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LogicallyMinded

There are several valid capabilities #Bitcoin doesn’t have that other #crypto aim to make available such as:

- Base layer privacy

- Non-pegged stable coins

- Cross chain swapping

- Decentralized finance

- Digital ID

- Crypto-economic base marketplace

- On-chain payments

- Global on-chain scalability

Of course there a also plenty of copycats, weak projects as well as outright scams. And also, the tokens distribution of most projects is heavily weighted toward a few individuals. But would you call every fruit a bad apple because of few rotting apples seen at the grocery store?

ew0k 2y ago

Speaking as a consumer here, again, open to software that can bring value but haven’t seen it:

- Base layer privacy (don’t need, bitcoin has practical options)

- Non-pegged stable coins (don’t need)

- Cross chain swapping (until another chain offers an interesting killer app, not interested. I did use eth when eth was the only chain with high nft activity)

- Decentralized finance (I stated before that I’d rather use a centralized 3rd party for lending. Everything else is basically swapping into or getting yield on coins I don’t need)

- Digital ID (absolutely against this)

- Crypto-economic base marketplace (?)

- On-chain payments (I’m good with lightning)

- Global on-chain scalability (not sure this is necessary and that it doesn’t come with major security trade offs)

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Discussion

LogicallyMinded 2y ago

That’s totally fine that you don’t need any of these but others want/need them. Hence, my original point to say that it’s nonsensical to call everything but #Bitcoin a #shitcoin, unless you think the World revolves over your personal needs and those of your pairs.

ew0k 2y ago

It’s reasonable from an educational standpoint imo because the vast majority of alts start off as pump and dump scams where vcs are looking for your buy in as their quick exit liquidity.

Now, can an alt that started as a scam grow into something useful? Possible, but I’ve yet to see a compelling case where I’d be able to recommend people look into whatever coin.

LogicallyMinded 2y ago

There are for sure a lot of scams but most (not all) top market cap projects didn’t start with the intent to scam people. I think most of the top projects have been looking to innovate and bring something to the industry. Many (if not most) fail to do so but innovation in all industries always had a higher failure rate. But to me there is a difference between a scam and a failing startup. Sometime, it’s unclear whether a project is more of a scam or an enterprise which genuinely failed to deliver on its promise. Now, you’re right that the tokenomics of most (but not all) #crypto is horrendous because of the initial distribution. Does this make them a scam? I don’t think so, but it certainly makes them a poor investment for retail investment in which initial investors can certainly be qualified of profiteers. Again, Bitcoin had been the best investment since its inception (although it hasn’t been in the past cycle) and it can’t be replicated but that doesn’t make every other project a scam.