Alt Coins & Digital Assets Protected Bitcoin

in LeoFinance24 days ago

Hey Jessatoshis

I wouldn't say I am a Bitcoin maxi, but I am pretty big on Bitcoin, bullish to say the least and pretty bearish on the altcoin and digital asset space for all the promise it has shown. There is just too much noise at the moment, and it's hard to see which technologies apart from Ethereum are really breaking new ground and who is just, well, copying Ethereum.

As people fall into their crypto of choice, be it an altcoin or Bitcoin, they tend to be protective of their selection as they have a financial incentive to do so, and debates and tribalism have become the order in the chaos.

Just as Bitcoin has helped fund and grows the alternative digital asset sector, I too think all these tokens have also helped Bitcoin. I know Maxi's will say everything else is a shit coin, and I get the argument, many tokens have not painted themselves in a good light but hear me out for a second.

bitcoins-altcoin-protection.png

Protection through obfuscation

Since Bitcoin and Ethereum launched, we've seen an avalanche of new tokens created, all looking to grab their piece of this newly created market. Bitcoin has been lumped in with what is fair to say a MAJORITY of it being vapourware that does nothing.

To some, that may seem like a generalisation, but I think it's a feature, not a bug. Having Bitcoin lumped in with every shitcoin and scam coin means governments did not take it seriously.

They thought it would blow itself up as many of these shitcoins or exit scam coins did and didn't put resources behind learning or, worse, attacking it.

Bitcoin used shitcoins as a shield to make it seem less threatening to the global established fiat money order. While it was building itself to the behemoth, we see today with the game theory firmly playing out at a macro level.

Reducing returns

Bitcoin has been the best performing asset of the last decade, moving up 9 million %. That is no small return, and it continues to compound to this day. If we did not have other digital assets, all that money would have flooded into Bitcoin.

Shooting the price up even higher even faster, altcoins help taper Bitcoin growth in the early years, so it seems less threatening. If Bitcoin were to hit a Trillion dollars 5 years ago when it was majority retail traded, I am pretty sure governments would have come after it.

Also, the chain would not be able to cope with all the transfers, and alts have been a way to keep on-chain transfers going as value moved across alternative chains instead. Giving

Bitcoin breathing room to continue distributing its currency and looking at scaling solutions without rushing an implementation.

A massive Bitcoin testnet

Bitcoin has a testnet but honestly how many people are going to use it? How many developers are going to try and build on a test net? I see altcoins as a massive test net for Bitcoin, trying out new codebases, new features, new applications and more.

You don't want too much experimentation on something trying to be global money and you don't want something so rigid to hold back innovation. As you know alts are a make or break play, they either go big or go into the dumps.

I see alts as a way for us to see all the possible options for blockchain tech and digital assets, many of which won't see much use but there will be a few, like DE-FI that I think will be a winner, as well as NFT's just not in the way they are used today.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

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So I was wondering what you think of the recent black outs in China. They have like half the hash rate on the BTC network so it negatively affected the network while they were down. Does this make you have any concerns? I think BTC will do good regardless but I would like it to diversify the hash rates so it won't be hit by this issue again.

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I think that yes ALOT of mining power sits in China because of their underutilized infrastructure and people are making the most of the energy premium but not everyone in the Chinese mining pools are based in China. I think there are mining operations that will jump if China shuts down and it will move up the price since there's more expensive energy being used.

I would like to see more diversified mining for sure, but as long as nodes are coming online all over the place the mining can still be centralised, all miners can do is mine blocks if they try to act out nodes can exclude them from the network

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bitcoin technology is the future of our lives, thank you very much for the article,have a great day and have a great mood

Indeed, the market has already shown it, all these other pretenders are just here to steal your Bitcoin

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I think bitcoin is far too boring to have scaled on its own. It took the excitement of many other coins to get people in.

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How is Bitcoin boring? And how has it not scaled? Its the widest used, most transaction sizes, its got the most wallets, its got the most distribution, it got the most on-ramps and off-ramps, it's got the most trading pairs.

It's scaled via its own second-layer solutions, so I don't get where that argument comes from?

Without Bitcoin all these other coins wouldn't have existed and excitement doesn't mean value. Pets.com was exciting and darling of the dot com age where is it today? Most of these coins are going to die anyway, but I guess gambling is exciting

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How is Bitcoin boring? And how has it not scaled? It's the widest used, most transaction sizes, it's got the most wallets, it's got the most distribution, it got the most on-ramps and off-ramps, it's got the most trading pairs.

