Altcoins, DeFi thread

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  • jacoavlu
    Member
    • Mar 2018
    • 8521

    Originally posted by xraygoggles

    Ya, I don't think anyone thinks that they are money (except maybe their maxis). When I think of competing, I'm really referring to market cap, like as an investment/speculation.
    the overwhelming majority of people, smart and dumb people alike, still think these other coins are trying to be money in the same sense that bitcoin is trying to be money. bc of the moniker “cryptocurrency”

    lol just go read WCI most recent article on the topic and it’s clear

    people would gain a lot more understanding by reframing their thought re altcoins as “tokenized securities” bc that’s basically what all of them are.

    Comment

    • xraygoggles
      Physician
      • Oct 2018
      • 2817

      Originally posted by jacoavlu

      the overwhelming majority of people, smart and dumb people alike, still think these other coins are trying to be money in the same sense that bitcoin is trying to be money. bc of the moniker “cryptocurrency”

      lol just go read WCI most recent article on the topic and it’s clear

      people would gain a lot more understanding by reframing their thought re altcoins as “tokenized securities” bc that’s basically what all of them are.
      Most people are not in it for the philosophy - it's pure unadulterated speculative fervor.

      There was a recent survey out by Grayscale that Pompliano tweeted - apparently ~90% of people that have BTC hold other crypto. Even if that's overestimating a bit (and I don't even know if it is), that shows you just how tiny btc maxis are. But like all groups, the most fringe tend to be the loudest. Just thought that was an interesting survey.

      Comment

      • jacoavlu
        Member
        • Mar 2018
        • 8521

        Originally posted by xraygoggles

        Most people are not in it for the philosophy - it's pure unadulterated speculative fervor.

        There was a recent survey out by Grayscale that Pompliano tweeted - apparently ~90% of people that have BTC hold other crypto. Even if that's overestimating a bit (and I don't even know if it is), that shows you just how tiny btc maxis are. But like all groups, the most fringe tend to be the loudest. Just thought that was an interesting survey.
        oh i would have guessed higher than 90%. bc it’s still very very early.

        it’s funny, bitcoin maxis fight over what maxi means. some think it means own no other crypto. some think you’re not a maxi if you still own stocks. and yet others think you’re not a maxi if you hold any usd lol

        the term doesn’t mean much to me. i come at it from much more of a boglehead perspective even if bogleheads obviously think that’s nonsensical. i think there will eventually be a lot of capitulation

        Comment

        • xraygoggles
          Physician
          • Oct 2018
          • 2817

          Originally posted by jacoavlu

          oh i would have guessed higher than 90%. bc it’s still very very early.

          it’s funny, bitcoin maxis fight over what maxi means. some think it means own no other crypto. some think you’re not a maxi if you still own stocks. and yet others think you’re not a maxi if you hold any usd lol

          the term doesn’t mean much to me. i come at it from much more of a boglehead perspective even if bogleheads obviously think that’s nonsensical. i think there will eventually be a lot of capitulation
          The thing about maxis is that they are walking contradictions and hypocritical af. Remember - maxis are for the most part hardcore libertarians (free market, no govt, anti-centralization, etc).

          Yet:

          1) Giddy at the prospect of a dictator embracing bitcoin, just to pump their bags. B/c when I think of libertarianism, the first thing that pops into my mind is a ruthless despot centralizing power to his whims, right?

          2) Became instantaneous Elon fanboys when he first embraced btc, then did an immediate 180 when he started pumping doge instead. Again, pump bags, or not.

          3) Supposedly care about wealth inequality, but bitcoin concentration is no different than 'scam' Eth - around 10k people control 1/3 of all bitcoin in circulation. And in that 10k, there is even more concentration to the whales on top. Not to mention the whales in storage. Far from bringing wealth to the masses, and no different than premining concentration.

          4) "The concentration of miners is even more profound, data show. NBER found that the top 10 per cent of miners control 90 per cent of the bitcoin mining capacity, and just 0.1 per cent (about 50 miners) control 50 per cent of mining capacity." not as secure a network as ppl seem to think.

          5) Consider any other project a scam, yet can't see the writing on the wall. Their beloved free market clearly thinks otherwise, as other projects continue gobbling up market share.

          Many other I can list, but you get the point

          Source #3/4: https://www.scmp.com/tech/tech-trend...be-susceptible

          Comment

          • jacoavlu
            Member
            • Mar 2018
            • 8521

            Originally posted by xraygoggles

            The thing about maxis is that they are walking contradictions and hypocritical af. Remember - maxis are for the most part hardcore libertarians (free market, no govt, anti-centralization, etc).

            Yet:

            1) Giddy at the prospect of a dictator embracing bitcoin, just to pump their bags. B/c when I think of libertarianism, the first thing that pops into my mind is a ruthless despot centralizing power to his whims, right?

            2) Became instantaneous Elon fanboys when he first embraced btc, then did an immediate 180 when he started pumping doge instead. Again, pump bags, or not.

            3) Supposedly care about wealth inequality, but bitcoin concentration is no different than 'scam' Eth - around 10k people control 1/3 of all bitcoin in circulation. And in that 10k, there is even more concentration to the whales on top. Not to mention the whales in storage. Far from bringing wealth to the masses, and no different than premining concentration.

            4) "The concentration of miners is even more profound, data show. NBER found that the top 10 per cent of miners control 90 per cent of the bitcoin mining capacity, and just 0.1 per cent (about 50 miners) control 50 per cent of mining capacity." not as secure a network as ppl seem to think.

            5) Consider any other project a scam, yet can't see the writing on the wall. Their beloved free market clearly thinks otherwise, as other projects continue gobbling up market share.

