RE: Federal Reserve says Altcoins are why Bitcoin keeps going down
That is really fucking stupid. Yes, if no alt-coins existed, then Bitcoin would be worth more...but unless that amount was exponential, it would still not be worth that much. And what of use? Bitcoin is getting better...but that's also thanks to alt-coins and the development spurred by them. We all remember when Bitcoin was near it's height and nearly useless. If you did not have it already in an exchange, it was difficult to get it there.
And part of why Bitcoin is worth so much is "alt-coins" bringing people into the market. And many of those alt-coins have serious worth due to their use. Many are not but "alt-coins" but valuable in their own right for alternate uses. They are more than just stores of value. We are speaking on one such alt-coin, in a way.
It sounds like the words of a fool that doesn't understand anything. "If there was no food but grain it would be the most popular food there is!"
Haha yep. Though I could make the argument that as some of these altcoins gain real utility and pull lots of money in, they may help attract more money into bitcoin than there would have been initially.
Oh yes, I think so. Bitcoin was near useless at the height of the last moon. It will be better this next moon thanks to changes adopted in it. Those changes are in large part thanks to alt-coins. Alt-coins have become the proving ground where updates are implemented and eventually adopted by the major coins.
If it had continued to moon, it would have gotten worse. Now it will reach new heights, eventually, and much of that will be thanks to alt-coins, doing development, and bringing in new money that will invest in the coin they believe in, as well as bitcoin and others.
Yep, exactly.