It is boring in the sense that it used major for one thing--STORE VALUE. most people don't buy bitcoin with the intention of using it for anything else other than speculating (or, as in recent times, store).

i don't think it is the most used if you aggregate the activities of other blockchains. and I am one of the many people who would never have gotten into crypto if bitcoin was the only thing on the menu. there is beauty in diversity

Without Bitcoin all these other coins wouldn't have existed and excitement doesn't mean value.

well, I think that there will be a flipping sooner or later. many are still of the opinion that it is too big to fail but I think otherwise since it is not leading in terms of innovation.

In a nutshell, I feel Bitcoin is falling into the same trap as the system it hopes to dismantle.

Then again, it would be foolish to bet against bitcoin at this point in time. it enjoys the benefit of being the first.

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Lol and the world doesn't need a store of value? I would beg to differ, I think the world is crying out for one, or real estate, bonds, wouldn't be at all time highs, stocks wouldn't have PE ratios of 1000. People are desperate to hold value over a longer period of time and they're using any financial asset to do it, regardless of its fundamentals

Bitcoin is the pristine collateral, designed to hold value over time and space. If that's boring to you that's fine but then you should have fun being poor then lol

How can you compare millions of insignificant transactions to the amount of transaction volume that Bitcoin does? Because some shit chain does 100x transactions more a day of minuscule value makes no sense. In addition, if we compare the growing transactions on lightning, it's already up there with these other chains so both sides of that argument I find as a non-starter

This is also where I think you're thinking innovation is the only metric that measures money, it's not you're discounting network effect and monetary policy as well as the robustness against change. In fact, Bitcoins ability to make it harder to change than something else makes it more secure for people to hold value in it.

I don't care if you want to shitcoin, but I think you should really read up on things before you throw out baseless claims or repeat tropes from what you;ve heard from others and not looked at the counters to your arguments

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Lol and the world doesn't need a store of value? I would beg to differ, I think the world is crying out for one, or real estate, bonds, wouldn't be at all-time highs, stocks wouldn't have PE ratios of 1000. People are desperate to hold value over a longer period of time and they're using any financial asset to do it, regardless of its fundamentals.

which people? who are the people most likely to benefit from bitcoin at this point? there are over 3.5 billion people living on less than $2.5 daily, and you think err bitcoin is the solution for those people? Help me understand how this translates to value for the billions of people across the world?

like I have said repeatedly i am more bullish the technology than the coin.

Bitcoin is the pristine collateral, designed to hold value over time and space. If that's boring to you that's fine but then you should have fun being poor then lol

have fun being rich mate.

This is also where I think you're thinking innovation is the only metric that measures money, it's not you're discounting network effect and monetary policy as well as the robustness against change.

all these things can change when another network provides a superior product over time. we have seen this time and time again. it is happening with fiat that has existed forever and it certainly can happen to Bitcoin.

I don't care if you want to shitcoin, but I think you should really read up on things before you throw out baseless claims or repeat tropes from what you've heard from others and not looked at the counters to your arguments

Okay I have tried to keep this civil but I think my comments are not appreciated here so I will refrain from giving my two cents next time. Pardon me, and have a nice day.

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As for millions of poor people having something they can store their savings in thats not debased is a mircale for many poorer people. I am from Africa I think I know both sides of the coin mate, when people make the virtue play its because they don;t have a solid argument. I encourage you to go and learn more about Bitcoin before you formulate an opinon because you're clearly short on how it owrks.

Lol not my fault you don't understand math

You came to comment on my post, no one asked you to, now you get a response you don't want to hear and you cry foul! Typical shitcoiner lol! We all pick our bets and the market will decide

ETH is a joke. I used to hold some if it, but the fees are just too much to handle. There are so many better options out there. I think the altcoins are good. They each serve their purpose. I do think that there are entirely too many, but I am guessing all of that will shake out in time. We have already seen most of the junk fall away. Except DOGE, somehow that is still kicking around.

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I do like ETH, I still hold it but I do understand that on-chain computation is even harder to scale than what Bitcoin is trying to do. A lot of these alts are vapourwear, either can't scale, or are glorified centralised databases just using a blockchain because its trendy

I see so many people giving up their Bitcoin for the next this and that but it's all going to end in tears for these people. I do like to experiment with alt coins see what ideas they bring but a lot of alt coin fan boys are also just really misinformed and drinking the koolaid

I don't know as though I would ever move my BTC into any alts. I use other funds for my alt dabbling.

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Thats a good man, protect your future and enjoy that nice view you got from the top! Fiat is just another shit coin so swapping between other digital shitcoins meh that's cool with me

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Haha, okay!

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The gains of bitcoin in the last decade are so alarming. I guess people wont want to try on the test net tho.

I am still trying to understand the defi space but i think its a really good idea

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