What do you say when a friend or investor says āETH has been a better investment than bitcoin on nearly all time framesā based on this coin metrics chart.
Been hearing this a lot lately from the usual suspects using this chart.
Discussion
"That chart will turn red just u wait"
After all the things that went wrong premine parity dao hack etc etc it really a shitty "outperformance" you got back for it
I'm not into bitcoin for the gains
They have a good opportunity to sell while they are ahead from riding the coattails of VC funded tokenomic projects.
Granted, markets in general have been detached from technical fundamentals for some time but I guess we're due for snake oil AI tokens and CBDC tokens and the like so who knows.
If theyāre saying this, theyāre always going to dabble in shitcoinery. They may as well gamble on horses would be my response.
Have fun .....
Put charts in Bitcoin bc you can't measure opportunity cost by leaving charts in Fiat.
This seems misleading.
Doge outperformed btc over the last 10 years too. That doesnāt mean itās a good long term store of value.
My theory with .ethās is their like mushrooms. Feed them shit and keep them in the dark.
I call them idiots š Never bought ETH but I know 72M ETH came out of thin air and from what I see, the people outside of the premine who bought into it have got nothing out of it.
For example, users who believed in all the imagination-capturing marketing slogans left with every narrative that fell apart, developers left with every sabotage of competing implementations and delay upon delay for initiatives to replace them, miners left after being abused from losing compensation and betrayed when going to PoS. It goes on and on. It was always a scam.
Who is left? Who else can the ETH foundation scam?
The only ones left are stakers (those who wish to shape protocols based on ownership over it, exactly fiat). No reason for the ETH foundation to scam them too, simply just give certain stakers priority over others
Only idiots could believe cringey crypto promoters funded by fraudsters preying on new-comers could sustain their multi hundred billion dollar industry when Bitcoin is out their consuming energy and performing real work. With more and more Bitcoin adoption, I just see the shitcoin runway only get shorter and smaller as Bitcoin awareness increases
Shitcoins will always trend to its marginal cost of production in Bitcoin terms, zero š„³ (Bitcoin wasn't always so valuable to everyone)
always better to focus all energy on Bitcoin, don't skip class! š¤
You canāt convince everyone. Just keep moving forward.
āStill NGMIā
Smile, say nothing, then walk away š¤š¼
Say you know a guy who made 5 million dollars in a casino. You're happy for him but don't see any reason to take investment advice from him.
Silicon Valley Bank was around alot longer than ETH
It is very dangerous to use past performance as an indicator for future performance. We bitcoin maxis should also remember that more often for what it's worth.
Arguing eth vs btc is just like arguing random stock vs btc from a bitcoiner perspective. What if someone told you a random penny stock had a greater return? Only real response here seems to be ācongratulationsā (alternatively: I canāt predict lottery numbers)
The comparison is a category error because ETH is not decentralized.
A famous example of a category error is when Warren Buffett discredits Gold because it doesn't produce a yield like e.g. farmland does. He is comparing two things that are not in the same category (Gold is a form of money, not a form of income producing asset).
Since ETH is not decentralized it cannot ultimately become a government-hard money. It is not in the same category as Bitcoin, and afaik no other cryptocurrency is either.
Depends on the timeframe. I see several timeframes where BTC beats ETH.
Also, who cares. Eth is the mother asshole from which all shitcoins spring. Do you really want to "oWn" that?