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I would agree with you if any of the altcoins were of similar quality in terms of fundamental soundness. None are even playing the same game much less on the same field.

I mean no offense but your strategy of let's see what hits and diversifying your portfolio is a long term strategy based on a flawed premise that more than one coin will emerge. But alts will all go to zero in the long term because none are truly solving a problem they aren't creating for themselves or doing it better than something else that already exists. Fundamentals matter in the long term.

Maybe there will be those that limp along. Some will pump, all will dump. Plenty of scalping to be had, no doubt.

But you're going up against forces stronger and more connected than you. I've been on the inside of both the crypto and traditional hedge fund worlds in a professional capacity for my entire career. I know how it works and the little guy rarely wins.

LogicallyMinded 2y ago

You must not be paying attention to say no other #crypto other than #Bitcoin is solving a problem. I agree that 99% of crypto are worthless copycats launched by founders looking to get rich quick but there are a dozen of solid projects that have brought real innovations. That said, it’s true that from an investment perspective most crypto have been seriously underperforming #BTC because of their premine. If you look at the last bull market, some crypto like #Ethereum and #Monero have performed similarly than Bitcoin and have not retraced to 0. Bitcoin still remains the safest buy and hold investment in the space but others will do well too.

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BITwise 🐳 >>= RIGHTish 2y ago

Name one?

LogicallyMinded 2y ago

Ethereum, Monero, Avalanche, eCash, Radix, Akash, ThorChain, Mina, Idena, Rai etc.

All these are legit projects aiming to address problems that Bitcoin doesn’t address or at least not well enough.

BITwise 🐳 >>= RIGHTish 2y ago

I don't see what (real) problems any of them actually solve? Most of those are L1 blockchains and their only innovation is more tps but with plenty of other downsides like centralization. None of which are being used except to create more L2 shitcons. Development of L2 solutions like lightning completely negate any benefits of those tokens.

Ethereum has smart contracts but that's only opened the door to more scamcoins. Bitcoin can be programmed in a similar fashion with the onset of covenants. But do we really need it? Is it solving a real world problem or just coming up with an unnecessary albiet novel use case?

Ecash is a precursor implementation of bitcoin as I understand it. But it utilizes a mint which I struggle with. Seems like an inferior bitcoin to me.

Montero has privacy so I give you that.

LogicallyMinded 2y ago

Off the list I provided, only #Ethereum is expanding via L2. I named Ethereum because it’s the first blockchain that brought smart contracts enabling #Defi. Like it or not, you can’t say it’s not an innovation. Other blockchains have features/use cases not covered by #Bitcoin or are looking to scale DeFi or payments on L1.

It’s funny you mention #Lightning as a major vulnerability just got uncovered. Also, Lightning is just not Bitcoin.

You’re looking at the wrong #eCash. Here is the one I’m referring to https://e.cash/ . It’s actually a fork of #BitcoinCash and développer by the founding #BCH team. They aim to scale P2P payment on-chain with sub-second finality. They already implemented 1-block finality.

I haven’t said that any of these blockchains don’t have trade-off against Bitcoin. You asked for #blockhain that innovates and that’s what I provided.