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#Bitcoin

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#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?

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Discussion

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)

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.

rod ✪ 1y ago

The path of the HERO! What a good take! Known as The Hero's Journey

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Satosha 1y ago

Success of software - particularly open source - is in how many times your are forked .. or conceptually copied ..

Because each fork lifts you to a higher padestal .. so much so that at a point you catch on the Godly status .. it becomes a faith .. that is when Maxis are born ..

Alt coins have fake maxis .. most of their base has seventy percent in #Bitcoin and may be 30 percent spread over many other quick buck schemes - even though they talk about one .. to fake their devotion ..

Satosha 1y ago

Points in case

- Unix has the maxis because it is ported to every architecture and device - endless forks at conceptual level - Solaris , BSDs HP Ux , AiX , Linux , Android and ech

- iPhone as a concept of a touch enabled sheet of glass has been copied over and over again .. everytime someone creates a new touch smart device - iPhone improves it's status ..

- Every new streaming service adds value to Netflix .. the eco system got so strong that people literally cut the chord .. and we are paying twenty bucks a month for Netflix with ads :-)

Saberhagen The Nameless 1y ago

Other major cryptos are still around because they provide utility that Bitcoin can't or won't provide (or provide it better). Even if Bitcoin magically changed that today there are now large die-hard camps that are entrenched in other projects. This was always going to happen. It's the way of free markets. Substitutes, alternatives, and options appear. There will always be other cryptocurrencies to more or lesser degrees.