RE: Crypto Competing On Technology Not On Monetary Policy.....YET!
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You have valid points all the way down but I think you’re overlooking the “smart” aspect alt coins bring to the table. Btc has become a store of value while alts are rolling out to manage transactions intended to serve specific functions.
I think the one coin to rule them all theory is also valid but I think it’ll more likely apply to cross chain tokens.
There’s too much development, innovation, and experimentation in this space at present for one to rise above and remain, I think. It’s too early.
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I do see them as complementary for sure, but I do think that if BTC starts to absorb a lot of the features like smart contracts, faster transactions like with lightning, counterparty and RGH etc and its added to their current wallet providers then its going to start to absorb a lot of alts.
Why would I want all these native wallets and all that? Look at BSC its boomed because it ran directly on ETH's infrastructure. Now imagine if lets say we move stable coins to Bitcoin, have DEX's on Bitcoin, which I think will all happen.
I think Bitcoin being able to absorb features from alts is a good thing, it forces them to constantly innovate and brings us new opportunities.
Just like BTC will absorb their features long term, they absorb BTC's liquidity short term.
Do I think there will be 1 coin and 1 chain? No i think BTC becomes the money and coins split off into things like
and more. But I just don't believe a lot of these projects even need their own blockchain or coin, some of that could be done without having a native asset.
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Man, I haven’t put as much thought into this as you have so I’m not sure how to disagree with you other than to say that I think you’ve laid out a good example of how the legacy system might over take the crypto world, but a big part of this space is specifically aimed at disrupting that as well.
I don’t think this “Wild West” will be tamed in the same manner because the manner in which the resources can be obtained, managed, and protected are completely new.
I think BTC will be king until the alts really come into their own then we’ll see it retired to gold status with each surviving coin holding solid shares of their respective markets and tokens managing what those coins are doing.
BTC is definitely the foundation of that but only as a matter of being first out of the gate.
I’d need to roll this over a bit before I can go on as I feel I’ve kind of gotten a little off point or may be sliding that way.
I wouldn't want the wild west to be tamed, I would rather we as community members help with education, teach people to recognise bullshit, to think critically, instead of removing the danger, allow people to take responsibility for themselves, well that's just how I feel about it.
I think if you like regulation and safety the fiat system is there for you.
BTC is being institutionalized and that will bring with it a new phase and perhaps alts provide a bit of an escape from that who knows?
What I do know is that if I have Bitcoin, a lot of people all over the world are working to keep it secure and I respect that. Im currently 54% BTC in my portfolio so I'm no maxi
It's cool man, I think discussions are good, it brings new ideas, that's all this blog is for me, learning out loud and being called a moron, its fun, sometimes I do take it too hard but I'm a millennial, can't help being a snowflake sometimes.
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54% ... there was an informal survey about %s by RealVision on twitter, i thought it would be like 80% btc, but a lot of people were saying like 50% eth, or even more ... my son is buying more ETH as well... and actually i have too recently
I don’t think people are leaving their BTC positions for Alts I think they jusy Burning more fiat to get them! Always throw away the bad money first lol
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Oh most certainly I don't see people leaving btc for alts. I just think alts will have more weight than I initially thought you were acknowledging but I'm coming to believe we see eye to eye but from different perspectives.
Lol. The institutionalization of BTC is one of the reasons I’m so reluctant to just flat out agree with you. Your logic makes sense but that one point I think is key to this space in particular.
I think historically people would rather live in tribes but institutions have made that impossible in the physical world. This realm doesn’t have to bend to those forces in the same way if at all so I think the human spirit has a new place to revitalize and set a new paths for the future and communities will be the driving force going forward. Thus having multiple currencies, at least for the beginning, seems likely to me.
If a community come together and decide something is their currency then so be it and it has value nothing wrong with that. It’s all a thought abstraction really
I am more focused on these projects claiming to be better Bitcoin when all they are is ways to get your Bitcoin into their pockets and leave you with vaporwear
I also think that BTC has picked its niche and so had ETH and the rest are trying to find theirs! Many won’t find a niche, I do think this HIVE thing has a niche that could be something! There’s a lot of social media sites now giving away coins everyone things there’s is not the shit coin of that space
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Oddly, the social media aspect is both HIVE's boon and bane. I was drawn in by the concept of social media that pays for participation but it also fills our community with talentless hacks (like me 😁) thus having the effect of looking like a bunch of idiots in a circle jerk. I think it's the defi and tokenomics That are keeping us afloat and relevant until our community grows to be able to provide the real value of the social media aspect and solidify us as legit players in the space. No one in crypto (that I know of) has a community like ours. 😊
The point about shilling you get our btc is also valid, though. I forgot to address it earlier but I agree with you.