Shitcoins are a subset of fiat, and fiat is the enemy.
Discussion
Shitcoins are unimportant. Indifference by default, ridicule on occasion.
Yes and I appreciated listening to the arguments against shitcoins when I first heard Bitcoiners on Clubhouse. I immediately dumped whatever I had left from 2017 and got more BTC. ๐
Totally agree. They are saturating Bitcoin's message by distracting people from what matters most.
Imagine there was no shitcoin, hyperbitcoinization would have been realized now perhaps.
So "shitcoins" are baby enemies?
That reminds my of something I heard Saifedean Ammous say once:
'Ethereum is the mother asshole from which the shitcoins spring.'
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Shitcoins are fiat, on steroids
Gold is most definitely not fiat money.
Bitcoin is at least 100x superior to gold, but it's still natural and emergent money, not fiat money.
It is not but it is easy (technological reasons) to capture by banks and the state to do frb, and then fiat
True. Not as hard as Bitcoin though. I could mine an asteroid, and there is a probability of finding gold. There is a 0% probability of finding Bitcoin.
Shitcoins fund misinformation campaigns against Bitcoin, I feel XRP is kinda responsible for the NY Bitlicense, BSV may be responsible for a few Bitcoin Core devs, including most recently Marco hanging up his... keyboard. FTX is responsible for so much non-existent (paper Bitcoin) that we probably would have hit 100k, and probably wouldn't have dropped below 20k, our previous cycle's high. Since most VCs prefer the guaranteed returns of pumpanddumps with Ethereum, NGU funds more than our security budget, it helps fund development too. And crypto really screwed us this cycle.
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I know about that now, unfortunately, I little bit late.