            Many other I can list, but you get the point

            Source #3/4: https://www.scmp.com/tech/tech-trend...be-susceptible
            do you have any criticisms of bitcoin, or just bitcoiners? or any altcoin features that you would like to highlight against bitcoin? I think it's more productive to talk about fundamentals

            Comment

            • xraygoggles
              Physician
              • Oct 2018
              • 2817

              Originally posted by jacoavlu

              do you have any criticisms of bitcoin, or just bitcoiners? or any altcoin features that you would like to highlight against bitcoin? I think it's more productive to talk about fundamentals
              well bitcoin is fine as a speculative investment, maxis not so much.

              thought this was the OG thread, didn't mean to post in this one.

              Comment

              • chocolatebear11
                Member
                • Nov 2020
                • 103

                Originally posted by Doc Spouse

                Loved Solana for a long time. Bought it back when it was under $10 and sold it after it broke $200. It was long past due for a breakout, especially considering what it brought to the table and who was backing it. I think it will continue to go up, but it'll likely be tracking more with the market. I've slowly been removing some of the riskier plays in prep for January/February. Been through too many crypto winters not to take some money off the table. :P I'll probably jump back in Solana after we get past the first quarter and see what the market is doing.
                Are there any other alt coins you are interested in?

                Comment

                • chocolatebear11
                  Member
                  • Nov 2020
                  • 103

                  Has anyone read into Bank of America’s analysis of Avalanche? They think it will usurp ETH.

                  Comment

                  • udrag14
                    Member
                    • Sep 2018
                    • 111

                    Originally posted by Doc Spouse

                    Loved Solana for a long time. Bought it back when it was under $10 and sold it after it broke $200. It was long past due for a breakout, especially considering what it brought to the table and who was backing it. I think it will continue to go up, but it'll likely be tracking more with the market. I've slowly been removing some of the riskier plays in prep for January/February. Been through too many crypto winters not to take some money off the table. :P I'll probably jump back in Solana after we get past the first quarter and see what the market is doing.
                    Solana had become my number 2 spot after ETH. There is a lot to do in the environment, which is great. Also low cost of gas makes it very affordable to farm other coins/trade.

                    Comment

                    • xraygoggles
                      Physician
                      • Oct 2018
                      • 2817

                      Originally posted by chocolatebear11
                      Has anyone read into Bank of America’s analysis of Avalanche? They think it will usurp ETH.
                      No I haven't, but it's one of the so-called 'Eth killers' - a competing layer 1 protocol in other words.

                      Remember it's all speculation, so anyone can say anything. But in actuality: no one knows nuttin.

                      Comment

                      • nycEMMD
                        Member
                        • Oct 2021
                        • 176

                        Originally posted by xraygoggles

                        No I haven't, but it's one of the so-called 'Eth killers' - a competing layer 1 protocol in other words.

                        Remember it's all speculation, so anyone can say anything. But in actuality: no one knows nuttin.
                        So true, I wouldn't be surprised if BoA bought a bunch of AVAX and is now deciding to pump it. Basically taking a page out of their regular stock playbook.

                        As far as ETH killers, I've been putting small amounts in several coins, Cardano being the latest one. Not very bullish on Cardano especially that the programming language they use is not well liked by programmers and Charles has always been an overpromise/underdeliver kind of character but ADA is pretty oversold right now and the launch of it's DEXes is too big of an opportunity to miss out on. Just finished staking for the Minswap FISO, getting ready to stake for the Sundaeswap FISO. I just can't turn away free money

                        Comment

                        • xraygoggles
                          Physician
                          • Oct 2018
                          • 2817

                          Former first lady Melania is launching an NFT collection - this is totally not a telltale sign of bubble behavior. Completely rational.

                          Next up: Biden comes out as bitcoin maxi; Trump's SPAC becomes a DAO, and Pelosi launches a shitcoin hedge fund.

                          Comment

                          • Lordosis
                            Family Physician
                            • Feb 2019
                            • 8853

                            Originally posted by xraygoggles
                            Former first lady Melania is launching an NFT collection - this is totally not a telltale sign of bubble behavior. Completely rational.

                            Next up: Biden comes out as bitcoin maxi; Trump's SPAC becomes a DAO, and Pelosi launches a shitcoin hedge fund.
                            Isn't pelosi the one trying to let members of Congress continue with insider trading?

                            Comment

                            • CordMcNally
                              Moderator
                              • Jan 2017
                              • 12852

                              Originally posted by Lordosis

                              Isn't pelosi the one trying to let members of Congress continue with insider trading?
                              "We are a free market economy. They should be able to participate in that."

                              - Nancy Pelosi

                              Such a joke.

                              Comment

                              • tomato14
                                Member
                                • Mar 2018
                                • 41

                                Originally posted by nycEMMD

                                So true, I wouldn't be surprised if BoA bought a bunch of AVAX and is now deciding to pump it. Basically taking a page out of their regular stock playbook.

                                As far as ETH killers, I've been putting small amounts in several coins, Cardano being the latest one. Not very bullish on Cardano especially that the programming language they use is not well liked by programmers and Charles has always been an overpromise/underdeliver kind of character but ADA is pretty oversold right now and the launch of it's DEXes is too big of an opportunity to miss out on. Just finished staking for the Minswap FISO, getting ready to stake for the Sundaeswap FISO. I just can't turn away free money
                                From all crypto corners except outta CH’s mouth and following my impression is ADA is vaporware. I think it’s still so odd that it gets the MSM press that it does. Good for you walking into it and making some $ on it, but I wouldn’t put much stock in the project.

                                Anyone else fatigued w “ETH killer” titles. Can we not agree it’ll be a multi chain future? ETH, SOL, AVAX, others….maybe none of them in 5 years but others (plural)…point being more than one. Why we gotta be so tribal?

                                Comment

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