just clones so it's hardly surprising. A few Alts have strong use cases such as ETH and Steem etc. Most of the others only exist for speculation and are likely to die off as bitcoin gains mainstream adoption!
Agree 100%. I look at the market caps of some of these coins and I'm just left scratching my head. How can a garbage coin with nothing to distinguish it from anything else have a market cap in the 10s of millions or higher?
Everything is going to be fine, altcoins are going to rise back to their old prices. I'm definitely not crying over this and I'm certainly not scared of looking at the prices on exchanges. Oh, who am I kidding, I'm screwed. Steemit is the only hope now.
😁
Even if your "test-net" theory is right, there is always going to be needed to test some new feature... I hardly doubt segwit is the ultimate BTC change... Also altcoins are useful for many other reasons than testing features...
What happened today is due to people buying BTC before august 1st, in order to have 2 coins... After that, altcoins are going back up, and BTC will probably fall because everyone is going to be buying cheap altcoins with their bitcoins doubled...
the alt coins will repump after Bitcoin takes this moonshot and gets back around 80% dominance
You are basing this on what exactly? Just a hunch?
No, altcoins won't be obsolete. We call all of it in the same bracket but most of them server a purpose, a different purpose. Even Litecoin is 2 steps ahead of Bitcoin now. ETH is an application. We all know Steem. So altcoins won't go anywhere. BTC is pumping as everyone's uncertain and want to gain free coins from the fork. Though at such a high price, Cash is not going to be free as when BTC corrects it's position by the difference of Bitcoin cash. So let's wait until the market corrects itself. Though I think LTC is something to look at. Cheers!!!
Bitcoin is activating SegWit so very soon it won't be two steps behind Litecoin ... as mentioned this nullifies one of Litecoin's advantages and explains some its drop in price.
Logically for this point what your are saying sounds true. But you can go through the reason I listed here; https://steemit.com/litecoin/@themystic/litecoin-is-due due to which I think there are chances that it may happen the other way round. I don't know why but I am positive about Litecoin too. Time will prove.
I own a chunk of LTC also because I think Lightning Network is great and also I think LTC can coexist and thrive with BTC where LTC is used for smaller purchases. We shall see... I have faith in Charlie and his efforts and you raised a couple other points in your post that are news to me, thanks.
You are welcome. Appreciate it mate. I love Charlie too. Though it's not the sentiments making me tend towards Litecoin. Cheers!!!
Litecoin is 2 steps ahead? They are a clone of bitcoin, and Bitcoin Core created Segwit. So what exactly are you talking about? Also, ETH is trash that won't scale, and POS isn't going to work out like you think it will. Steem is an inflationary crypto like fiat currency, which is fine if you understand that that is what it is. You sound very uninformed.
Hahaha, you are blaming each single coin out there. I respect your sentiments, but to create a platform like Ethereum you have to put in brilliant mind to work. Hat's off to Vitalik for making something that can be seen. Yes it has scaling issues but we can't just ignore the brilliant work that has been accomplished. There will be another successful version of ETH but ETH won't just die out of no where. Yes EOS can be a Ethereum killer but time will prove that. ETH exists.
My point with Litecoin was that it implemented Segwit and Lightning Network successfully. Absolutely it's a clone of Bitcoin but the mass doesn't care about it. If it works well for them they will adopt it. I am sure LTC will be the silver version of cryptos.
I respect your views but you seem to be a crypto critic which this space needs similar to movie critics which Hollywood needs.
Good thoughts in analyzing the markets! I've learned a lot from you and you were one of the first I followed on here. Today I just posted my first post to introduce myself. I hope you will check it out! https://steemit.com/introduceyourself/@jeff747/sick-overweight-and-out-of-shape-to-world-record-breaker-please-allow-me-to-introduce-myself
What you are seeing is temporary. People are selling off alt coins for BTC to get the maximum profit from the fork if it happens. They'll buy these coins back up for cheap after Aug. 1. A smart investor will take advantage of this and stock up on alt coins before the price is driven back up.
Yeah we both are thinking the same thing. I posted a video this morning about this. People are hopping out of alts to get into BTC and get BCC before the fork. The real question is whats gonna happen after Aug 1 and if people are gonna stay in BTC or go back to alts.
It's all noise..that's how gamblers make their money.
Nicaragua....aqua for my bunghole.....arriba...
It's a scary and exciting time! @trevonjb
Hi, @trevonjb it is a very interesting day to see nearly all in red and BTC in green with few other. But me too I keep confident on Steem and no panic. Love and happiness.
With Bitcoin Cash expected to be around 500 dollars after the fork, people are buying BTC even with this high price, because they think that they can just sell the their BCCs, and earn free money! But there is another way to benefit from this. As many people would be selling BCCs and not many coin exchanges trading it initially, its value would go down. So, why not just buy BCCs then as it would be dirt cheap!
Because it can get even cheaper. What will stop it from trading at $10? Or maybe you're right & it goes to $1000 ;)
My plan is not to sell any of my legacy bitcoins (those before the fork). In that case, a low value BCC would mean a high value BTC, so it would balance out anyway. But if I buy new BCCs at a very low price, say only $200, I would get huge profit if later its price increases significantly. Otherwise, since I wouldn't have invested much, I wouldn't lose much anyway.
Got faith in steem though
People are over hyped about their bitcoin being "doubled". Causing a lot of hype in btc. Plus high demand for this new token can cause the price of btc to go up because people will most likely use btc to purchase it. If anything i would be buying alt coins while btc is up.
All coins are falling @trevonjb. I believe this happened because of the hard fork of August 1st.
I do think that the thing is just that people are buying BTC to get as much BCC as possible and thats it.
