Post
Topic
Board Bitcoin Discussion
Re: On most altcoins disappearing
by
Twentyonepaylots
on 28/01/2020, 16:32:48 UTC
As this topic is essentially about Bitcoin, not altcoins (as the tittle wily but deceivingly suggests), I think it is a correct board to start it in

Many of us are wondering what would happen if crypto vanished altogether (and probably having jitters at such a thought). Well, I'm not that cruel, and only propose to discuss the less evil problem, if a problem at all. That is, will Bitcoin as well as a few selected altcoins (say, a couple or so) benefit from the complete disappearance of the total majority of altcoins from the cryptocurrency arena?

As I'm inclined to think, a few remaining coins would benefit dramatically. My train of thought is as follows. We can  plausibly claim that Bitcoin would be far better off now if not for the huge pile of shitcoins that turned out outright scams at the end of the day. People wouldn't have lost their money in these schemes, and they wouldn't lose it if they invested it in Bitcoin instead. Simple and straightforward logic, right?

In the same vein it is natural to assume that the death of the altcoin world would eventually do only good to Bitcoin in the long run as people won't be losing money anymore. So what d'ya think?
Could not agree more. The shitcoins and scams that happened these past 2 years made some people believe that bitcoin is the only trust-worthy coin out there,  along with some other established coins that are basically dependent on bitcoin's existence too. Though if say, altcoins altogether vanish, this could possibly cause a negative feedback on bitcoin as well. More and more people might cash their investments out in fear that they'll lose their money too, some people wouldn't afford bitcoin's price if ever it reaches a really high value and that could cause a stagnation in bitcoin's end too.