When does a shitcoin stop being a shitcoin?
After it survives 2 bear markets and still has users?
When it stays in the top 20 for longer than 10 years?
When it does what it says it does, delivers exciting new features and is different enough from Bitcoin?
When it gets its own annual conference and people actually buy tickets to see it?
when it stops being a centralized scam
"Shitcoin" status becomes permanent once an arbitrary transaction is reversed: Ethereum is a shitcoin due to the DAO hard fork, and Ripple is a shitcoin due to the Balance Freeze.
When does a pile of poop stop being a pile of poop?
When nature has fully decomposed it and it has disappeared. Same for shitcoins.
Great analogy lmao
There is bitcoin, and there is everything else.
In a sea of shit, the cypherpunks will prevail. nostr:nprofile1qqs2n53aleuxswen54nc8jpkagv7j633wkw7fuyp2le0ladjvkngg8qpzfmhxue69uhk7enxvd5xz6tw9ec82cspz9mhxue69uhkummnw3eryvfwvdhk6qg3waehxw309a8x7um5wgerztjrdakspffxmx
Subjective value? *shrugs*
According to maxis, they never stop. Pretty sad, if you ask me. I understand being skeptical but I'm firmly of the belief that there are legitimate purposes for various altcoins.
A good obvservable metric would be, when it maintains a stable price against bitcoin for lets say 5 years+. So for example, lets say BTC/Shitcoin is always around 0.0005 BTC +/-10%, if its able to maintain roughly that price long term I would say that it stopped being a shitcoin since it maintains the purchasing power, so even if you use it, then forget about it for a year, you still have the same purchasing power as holding btc. So far all of them are bleeding against bitcoin or oscilating (on a downward path) a bit. So even if the tech of the shitcoin is useful for something you need, people still just use it for that isolated purpuse and then move back to btc.
I think the main reason for none of them to achieve this is that we are still very early, most of the use is still speculative instead of real daily use... Some will technically always bleed if they have infinite inflation baked in.
Stupid people don’t disappear, they just rotate, that’s why shitcoins don’t disappear.
I think the persistence is a symptom of the golden age we’re really in.
—There’s an abundance of wealth belonging to people that didn’t earn it and cant hang on to it.
4th turning vibes.
🧡👊🏻🍻
My belief is that there can be no altcoin that can match Bitcoin, because of the non-technical, organic nature of Bitcoin.
I guess I can understand utility in an altcoin. This has been demonstrated, notably in true privacy coins (not the fake new ones that have public and private txns), or even networks that provide convenient stablecoin use in countries with extremely volatile currencies.
This probably disqualifies me as a maxi, but I don't really care about that label since I'm probably already a shitcoiner to them for working at an exchange for many years.
To me, a shitcoin is a shitcoin from the start and there is probably no going back. Pre-mining, non-PoW, VC incubation, centralization, marketing campaigns, immediate exchange on-boarding, etc.
All these are indicators of a shitcoin and redemption seems unlikely unless we are all to be taken for fools.
I think I mostly and broadly agree with you. However, I still have a soft spot for Litecoin
I can't say anything too bad about LTC, except that it's one of the early examples of a fork of the Bitcoin software to make immediate technical changes.
After searching a bit and reading for the past 20 minutes, I could see more things that rub me the wrong way about the project. The MimbleWimble addition was neat though!
Yeah , I agree it’s not a perfect project . But it’s still got some different perspectives to offer
I generally agree but still think well-intentioned, useful alts are shitcoins based on monetary policy alone. Nothing matches bitcoin for the function of money, and that’s the most important thing for people to understand. Litecoin and bcash etc may have similar monetary policy but had shadier starts than BTC and are not as decentralized and do not have the same network effects, so I consider them shitcoins.
I come at it from a public education / meme standpoint more than anything else. If someone makes more bitcoin by trading shitcoins or is able to get paid for some art or finance some loan on a shitcoin, that’s fine and I wish them the best. I’m not going to go around shaming people for operating in tradfi for example, but I will tell friends and stuff that 401ks are shitcoins and explain why. I still have a 401k, I just want people to understand these have real risks and shaky foundations they need to consider.
