Why Everyone Should Be Happy When Bitcoin (Or Ethereum) Does Well
I know you are keen to see your coins go up and could care less about the other coins. I see people pumping their coin all the time on the forums, this coin, that I own is the best coin ever, it will go up 100000%. And then, for other coins that I'm guessing they don't own, they start bad mouthing them. Maybe this is because they want the price to drop so they can buy it or it is a coin that they think is in competition with their coin. But if you have been on a coin forum you will see someone yelling scam, or this coin is shit or some other FUD. There is a reason the term FUD exists. But the success of bitcoin (and ethereum) helps everyone who is in the cryptocurrency world and even people who are into tech, so lets work together to support it.
First of all, bitcoin is the face of cryptocurrency. Like it or not, it is what people will use when they are talking about cryptocurrency and how it fairs. Especially for people who know nothing about cryptocurrency. Bitcoin is the window that the outside world sees. It is the coin that will get mentioned on a television show when they want to talk about crypto and it will be the first one that gets accepted by stores and the mainstream. So the better the image of the coin, the more favourable people's opinion will be on cryptocurrency. Which means we want it to do as well as possible in both value and rep.
Bitcoin and ethereum are the bridge towards other cryptocurrencies and icos, and as more and more atms are being set up (5,000 in Europe this year are planned), bitcoin is the bridge towards cash. If you want to see a world where digital money and real world purchasing takes place, it is most likely the network setup for bitcoin that will be the one that gets us there.
Also the value of bitcoin and the value of altcoins are closely tied together. I didn't know how true that was until last week, when bitcoin tumbled and the altcoins went with it. Steem went down to .83 cents. But, when bitcoin was spiking up, steem was north of $.1.20. The higher the value of bitcoin, the higher the value of the other coins, including steem. Think about how high the value of steem could be if bitcoin hits the $10,000 mark this year. I do not know if it is a direct equation, but if it is close to that 5x increase, it would put steem around the $5 range.
We are all on the same team here. So let us all be excited when bitcoin rockets.
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
I would like to agree with you, but it's important to point out deficiencies when you see them so that they can be sorted out. It's much more harmful when people adopt a "popular" thing, then find out that it doesn't actually perform as advertised. I'd much rather promote better cryptos than push Bitcoin just because it's the most popular. We should be educating people rather than spreading unwarranted hype for lackluster products/services.
I agree @ats-david, I see your comments about the hardfork 19, I know you are a thoughtful critic when something should be discussed. My point is just the infrastructure and mainstream discussion of crypto, will, probably, revolve around bitcoin and maybe ethereum. But ya, if that is the only window people have to cryptocurrency and if problems do not get sorted, it can look bad to the rest of cryptocurrencies when hype doesn't match the results.
great perspective
I agree
interesting. It seems when BTC and ETH do well, other alt coins seem to follow it's path
I think the prices, in a way, are pegged to bitcoin, so it affects their price in addition to the price of the coin itself.
So true! I thought this myself. When people bash either Bitcoin or Ethereum I think to myself... are they smoking rocks!? These two are not speculative. Dogecoin is. Lol