As the Bitcoin bull market continues to rage on, the amount of liquidity flowing into the crypto market begin to slosh around. Projects are making all sorts of weird and wonderful claims in a bit to get a hold of your Bitcoin, and I see so many people falling for this shill fest.
I am not here to bad mouth coins because I don't want to give them more publicity, and the market will eventually figure out what they sell is fairy dust, and many will get hurt, but that's part of the game. There are many snake oil salesmen and women in crypto since there are few regulations, and it's a wild west.
I personally feel this is the way it should stay, and regulation should come from communities and taking personal responsibility by using your brain and not rely on government and regulative bodies to do all your thinking for you.
If you make poor choices, you should get punished, and if you make good choices, you should get rewards; that's how we allocate capital and resources effectively. This way of living seems foreign because we come from an over-regulated world where we look to central bodies to protect us from every paper cut we get and keep us safe. Our sense of danger has atrophied because we don't use it, we cannot detect it, and that's why we fall for every sales pitch.
With respect to tech
If you haven't dived deep into the blockchain market, you'll probably see Bitcoin and alt coins as the same thing. That they are technology platforms that compete on tech online. It's easy to make that conclusion, and one altcoin bang on about as their unique selling point. We've heard it all before:
- We're faster than Bitcoin
- We're cheaper than Bitcoin
- We've got smart contracts
- We use less energy
- We can scale
- We have dApps
All these are cool and great for the ecosystem as a whole, but it is not enough for me to part with the most pristine digital asset in the market. I am not holding Bitcoin because I want access to dapps or scalability; I want it to protect and appreciate my wealth.
I realise that is not everyone's goal, so to each their own, but for me, alts isn't where I want to park my faith and purchasing power long term.
If you believe in a said coin, why do you hold Bitcoin? Why do you sell said coin for Bitcoin or fiat? It doesn't make a lot of sense to me. If this is the "future", wouldn't you be chomping at the bits to hold every single coin you can?
Exactly my point; alt coiners don't even believe in their own coins.
Alts also like to speak about the returns you can get, but how much liquidity do they have for you actually to realise your returns? How much of those returns are just inflation and vapour that, as soon as it's dumped on the market, crashes the price?
I get that alts are smaller, more nimble and can move fast and try new things; that's why their values are so volatile and why you're taking a considerable risk investing in them, so rewards should be outsized should you pick the right one but its still far too much risk for me.
Bitcoin is a fusion of tech and economics
As alts innovation slows down, which is the case with every market once it reaches maturity, I see it giving time for Bitcoin to catch up. Once technological parity is achieved among all these open-source projects and all the best ideas in terms of tech are implemented, the game will then be played on a monetary policy level.
The coin with the hardest and defensive monetary policy will win, which I think is Bitcoin. As alts continue to fiddle with their tokenomics, they actually weaken the investor confidence and break the social contract they have with current investors.
As long as BTC continues on with never changing its monetary policy of consistency, I don't think any coin can rival it.
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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