Nostr

#Bitcoin

#CryptoCurrencies

#unpopularOpiniom

#askNostr

Why do you think that besides #Bitcoin, some cryptocurrencies have been there for over 10 years and despite their poor performce against #BTC they continue to exist and thrive?

My take:

Initially I thought, all of them but a handful will fade away and never be heard of again, but for my surprise, many are still trading after many years, Why?

The more I analyze the available data the more I conclude it is not about performance or profit, and I got to the Apple iPhone phenomenon...

When the iPhone was launched I was shocked on how many technically savvy friends, colleagues and acquaintances were buying it. I study the mobile and concluded it was an overpriced device with many deficiencies for me to even consider it an option, in short SUCKS, the worst one at that time, it had one radio instead of two, you could not do data and talk at the same time and almost no customization. It simply sucks. Yet an incredible success, Why? The Apple fan base, or should I say, the cult? Tesla now?

Extrapolating to Crypto currencies I believe is the same principle, some of them keep being strong over time because of the fan base, toxic maxis that become youtubers, tiktokers, influencers, developers, periodic conferences, PR campaigns, etc, same as with Bitcoin

Bitcoin is not much different on that arena, but it has the huge advantage of being the first to market and the fact that walked the path of the HERO (fought three big battles; 1. blocks, 2. miners bans, 3. ETFs approval; and won raising victorious)

Lot's of people hate Bitcoin maxis, believe they are part of the problem as of why there is not more adoption, maybe that is true, but I believe they are the cult base, without them, their strong believe in the ecosystem and its ethos, Bitcoin would not be the undisputed alpha dog

What are your thoughts?

StackinBeets 1y ago

You made a lot of points so I'm only gonna address the first one:

Shitcoins continue to exist because there is barely a cost to keep them alive (but they are unsafe)

Bitcoin continues to exist because there is a high cost to keep it alive (but safe)

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Discussion

espn ✔️ 1y ago

Thanks for sharing your thoughts,

I don't think that to be the case, reason why didn't mention opsec security (a fly to safety as the bankster boss stated, a couple of weeks after an ETF for ETH...) there are few of those cryoto currencies that are POW and quite safe from network opsec point of view, and the ones that follow the new POS (the irony of that acronym always makes me smile) is not cheap neither, for them to be reliable and profitable they need a very good setup, normally AWS to avoid losing money, and the opsec side is quite safe as well as many years of operation has proven, as is the case for the number two by market capitalization.