Explain altcoins

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>>3029719
Don't worry your little head over such trivial nonsense, all you gots to do is buy and hodl and the rest will work itself out trust me and don't over think it just BUY BUY BUY

What are you worrying for
money goes in = money comes out
values are variable but that's all that matters when it comes to alts

its really pure speculation, buy altcoins low and then sell them high for more bitcoin

You can keep the wallet in your computer if it makes you feel better.

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>>3029719
Do you even know what a blockchain is?

>>3029764

Yeah I got that a couple of days ago.But is it really all there is? Alts are pure speculative tools for oldfags to gain more btc over newags... or some coins actually have a purpose other than that?

>>3029798

I do... I just don't understand why each blockchain must have a coin that is speculated to insane levels.

90% of the coins seem to have the same pump dump slow death pattern.

I mean, I'm trying to look into the future and I have trouble believing we'll have a 1000 different coins for each and everything we do. Get paid, go to an exchange to buy the main currency that is accepted everywhere.. doesn't make much sense to me.

>>3029836
Most of them don't do shit. There is a small number that do what bitcoin does only just differently enough to **maybe** justify their existence. Then there are an even smaller number which may be used as vehicles to incentivize services over a blockchain. These might be services like paying people to use some of their storage (something like sia coin) or they might be something like Ethereum (and a few others like NEO). These blockchains use their coins as a way of rewarding miners to verify transactions and run smart contracts (**for now just think of this as being able to run programs on top of the ETH blockchain).

Why do these things need a coin as opposed to just paying people in cash? Well we don't have a way of transferring cash over a blockchain yet. In addition to that, cash is more easy to trace -- blockchains are kind of meant to be anonymous (since all actions on the blockchain are public) so not being able to know who sent/did what is paramount.

Thats a really simple and layman's way of explaining it, so I hope it helps. Let me know if that just confuses you more, and I can try and reword it.

>>3029913

Thanks anon. I've read plenty about it and I really see a huge potential. Just trying to make sense of 800+ coins. I guess sometime down the road there will be a few really adopted platforms and the payout for each service will be in the currency of that platform rather than in a specific currency for each service.

>>3030035
This is unironically what Bancor is doing.

>>3030035
>>3030052

I was really trying to keep that out of the conversation.

But bancor's main value prop is that they're betting that that there WILL be a diverse amount of coins specific to all manner of blockchains.

The only way that will work is if one could always be able to easily and quickly trade their obscure coin for something that people actually want. So what do you do when you have some coin for a super expensive but low demand service? You back it up with a reserve of some coin that is commonly used and perceived to have worth (Bancor token in this case). So when someone buys 10 tokens to use your Dwave computer and ends up with 5 unused tokens they know they can sell those tokens back to the smart contract you created that automatically returns BNT for you Dwave token -- even if no buyer presently wants to purchase that token.

Now, I'm not saying we will need this. But its a really interesting idea that I wouldn't be surprised to hear many people find a use for.

Whether or not you like it is another issue. But having the option to use doesn't seem harmful to me.

>>3030266

makes sense. Thanks