But the entire altcoin space depends on Bitcoin. If you haven't noticed there is probably a 85% correlation between Bitcoin price and altcoin price.
If Bitcoin loses 42 billion market cap, it will probably not flow down to altcoins, it will go back into the Dollar and Euro.
That's today. Not tomorrow. People innovate fast. Solutions get created overnight. There are too many people in this just to sit back and watch it all get destroyed if it happens.
Within a week or two after Bitcoin got regulated. I bet you'd have solutions popping up all over the place.
Keep in mind how bitcoin first got traded. There were NO exchanges. It was all IRC and otc (over the counter) transactions person-to-person. If we have to go back to the stone ages, everyone will... and we'd rebuild from there.
I hope you are right, In any case this will be a slow battle, and it will require a lot of patience. Rome wasn't built in 1 day. It will take a lot of work to have a free currency system.
Bitcoin had it's role, certainly, but if it's to fall, then hopefully a better one will take it's place.
Shhhh (and this is not a shill comment) but Peercoin was designed for that reason. :)
To qualify that, Satoshi disappeared from Bitcoin to persue other projects
Shortly thereafter, Sunny King appeared and created a more efficient version of Bitcoin... also anonymous called Peercoin :)
I like Peercoin's features but I just don't see how it can gain market cap relative to BTC when you have Dash and others taking most of it.
CoinMarketCap means very little. Everyone puts so much time and effort into thinking market cap is important. It isn't.
Coinmarketcap.com is a very SMALL indicator of how liquid a coin is... but it's not true. Just because X number of coins exist, and exchanges show trading activity at Y price... doesn't mean if all X coins were sold... they would yield that coincap value.
What coinmarketcap shows is "popularity". It doesn't really reflect scalability, or long term technological feasibility.
It's here where Peercoin shines. Remember AuroraCoin? The official cryptocurrency of iceland. Wow.. it had such a huge coinmarketcap, it was like #4 on the list. What happened? It imploded for number of reasons.
I don't believe Dash will be as important as it is in 10 years. However I think Peercoin will get noticed for it's technological stability. (That's already happening, with PeerAssets and Indicium)
Let me ask you... other then trading and speculation, how many times do you use Dash in your daily life to buy and sell products from the Internet? :)
Dash is nothing more than an idea. It has everyone excited. This is a fad for now. Long term trends aren't apparent yet.
Market cap is highly correlated with trading volume usually.
I don't even own that much Dash right now, I've shuflled some of the bigger coins around into smaller alternatives.
At this point I am looking for a stable alternative to Bitcoin if Bitcoin fails with the UASF.
If Peercoin will be that one, then so be it, I am not really biased. But currently speaking I see more opportunity in Dash than in Peercoin.
That might change of course ,but this is just how I see it now.
Quite an insightful comment. Very well said. People do innovate fast!
It's hard to believe this. The demand is so huge and it will be even bigger when people start to really move to better currencies. Currently Bitcoin sucks very much because it's so slow and expensive to use. When the network effect shifts to better working alternatives, people start to actually use them again as currencies and we will see even bigger boom.
no we can trade fiiat for altcoins JUST as easily, using the SAME tech too! all btc ats can be upgrades to have Steem, litecoin, ETH, etc, lol,
no irs law can help them, @intelliguy is corect!