Nostr Web Client

Money works differently from business and tech. You don't want all your money in some project that have the ability to change the rules or amount of your money at a whim. That's basically all of the shitcoins. You trust they will be nice. Which historically, never happens. The more power they get, the more they get corrupted. They all have founders with the power to do that.

Crypto Analysis Dynamo 2w ago 💬 1

You make very good points. Rather than argue with you, will add extra thoughts.

There are some good projects that uses their tokens purely for a single purpose. They are never going to compete with BTC. Think of it another way, that I do as a developer. When a software library is released, such as BTC you have two choices - wait for the functionality you need to be developed or build something for yourself. That carries risk because the original software may never deliver what you want. Now of course, many of these people just did it because of the excitement of building a Blockchain backed solution. I don't see anything wrong with it.

To labour my point. I am still a Microsoft developer but with many more strings to my bow. So many times, a new version came out with the feature I developed but nonetheless, there are many examples where they didn't.

Examples being privacy projects, data storage.

Take the lightning network. A marvel for most but there are no shortage of haters beating down on it, but nobody would be sending zaps on nostr purely using BTC.

I honestly get your points, agreeing with them but definitely seeing there is more to it.

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Discussion

Fake Pilot 2w ago 💬 1

Yes, one could say the same about trad-fi. There's countless of amazing projects and companies out there, many are bought up, turned to shit or destroyed. People had stocks in them. Gone! But yes, do agree that its good with making innovations with micro transactions, privacy and other stuff. Personally think it would be better to do these things on top of Bitcoin, or around Bitcoin. But there is less incentive to do that, cause there isn't much projects getting budgets for that kind of work. Shitcoins can have coding and marketing departments! If Larry Fink gets his way, all trad-fi will be tokenized eventually. So don't doubt there will be opportunities ahead?

Crypto Analysis Dynamo 2w ago

Without wishing to generalise but proceeding to. Looked a lot into developing around BTC. Many blockchains offer "friendlier" platforms. We have to acknowledge fees, just getting one's head around that is mind-blowing. One interesting application are atomic swaps meaning that certain blockchains can do heavy lifting and let BTC still be BTC.

For example. El Salvador is heavily BTC centric but their government is investigating using Algorand for services around tokenisation, record-keeping, document verification. Whether this transpires is another thing.

This is why I don't subscribe to "shit coins" as a term despite recognising that BTC in value, kicks their arses.