Altcoin Complexity Theatre & The Bitcoin Black Hole
Hey Jesscoiners
The world of altcoins may be quiet by 2017 standards but it is non the less a wild west of majority failing products and obscure promises. If you hang around crypto enough you're going to start to see through all the bullshit, it takes a while for your bullshit meter to calibrate but once it starts to ping it's often correct more often than not.
Most altcoins can be divided into, outright scams, projects with poor leadership, projects with no product-market fit, products with over-hyped tech and products that no one wanted.
Yet here we are, everyone and their grandma is slapping blockchain in their name and starting a company with a fivver logo and cloned GitHub repository.
Altcoins survive on complexity theatre
Altcoins and particularly general-purpose blockchains are practitioners of complexity theatre, they pretend to have the solution, to be better than BTC, to be more advanced, but don't mention how abysmally they fail at the scaling trilemma they only focus on their USPs.
They thrive on throwing around jargon and claims of solving problems that BTC has but can't because they don't have the problems Bitcoin has, no ones using your coin in the grand scheme of things.
Searching for a "new" Bitcoin is like searching for a new internet, the protocol play was made long ago and it's here to stay.
No one is competing in the sound money space
As I write this NO altcoin can compete with BTC for sound money, not even close, they all a bunch of cash grabs with centralised control. I say this being invested in several altcoins not because I believe in the fundamentals, but because I believe in their ability to get others to believe in their project.
Once the run comes, I'll be out and HODLing my one true financial love and that's Bitcoin. All the other coins are just imitating you my sweet 10 million Satoshis.
It's not the complete fault of altcoins, the space is new and some alts are utility tools, others are replacements for digital stock, some are replacements for loyalty points, others are replacements for index funds, but NONE and I say this with confidence NONE are competing for in the sound money space.
Bitcoin is the crypto reserve currency that brings life to this industry, many of these alts will crash and burn and BTC will gobble it up.
I am not a BTC maximalist
Shocking I know, it might sound like I am, but I am not. I do like altcoins, but I am highly critical of them as I encourage everyone to be and don't hand over your BTC willingly to just any project to fund them. Many alts are just that alternative paths that will lead to nowhere and many of their improvements will also be absorbed by BTC in the future.
There are natural applications that BTC is not meant for like storing large format text and interactions like HIVE and STEEM, these are examples of where an alt is doing something different but these chains never said they are competition with BTC, they are carving out their own path.
I think there will be various forms of decentralisation and application, but the sound money play sorry boo boo, I hate to break it to you, but it's taken.
BTC and ME 4ever!
Source: The Bitcoin Manual
Have your say
What do you good people of HIVE think? Can we all get along under a new umbrella?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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This is so mean. Do you really think ethereum can't compete with btc?
ETH can never compete with BTC it’s already pivoted 4 times and been forked twice! I’m not saying it won’t have its place somewhere in crypto but it’s never going to compete with BTC as sound money
ETH goes through its hype cycles, if you want to get a feel for ETH listen to Vitalik it’s more a concept playground a sort of sandbox for crypto ideas which is great we need that but it’s not sound money
Morningreading with coffe once again. But this time I am angry. You telling me that my goatcoin can not defeat BTC !!
Btw - Yesterday I was reading newspaper about south africa again ! This time it was "a big monkey that had pain in a teeth"
I think it is pretty amazing what kind of news that reach sweden from your country. You can now drink alkohol and have a big monkey with tooth-pain.
Have a nice day ! We will with warm-record this summerday.
It can if you can get more miners to adopt it and make it more decentralized than BTC, lol go ahead I hope you get it right so I can take my positions in it
Lol Sweden only Publishes happy news it seems, all your stories are good news and funny stories is that how it works?
A friend of mine moved to Sweden and posted today on Instagram look it’s not always snowing we have sun too lol
what ! Do you have a IRL-friend in Sweden? In Stockholm? Or is it my friend too? I have a friend from South Africa living in my city - specilist at recycling.
Yes we have sun. Maj-Aug it is perfect. Today it is about 29 degrees. Only snow 1-100 days a year.
Summer here is lovely - I show some picture when the work is over and we are at camping or at sea.
I think she loves in Östersund, she married a Swede she met here, I also had a friend who was a teacher in Karlstad but she moved back to Cape Town.
Östersund - Well THAT IS A WINTERTOWN. Maybe one of the best town if you love snow and skiing.
2 hours to vacation! Do you get some freetime from your work this summer?
LOL no because its winter here and well I like to work
BTC and me, sitting in a tree, H-O-D-L-I-N-G
First comes dip then comes buy order then comes lambo with a mooning value
Sounds like a solid plan. M00N as the reg plate?
Lol I'll make mine Moon Man
Haha, love Rick & Morty!
GoodByeeeee Moon Man.
So you are a bitcoin fan. I can understand why😊
Well I’m pretty hard headed and BTC is the hardest money ever created so I think the two of us would get along
💪
i love seeing this on the BLUE INFOWARS earning https://cryptowars.me :D
everything is soooo blue
@underground yo dude, lets slang infowars at $0.01 each 1 million at a time, we do that 100 times each, we will make so much money selling stakes of infowars tokens which people will withdraw to Telos wallets like COOLX, and SQRL and vote in telos decide ballots we can use...
Tell me more about this TELOS sounds interesting