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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.

Low Information Voter 2y ago

Believe it or not, but I 100% agree with what you wrote there.

As I've written elsewhere, the three most valuable features of any financial system are adoption, adoption and adoption.

#bitcoin has it.

99.99% of #altcoins don't, they are purely speculative in their uses.

#monero (XMR) is the exception that proves the rule. Its value proposition is the ring signature - every transaction is a mixer. That's why its not listed on KYC exchanges, but is often the only currency accepted on many darknet markets.

#monero's economy, other than mining, is almost entirely whores, poker and blow. This also describes #nevada, I hear :-p. But that is a real economy, and why its also why its extraordinarily stable for an #altcoin - its a medium of exchange more than a speculative asset.

#bitcoin is my #1, and ~90% of my holdings.

#monero is #2, and about 10%.

The others, yeah #shitcoin is not an unfair descriptor, but if I find another gaining real world adoption I'll look at buying it.

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Discussion

BITwise 🐳 >>= RIGHTish 2y ago

I don't hate on montero, it has a use case. But I do think it's use case is waning as I believe privacy on bitcoin is getting better as more tools are being built around it.

Saberhagen The Nameless 2y ago

Users often joke Monero is the real stable coin. Hovers around average of ~$150 for years.

Maybe you already know this, but ring signatures are only 1 of 3 of Monero's privacy layers and only apply to the sender. It is the relatively weakest part because it is "just" obfuscation.

The real magic is Monero's encrypted amounts and receivers (confidential transactions and stealth addresses). Completely hidden - can't be derived by looking at the blockchain. Meaning the transaction graph (sprawling connections of senders and receivers) doesn't even exist on Monero, unlike 99.9% of cryptos.

Low Information Voter 2y ago

^ This!

🎃 Stark +053 (Fearful) 🏴‍☠️ 2y ago

Monero is too hard or impossible to audit the supply of too because of this

Still love Monero tho - because the feds don't seem too fond of it