{"id":394547,"date":"2019-08-28T19:00:51","date_gmt":"2019-08-28T19:00:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=394547"},"modified":"2019-08-28T17:40:33","modified_gmt":"2019-08-28T17:40:33","slug":"altcoin-market-is-failing-to-produce-utility-only-bitcoin-can-become-money","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoin-market-is-failing-to-produce-utility-only-bitcoin-can-become-money\/","title":{"rendered":"Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">As the <a href=\"https:\/\/uniquehot.com\/2019\/08\/20\/crypto-analyst-expects-20-ethereum-drop-altcoin-capitulation-in-2-weeks\/\">altcoin market continues to bleed out<\/a> and sentiment around Bitcoin\u2019s crypto cousins reaches a point of extreme despair, the question about their long-term value has come up often in recent days.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s caused even the CEO of the company behind a major altcoin to admit that the asset class has failed to deliver true utility. The admission has prompted yet another influential crypto figure to concur with the statement, adding that only <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> can become money given altcoins inability to deliver on the utility and adoption they initially set out to achieve.<\/span><\/p>\n<h2>Altcoin Project Founder: Altcoins Fail to Deliver on Promise of Utility<\/h2>\n<p class=\"p1\"><span class=\"s1\">During the 2017 crypto hype bubble, the search was on for the next <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>. Crypto investors flocked to Binance and other exchanges offering alts, and loaded up their bags in hopes of becoming as wealthy as early Bitcoin investors.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/03\/06\/lightning-dev-explains-why-bitcoin-is-poised-to-become-the-global-currency\/\">Lightning Dev Explains Why Bitcoin Is Poised To Become the Global Currency\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">But those hopes and dreams quickly turned into a nightmare, as Bitcoin and altcoins suffered a sharp correction, eliminating over 90% of their value in many cases. Some altcoins have actually fallen as much as 99% from their previous all-time highs, and many crypto assets born from the ICO boom are now valued far less than their initial coin offering prices.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The problem of altcoin market now is that utility tokens don&#39;t really have much utility, including protocol tokens. I guess it&#39;s time to rethink the approach in terms of actual utility of the <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#blockchain<\/a> platforms we create.  New approach to <a href=\"https:\/\/twitter.com\/hashtag\/DApps?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#DApps<\/a>  economics is badly needed.<\/p>\n<p>&mdash; Sasha.waves (@sasha35625) <a href=\"https:\/\/twitter.com\/sasha35625\/status\/16264448?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">What remains, is a reality that most of these altcoin projects have failed to deliver on the utility they had initially promised, and its <a href=\"https:\/\/uniquehot.com\/2019\/08\/12\/altcoin-apocalypse-crypto-bitcoin\/\">investors who are feeling the damage<\/a>. Even Sasha Ivanov, the founder of the altcoin project Waves, admits that \u201cutility tokens don\u2019t really have much utility, including protocol tokens.\u201d<\/span><\/p>\n<h2>Prominent Investor: Only Bitcoin Can Be Evangelized As Money<\/h2>\n<p class=\"p1\"><span class=\"s1\">When even the founder of an altcoin project is skeptical of the value similar projects are bringing to the crypto market, it&#8217;s a sign that something is clearly wrong with alternative currencies as they currently exist.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/06\/11\/bitcoin-becomes-money-one-satoshi-now-more-valuable-than-some-national-currencies\/\">Bitcoin Becomes \u201cMoney,\u201d One Satoshi Now More Valuable Than Some National Currencies<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s provoked much discussion around the crypto industry and caused even CEO of <a href=\"https:\/\/www.threearrowscap.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Three Arrows Capital<\/a> Su Zhu to speak out on the subject. The influential crypto investor says that utility coins need to \u201cdeliver the utility\/adoption that they originally set out for,\u201d but even if they do or do not, it holds no bearing on Bitcoin.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I think only <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> can really be successfully evangelized as money at this point. <\/p>\n<p>Every other coin needs to deliver the utility\/adoption that they originally set out for. Whether or not they succeed will have nothing to do w whether or not Bitcoin succeeds. <a href=\"https:\/\/t.co\/zPKjiRRpty\" rel=\"nofollow\">https:\/\/t.co\/zPKjiRRpty<\/a><\/p>\n<p>&mdash; \u6731\u6eaf \ud83d\udc02 (@zhusu) <a href=\"https:\/\/twitter.com\/zhusu\/status\/14828034?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 28, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Continuing, Zhu says that at this point, only Bitcoin \u201ccan really be successfully evangelized as money.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin has many uses and narratives, such as a form of peer-to-peer digital cash, a store of value, and as a safe-haven asset. But it\u2019s ultimate goal is to one day become the world\u2019s global currency, that replaces the failing fiat system that\u2019s begun to fall apart in recent weeks. It\u2019s a goal that only Bitcoin has a chance of achieving, and altcoins have a lot of making up to do before they can ever offer such a value or utility to the world.