Cant see any other real reason behind this
Who are you betting on Trev.
is it going to be Mcgregor or Mayweather ?
McGregor - all the BTC on McGregor :) lol
You have to ask yourself if it even makes sense to sell your Alts. If they will rebound along with bitcoin, then you'll receive the benefit of both sides if you hold on to the alts. Maybe even buy more alts
I did the check too and i saw the drop..
Why u have to make these kind of faces trevon lol
i love trevon faces on my feed lmao
Ok you consider that if the bitcoin does not work more any coin maybe replace bitcoin, I believe that any coin maybe take his place
I wouldn't be surprised if in a week or two the situation is the exact opposite. Though I do also believe bitcoin will rise to the top eventually.
Yes @Randirain I hope so
Altcoin are dumping so crazy. I just have to stay away from exchange platforms for now, i will be checking back after August when things normalizes.
useful ones will stay , trash coins will go away
Exactly, and about 9 out of 10 are trash coins.
Everybody thinks they can just buy back their coins after the fork, the time to buy is now
I agree!
Haha great intro, made me laugh, i dont think alt coins are dead because if you have altcoins you also have bitcoin (i think you taught me that) and all altcoins are forked i think from better coins i see them kinda like the children of coins and the parents will look after them lol
Actually caught this one live! I think traders will keep alts alive indefinitely, even if they lose value. As you said, they are the testing ground for BTC and BTC is not done growing yet!
Agree trevonjb the fork it´s getting attraction, but we will see the result of all this after Agust 2th.
People might think of selling Bitcoin Cash after the split, but transactions will be suspended for a long time. I think the exchanges will wait until market calms down and the total value for BTC + BCC is equal to the value of BTC prior to the fork.
This is weird. I agree, that everything goes up and down whit Bitcoin. For me this is opportunity to buy altcoins.
It's all a bit crazy at the moment I'll be glad when the 1st august has passed and hopefully things will steady out , if you get time have a look at a post I did about bitcoin cash yesterday, cheers mike
Every assets and altcoins that will bring real use cases will survive, the rest should disseapear. This happen to every new industry in the human history.
BTC will rival BCC --- in the long run.... cold and hold! Moved all my BTC out of coinbase in the meanwhile
Most alt coins are sh1t coins, the ugly truth :)
This is a market money flow issue. Here's what I believe is happening:
and the cycle feeds on itself and here we are. Next week will the new money come in to keep altcoins afloat?
Lastly, we need fewer ICOs and some coins to go to zero over time so that the higher quality coins are visible and become the clear winners and investments beyond BTC.
Definitely people are exchanging their other cryptos to get BTC to take advantage of the coming split.
Dude. Ive been following for a while, love all the content. And I am also responisible for this issue im going to bring up. Im checking like every day now, and your videos consistantly have 200+ upvotes and 150 views. So it is clear people have you on their steem voter, and at the end of the day the money talks and the bullshit walks, People have done what you said, I did too... But it feels like gaming the system... right? Is there anything that can be done to fix this? or is it just cool to watch the bucks fly in everyday for, something that seems broken? Anyway Cheers bud, all good to me, I'm just wondering when the bottom will fall out.
Not consider if behind of each coin will should a greait investment
No with over 800 coins.... not all are good investments.
Will be interesting to see what the price of Bitcoin does in the next few months.
Many of the alts are not attempts at yet another currency ;)
Projects such as Sia (distributed storage) , NXT (asset exchange) and EOS (DAPP scaling) are great examples of "altcoin" blockchain projects which do not try to position themselves as "virtual currency".
So my answer? No, altcoins are most definitely not becoming obsolete as a whole :)
What you are seeing there are the healthy movements of a truly free market which are quite volatile due to the relative small size of the market, and the very short time that the market has existed.
I personally love all the red and start my day looking for buying opportunities during a pullback :)
Does anyone have any information about the Ziber hack?
I cannot seem to find any response from Ziber team. The only conclusion I can draw from all this is that they stole all the ICO money.
Going to the etherscan.io and looking at the original ICO address: 0xf0a924661b0263e5ce12756d07f45b8668c53380 it seems like there is only 37 Eth.
Looking at the new wallet address: 0xab98922ca2be48214539c7d5dc63a343d14d7227 there is only 8.7Eth.
Is it possible that the upcoming bitcoin hardfork it just a clever scam being done by some of the (said-to-be anti-segwit) bitcoin miners, as a way to profit quickly (with almost no risk) by doing the following…
Forcing a bitcoin hardfork (with most people/miners supporting the segwit chain, with a small minority that say they are anti-segwit but may not care either way)
Getting an equal amount of BTC and BCH after the hardfork (no BTC loss, only BCH gain)
Selling off their BCH for BTC right after the split (something almost everyone else will also be doing)
Watching as BCH dies off rapidly and becomes irrelevant (due to pro-segwit supporters staying with the BTC chain, and anti-segwit supporters jumping ship back to the segwit chain, making close to 100% segwit support), in-turn making Bitcoin go back to a single chain (BTC)
Sitting back and counting their money/profits as they gain on the # of BTC they have in total (so if they had 5 BTC before the split and sold the BCH they got for an extra 1 BTC they would now have 6 BTC), and then watching as their (recently inflated) BTC goes back to its normal price and likley far beyond it (making a quick profit with almost no risk of loss due to only gaining BTC (never losing), and destroying the BCH hardfork intentionally early so the original BTC price rebounds and continues up likely well past its initial price).
Anyways, just a thought that came to mind recently as this all unfolded so I would love your input on this if you get the chance.
Altcoins :) Thanks You! @trevonjb
Another great live stream tre.