While solidly behind bitcoin, I cannot be at the position of "only bitcoin forever".
Here is my purely behavioristic argument:
1. Wall Street (WS) largely "missed" bitcoin as more than 84% is already issued with very small (anecdotally) institutional ownership.
2. WS knows how to do "promotions".
3. Would it be easier for WS to promote a new token/coin/entity that is not almost fully subscribed yet vs the one that is already owned? I think that the answer is "probably, yes"
4. WS don't like chasing, but they do like sweet early deals.
Conclusion: BTC will be pushed first and will dramatically appreciate, but then the momentum might switch to "shitcoins".
Which ones's?
IMHO, the one's that are under-issued: XRP (since Ripple can make sweet deals at 40C now with appreciation later), watch out for Ripple issuing billions of coins from their 66 bil "stash", maybe ZEC as only 6mil out of 21 mil were mined so far. Don't want to mention newcomers, but watch out for large tranches of coins being allocated to WS hedge funds and institutions from some new and upcoming chains.
Personally, I don't think that ethereum would show large appreciation due to much competition in the area (POS) where it wants to compete.
One can, hopefully, design a strategy where potential profits in "shitcoins" would be transferred to bitcoin in due course.
I don't intend to sell any bitcoin (and certainly not for shitcoins), hopefully, until retirement or some unforeseen urgency, but some cash allocation along the lines that were mentioned above could be interesting. We shall see.
So, you are basically saying "buy ripple" because it's centralized bank money?
Not cool bro...
This is why I'm not interested in listing individual coins.
There is no doubt that Bitcoin will remain at the top as the dollar AND gold of the new world. But you'd have to have gone through life blindfolded to not realize that altcoins will not be disappearing.
The more the market grows the more players will compete to create unique solutions outside of Bitcoin.
Bitcoin will be what you want to get to store value and what you will be using to spend your money.
Alts will be focused more on utility of individual applications, products or other problems.
You don't want to keep your proof of participation in e.g. a hedge fund in Bitcoin because those Bitcoins are supposed to be used within the fund to generate profits. So you need a token to denominate your relative share. Just to name a second example. Tokens allow for unique solutions that Bitcoin itself can not.
Whether or not those tokens will be on the Bitcoin blockchain or not is a completely different story.
Although it's clear that they will not exclusively be due to more specialized solutions in other places, e.g. Python wrappers on other chains that allow for much more streamlined data science solutions.
Sure, you could say that they could have implemented that same functionality on Bitcoin. But they
chose not to.
If you don't like it go and implement it on Bitcoin yourself.
But stop pretending that everybody trying to create something is a scammer, this thread should know better than that.
Either way, if all of the thousands of projects were outright scams they would quickly self-destruct and disappear within a number of years after every last idiot got burnt, so why even care?
If you're too lazy to do your research or simply don't care that's alright. But you don't have to buy anything to learn about the future today. You can look at Tesla even if you hate electric cars and then proceed to realize that automation
is coming and you can start imagining what that entails.
But the arguments against altcoins so far are riddled with ignorance and the same fundamentally flawed assumptions. They assume that everything is a Ripple (centralized shitty clone) or BitConnect (obvious 100% scam) tier scams.
Basically, every argument against altcoins in the past two days can be summed up with:
- Tesla is a scam because we already have cars
- Automation doesn't exist
- If it actually exists then just do it with old cars then everybody who dares do it on different types of cars is a scammer , never mind that they are the people putting in the hours. If it's not on old cars it's a scam that distracts from progress
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