Why Are Altcoins Suffering?
The price of Bitcoin is relatively high (10,700 USD at the time of writing), but most other cryptocurrencies (altcoins) are struggling and can’t perform very well. Which can be important reasons? (You can choose various.)
(Photo: Own work)
- Altcoins are moving often behind Bitcoin but the next alt-hype is imminent.
- Most altcoins didn’t comply with what they promised.
- Only Bitcoin is secure enough.
- Every altcoin has some failure or disadvantage.
- Developments, improvements are too slow.
- Bitcoin is a safe-haven asset (refuge, shelter) for investors, others, are not.
- Many people can’t understand cryptos and are choosing the only one they know.
- The Chinese are working on a new altcoin which will ruin all others.
- Facebook can ruin most altcoins with Libra.
- The breakthrough of BEER token is imminent, will kill all other coins.
- Other (please, comment)
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Bitcoin had major problems getting off the ground in the early days. Major corrections happened after bubbles. Many thought Bitcoin had failed, was a scam etc etc. It takes years for things to come to fruition even in crypto. Some alts will survive some wont.
Unfortunatelly, Steem doesn't seem to be one of the survivors now. With this price.
Steem is approx 3 years old. If the bottom is 0.12 cents thats double its last bottom and steem blockchain is still here. It still lives it still survives.
Bitcoin maximalism has paid well. Holding most ANY altcoins has been a mistake. Word gets around.
The rich getting even richer? Some day if Bitcoin went to the moon some people will think I better reinvest a part of my gains in altcoins.
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They don’t have enough usage areas out of high risk investment.
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Altcoins have a marketing problem -- there are too many on the market and most people don't know what their use-case is.
One coin to watch-out for though is Basic Attention Token (BAT) [download Brave browser if you haven't done so already]. This is something that directly impacts the average internet users daily life, and will for sure prove itself a force to be reckoned with in the near future.
Darwin-ism
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The weak must die? Like the falling Steem?
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I believe there are multiple issues, but this is one of the core ones:
"Most altcoins didn’t comply with what they promised."
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Agree with all of these.
I'll throw in another.... no IPO craze.
People and governments have become wise to the IPO craze of 2017, a run like that won't be seen again.
This time around much more institutional money is moving in and most retail money is focusing more on the larger cap coins.
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I think we have to wait and hodl for the winter. Many good buying opportunities are availables
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