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mike

My enemies enemy is my friend 🤔

Crypto guys don't hate Bitcoiners, so why do we hate Crypto guys?

There is good reason for some if it, there are a lot of scams and failed coins out there.

I see a possible bridge of friendship towards Ethereum, they do smart contracts and NFTs so we don't have to.

Also stablecoins are a necessary bridge for the moment.

If only there weren't 3 million altcoins.

Jordan S 4mo ago

I mean wouldn't it be fair to work with alt-coins with strong communities, devs, and functions as you said Ethereum, Monero, Bitcoin Cash, Litecoin, etc.

Of course memecoins, and other extremely speculative things should be clearly criticized but I think there is some laziness in bundling the 50 or so legitimate projects with thousands of possible scams that exist.

I think it becomes a Nazi, or Woke thing where if Bitcoiners criticize legitimate projects as "Shitcoins" then all it does is devalue the term, and inadvertently causes people to disregard warnings about actual scams since the term "shitcoin" would be conflated with trustworthy projects as well causing people to fall prey to extremely speculative, or manipulative projects/scams.

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mike 4mo ago

I wrote about this in the article below, where I discuss the folly of investing in altcoins as a money. There was only the gold standard up till 1971, there was never a silver or copper standard.

But many altcoins have utility for a specific market or project and yes many do useful things, my issue has always been speculative investment in them for purely monetary gain.

But then if you think about it, altcoins could be compared to company stocks. Many people buy Telsa shares purely for the monetary gain without caring what the company is doing. Many also buy Telsa shares because they believe in the company and are passionate about its success. There are thousands of companies and everybody has a different view as to which company will succeed and the reasons for this.

I am then drawn to the example of (Micro)Strategy they used to be a public company that provided computer services, you could buy and trade their shares on the stock market. Saylor turned them into a Bitcoin Reserve company and now they are far more valuable, but the company itself does nothing. It has creditors and shareholders, but no customers. It used to have customers and shareholders and a few creditors.

I worry about companies copying (Micro)Strategy's success and moving away from doing useful things for society or their customers and doing nothing but hold Bitcoin.

I digress, but yes, some altcoins have validity and utility, identifying which is the difficulty, we are effectively in the wild west of "crypto" for the moment, which is why some think the 2000 dot com crash might repeat with crypto in the near future.

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marksn 4mo ago

I disagree that Strategy has no customers.

Their customers are not obvious but imho they are pension funds, insurance companies etc. which cant or won’t buy bitcoin onchain. They sell financial products and for that have financial customers like banks also have.

Jordan S 4mo ago

I think Mike was talking more so about MicroStrategy's original business model for their software, not the Bitcoin aspect of it.

mike 4mo ago

No, I mean they have no customers, a pension fund buying your shares is not a customer, a customer is someone who buys the product or service you produce.

You're saying that their product is their shares. This is true.

But normally a companies shares (it's value) is a byproduct of the value it produces from making and selling its product.

In (Micro)Strategy's case, these are the same and this is unique.

magnum 4mo ago

You make some good points here. I think far fewer people are investing in alt coins than in the previous cycle.

mike 4mo ago

Some believe altcoin season is about to start, others that it is over.

I am not an expert in altcoins, but watch from the sidelines.

Goldenxgoose 4mo ago

Go to a crypto convention and tell them an idea for a real project that can build community and wealth and you will see that most of the crypto people are placeholders for the big money cabal that will take over an control crypto in the near future. If you own Bitcoin, eth, xrp you will be find but you will still be buying everything from the global cabal. That's the point.

Jordan S 4mo ago

I mean, on here I've seen a lot of Peer-to-Peer action, so I don't think the situation is completely hopeless.

We're not forced to buy corporate products for everything.

To be clear not saying corporations are inherently bad but many of them tend to cut corners, and make subpar products nowadays.

The smaller businesses on here are usually hand crafted, and take a lot of love, and dedication to make high quality products.

Again not saying mass produced is bad either but there's a fine line to everything in life.

Goldenxgoose 4mo ago

Buying from corporations is very convenient and often times cheaper. The problem is when you become dependent on a few corporations that produce and sell most of the product. If you have that situation than the monopoly can raise prices at will further enslaving people. We were meant to live in community were people provide different services. It not bad to have a good idea that leads to a big corporation. It is very bad though if every corporation is owned by the same cabal.

I agree that there are people looking for a life style that is not dependent on the system but I have not found many out in the wild. They want to get their checks and buy the necessities and vices to dance until the music stops.