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 100 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.
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!
