Quote from: deisik on January 29, 2020, 06:13:05 AM

Quote from: Slow death on January 28, 2020, 01:12:43 PM

Quote from: deisik on January 27, 2020, 10:00:52 AM

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https://coinmarketcap.com/all/views/all

now we have 5,067 altcoins... It is known that most of these altcoins are pump and dump schemes and people buy bitcoin to trade with these pump and dump altcoins, this means that these altcoins also contribute to bitcoin adoption and it seems to me that these altcoins are not going to die anytime soon

With a few replies along these lines here, it seems to be worthy of a separate entry

People buy bitcoins but then they have to sell them for altcoins (according to this reasoning). All in all, it means that Bitcoin sells and buys necessarily balance out in the end, with the net effect on Bitcoin price being close to zero (technically, it is not quite correct but it pretty fast approximates to that state in the long run). And that's not all, obviously, since it is what comes next that matters most here, and so many people forget to think about it

These pump and dump schemes steal money from wannabe investors, and that is the end result which ultimately counts. So if some or even most of these 5,067 altcoins are not technically dead (read, delisted from all important exchanges), this doesn't mean they are not left for dead with the orderbooks empty on the buy side (read, there are no more idiots left willing to buy these shitcoins)

Altcoins are in no way promoting Bitcoin. Bitcoin is standing on its own and do not need support from these Altcoins. Experienced and knowledgeable people always go for Bitcoin. Beginners choose Altcoins for trading as they do not know much about this market, and so is the reason why they get caught by the net of scammers. In the end they do not get any kind of benefit so Altcoins cannot compete with Bitcoin.