Altcoins, DeFi thread

[jacoavlu]

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.

[xraygoggles]

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.

[jacoavlu]

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

[xraygoggles]

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

[jacoavlu]

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

[xraygoggles]

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.

[chocolatebear11]

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?

[chocolatebear11]

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

[udrag14]

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.

[xraygoggles]

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.

[nycEMMD]

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

[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.

[Lordosis]

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?

[CordMcNally]

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.

[tomato14]

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?