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the altcoin market continues to bleed out and sentiment around Bitcoin\u2019s crypto cousins reaches a point of extreme despair, the question about their long-term value has come up often in recent days. It\u2019s caused even the CEO of the company behind a major altcoin to admit that the asset class has failed to deliver true utility. The admission has prompted yet another influential crypto figure to concur with the statement, adding that only Bitcoin can become money given altcoins inability to deliver on the utility and adoption they initially set out to achieve. Altcoin Project Founder: Altcoins Fail to Deliver on Promise of Utility During the 2017 crypto hype bubble, the search was on for the next Bitcoin. Crypto investors flocked to Binance and other exchanges offering alts, and loaded up their bags in hopes of becoming as wealthy as early Bitcoin investors. Related Reading | Lightning Dev Explains Why Bitcoin Is Poised To Become the Global Currency\u00a0 But those hopes and dreams quickly turned into a nightmare, as Bitcoin and altcoins suffered a sharp correction, eliminating over 90% of their value in many cases. Some altcoins have actually fallen as much as 99% from their previous all-time highs, and many crypto assets born from the ICO boom are now valued far less than their initial coin offering prices. The problem of altcoin market now is that utility tokens don&#39;t really have much utility, including protocol tokens. I guess it&#39;s time to rethink the approach in terms of actual utility of the #blockchain platforms we create. New approach to #DApps economics is badly needed. &mdash; Sasha.waves (@sasha35625) August 26, 2019 What remains, is a reality that most of these altcoin projects have failed to deliver on the utility they had initially promised, and its investors who are feeling the damage. Even Sasha Ivanov, the founder of the altcoin project Waves, admits that \u201cutility tokens don\u2019t really have much utility, including protocol tokens.\u201d Prominent Investor: Only Bitcoin Can Be Evangelized As Money When even the founder of an altcoin project is skeptical of the value similar projects are bringing to the crypto market, it&#8217;s a sign that something is clearly wrong with alternative currencies as they currently exist. Related Reading | Bitcoin Becomes \u201cMoney,\u201d One Satoshi Now More Valuable Than Some National Currencies It\u2019s provoked much discussion around the crypto industry and caused even CEO of Three Arrows Capital Su Zhu to speak out on the subject. The influential crypto investor says that utility coins need to \u201cdeliver the utility\/adoption that they originally set out for,\u201d but even if they do or do not, it holds no bearing on Bitcoin. I think only $BTC can really be successfully evangelized as money at this point. Every other coin needs to deliver the utility\/adoption that they originally set out for. Whether or not they succeed will have nothing to do w whether or not Bitcoin succeeds. https:\/\/t.co\/zPKjiRRpty &mdash; \u6731\u6eaf \ud83d\udc02 (@zhusu) August 28, 2019 Continuing, Zhu says that at this point, only Bitcoin \u201ccan really be successfully evangelized as money.\u201d Bitcoin has many uses and narratives, such as a form of peer-to-peer digital cash, a store of value, and as a safe-haven asset. But it\u2019s ultimate goal is to one day become the world\u2019s global currency, that replaces the failing fiat system that\u2019s begun to fall apart in recent weeks. It\u2019s a goal that only Bitcoin has a chance of achieving, and altcoins have a lot of making up to do before they can ever offer such a value or utility to the world.<\/p>\n","protected":false},"author":517,"featured_media":394550,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[142,428,6664,53109,17255,8485],"class_list":["post-394547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoins","tag-bitcoin","tag-crypto","tag-sasha-ivanov","tag-su-zhu","tag-waves"],"acf":[],"yoast_head":"\n<title>Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money<\/title>\n<meta name=\"description\" content=\"As the altcoin market continues to bleed out and sentiment around Bitcoin\u2019s crypto cousins reaches a point of extreme despair, the question about their\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/altcoin-market-is-failing-to-produce-utility-only-bitcoin-can-become-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money\" \/>\n<meta property=\"og:description\" content=\"As the altcoin market continues to bleed out and sentiment around Bitcoin\u2019s crypto cousins reaches a point of extreme despair, the question about their\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/altcoin-market-is-failing-to-produce-utility-only-bitcoin-can-become-money\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-28T19:00:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-28T17:40:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/bitcoin-altcoins-altcoin-crypto-money-shutterstock_1330609859.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5800\" \/>\n\t<meta property=\"og:image:height\" content=\"3262\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/uniquehot.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money","description":"As the altcoin market continues to bleed out and sentiment around Bitcoin\u2019s crypto cousins reaches a point of extreme despair, the question about 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