I’m sick of seeing utter shitcoins pumping. I checked one of my exchange accounts this morning & I see 1INCH pumping 25%, ETC is up about 200% in the last month, DOGE is out of control, EOS up 25%, ADA up 22%.
It is a bit odd. According to my little spreadsheet, bitcoin should be at 82,000 or so with the rise in some foundational alts like ETC and LTC. It's possible this is alts just "catching up" to bitcoin's run but if so it means the ratios have changed significantly towards what they were in the olden days. I'll have to do a bit of analysis to see what is "frothy" and what is "rational" in terms of that ratio.
(example: LTC used to be worth .01 btc. It dropped to .003, held at .004 forever and now is in the .006 range. It went as high as .018 during the last stupid altcoin run. So is .004 the new "normal", or is it just reverting to .01? Time will tell, however dipshit coins could be clouding the waters)
(ETC is another oddball: It's real ethereum, but with the balls not to change to make the DAO people rich. As such it was pretty much left in the dust in the ETH runups, but since it can do everything ETH can do there is no reason to run the functionality of stuff on overly expensive ETH. And since ETH as a store of value is silly and it's a "bad faith" coin that will fuck people over to save others why not move back to ETC? Interesting)
Alts are interesting, but it's a difficult game to play. I mean, if you were lucky, or smart enough (and not many people are) or can see what would have happened and acted on it, for example, getting a whole bunch of them during the BTC rally in December 2020... then hodling them all until at least today, ... you'd be up 1000% to 5000% or something.
But I don't know a single DOGE trader who bought a bunch at 0.01 and sold it today at 0.60. I only hear of miners who mined and kept it, or random small traders who got a few hundred or few thousand coins and that's it. I have not heard of anyone say they got 1 million DOGE last year to sell it today.
I do hear of ETH and LTC and XMR and DASH and other big alt holders do more than $10k USD worth of those.
ETC is interesting too, in that, it can do everything ETH does, but for some reason, none of the big DEXs are on it. Still, it is gaining in value.
Now, I'm still a Bitcoin Maxi at heart, but I do have small "token" amounts in alts just because it's also a good asymmetric bet for now. Eventually they will all turn into fiat or BTC (or perhaps a stablecoin.) None of the alts I've directly invested in, just happen to have them through airdrops or swaps and tips.
You can say all you want about alts, but the thing is, they are worth billions now. The top 10 is not going to disappear anytime soon. Of course, the top 10 from 10 years ago are mostly gone now, so maybe 10 years from now will be another set of top 10 alts, but it would seem, at least in this case, ETH and LTC are going to remain on the list for awhile. It's quite possible DOGE is going to stick around, just on meme power alone, with no active development.
Uniswap v3 just released, and ... UNI airdropped to anyone last year who even did a failed transaction on their DEX. Anyone who held the airdropped tokens until now would have $16k USD. (I sold mine a few days after the air drop... still, not too bad, can't complain getting a "free" airdrop.)
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