Why is Bitcoin's previous monopoly over the market rapidly dying?
Why is Bitcoin's previous monopoly over the market rapidly dying?
Colton Gray
Zachary Taylor
flippening
Gavin Ross
blockstream pushing for control. like when you have a handful of sand, the harder you squeeze the more it escapes
Jackson White
So many ERC20 tokens and other coins have come out ten fold. What do you expect?
Connor Nguyen
...
Evan Robinson
That dip started right when the news of EU regulators meeting on Feb 26th hit.
It's amazing how many of you still don't know.
Jayden Butler
this
Lucas Perez
...
Brandon Fisher
originally, in the last great bull run, btc peaked so people began to diversify... so it lost dominance...
market capitalization has rapidly dropped since December...
now people are just booking profits and exiting crypto looking for the next fad.
Probably return to early 2017 late 2016 figures and hover as crypto waits for a real world use and adoption
or just die.
:/
James Brooks
>open source technology
>monopoly
As for why, it's mostly about Bitcoin losing it's "magic internet money" status and turning more into ponzi asset. It might recover in May.
Elijah Hughes
The reason is pretty simple. 99% of people whether they admit it or not are in this to make more fiat.
People started realizing they couldn't 10-100X their money with BTC anymore, so the money flowed into shitcoins.
Ian Powell
Nice analogy
Juan Perez
Jeremiah Morris
Matthew Parker
Jose Young
Because alt coins actually exist and have products now?
Before BTC was really the only thing that had any purpose, but now other coins have actual function, so they rise in value
Isn't this painfully obvious?
Brody Martinez
...
Adrian Long
because more coins exist that people are interested in? how is this not obvious? back when BTC had 80-90% dominance there wasn't really much else worth talking about. As soon as ETH was invented, BTC took a dump and thats been it, ever since more worthwhile coins/tokens have emerged and it's unlikely BTC will ever get close to 50% again, I'm actually surprised it's back up around 40%
Brody Watson
100% this
Jace Brown
...
Isaiah Williams
decentralized currency
decentralized market dominence
Aiden Ortiz
the standard for altcoins has skyrocketed in just the past year alone. Last year shameless cryptopia low-sat shit was the most popular kind of alt, now we're on to big chinese partnership pumps.
Nicholas Thompson
...
Josiah Cox
unironically this
Jason Butler
Kikes are losing control. You know what happens when kikes lose control, right?
Jaxon Peterson
>value
compared to what? crypto holds no value in my eyes because it isn't used except on black markets
Kayden Roberts
You can't pinpoint an exact reason as to why Bitcoin's market dominance dropped. The most noteworthy event in May 2017 was that for the first time since its inception the average Bitcoin fee was above $1. From its lowest point in June to the peak in December there was always an important event that made people want to hold Bitcoin. Bitcoin Cash fork was in August 2017, Bitcoin Gold fork was in October 2017, the planned Segwit2X fork was in November 2017 but got cancelled. By then Bitcoin was in the media every day and the normies all FOMOed in. The Bitcoin hype started dying down in late December as normies discovered altcoins. Normies have now been burned with both Bitcoin and altcoins and are exiting the market by now. Bitcoin dominance will probably go back to 50% at least. If this bear market continues I expect it to regain dominance as more and more altcoin projects will start to fail.
Jeremiah Green
How would one know if a project has failed? Do the business just go bankrupt or what?
Ryder Barnes
...
Carson Baker
>You can't pinpoint an exact reason as to why Bitcoin's market dominance dropped
What issss... blockstream? for 39%
Jack Jones
>unrealistic goals that will never be met
>devs abandoning their project
>devs spending their time on twitter/telegram/slack instead of working on their project
>financial issues
>legal issues
A few of the many examples. Take a look at Obsidian or IOCoin if you want to know what failing/failed projects look like
Charles Allen
Because it sucks
Eli Nelson
>a bunch of shitcoins pop up and get a couple percentage of market cap each
>lol bitcoin is dying
jesus christ bcash supporters are pathetic. no matter how much propaganda you push it doesn't change the fact that your coin is doing worse.
Isaac Gomez
Blockstream has been stifling Bitcoin development since 2013. The tipping point was most likely the ever increasing fees and heavily clogged mempool in May last year.
Tyler Sullivan
Yeah I know about them, haven't been following them for a long time now. Whats happened with those projects?
Lucas Phillips
Obsidian's CEO owns all the funds from the ICO and has abandoned the project.
IOCoin has lazy devs that have hyped a specific update for their coin for years yet they have not released this update.
Aiden Harris
> "You can't pinpoint an exact reason as to why Bitcoin's market dominance dropped."
Yeah, it's sooo (((difficult to understand))) and there's many mysterious reasons... and it's partly the forks that are to blame... and (((Segwit2X))) "unfortunately" getting cancelled................................... whatever the reasons are, they have absolutely no relation to Blockstream or their funders.
Adrian Evans
check the github pulse
for example bitcoin:
github.com
Jackson Kelly
Like I said, Blockstream has been fucking shit up since 2013. What was or were the catalysts that pushed Bitcoin over the edge in May 2017?
James Martinez
Is UBQ a dead project?
Jeremiah Scott
Haven't heard anything from UBQ's team for months so you can consider that a dead project.
Benjamin Walker
Makes me feel great about holding NANO.