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Most "cryptos" are just affinity scams riding on the coattails of the true innovation of Bitcoin. They offer nothing significantly new or important over Bitcoin

Most "cryptos" are just affinity scams riding on the coattails of the true innovation of Bitcoin. They offer nothing significantly new or important over Bitcoin. Most people in the space understand this and why. Institutional investors starting to come in understand this. State governments are starting to understand this. The energy sector is starting to understand this. Yes crypto is a bubble, and it will pop. When it does Bitcoin will likely get dragged down with it for a while, but at the end of the day it will be one of the few left standing. Save yourself time, money, and effort. Ignore all other cryptos, and just buy Bitcoin (i.e. dollar cost average), and hold it for 4+ years.

bestouff 5y ago
You seem to have some ...
- Quindecillion 5y ago
  Of course. This is the funny thing about Bitcoin. Once you've researched it sufficiently you are compelled to buy some because you understand the fundamentals of its value proposition. But then critics will point out that you own Bitcoin so you're now clearly biased because you have skin in the game. I guess you could call it the Bitcoin paradox, or the Catch-22 of Bitcoin? Once you understand it you buy it, but now no one will listen to you about it because you're "compromised". There's nothing I can do about that other than to suggest you look into it further if you're curious.
jkepler 5y ago
Bitcoin can even be a base layer for decentralized autonomous organizations (DAO)s. Take a look at bisq's DAO, built directly on top of bitcoin by using colored bitcoin for its BSQ governance token. Its been operating and paying for the software development (and project management and customer support) for bisq for over a year and a half. See https://bisq.network/dao/ https://bisq.network/dao/ for details.
giancarlostoro 5y ago
Tbh Bitcoin does nothing interesting compared to say Ethereum. I think Ethereum is a far more interesting ecosystem when you consider the only cryptocurrency CoinBase runs is built on top of Ethereum. Bitcoin is the most boring coin and its only valued so much based on speculation and brand recognition.
- Quindecillion 5y ago
  You don't understand Bitcoin, or Ethereum for that matter. Ethereum is a product produced by a company. They have an enormous about of control over it. They've changed the token issuance multiple times over its lifetime. Vitalik being a figurehead is also a problem. There's a lot of risk of what happens to the project when Vitalik leaves or dies. Bitcoin suffers from none of those problems. The issuance has been fixed for 13 years. Any attempts to change important parameters of the consensus rules have failed. The figurehead of the project left years ago when Bitcoin was still small and hasn't been heard from since. Ethereum and all other alts are products sold by companies. Bitcoin is simply an open protocol, owned by no one, and yet accessible to anyone. There is no CEO, marketing department, legal team or anything like that. It's just open-source software that people choose to run. It's similar to email, but instead of sending messages, you can send absolutely scarce "tokens". It's a subtle difference, but it is vitally important. > Bitcoin is the most boring coin Good. Would you really want a new form of money to be "dynamic" and constantly changing? Bitcoin being predictable is a feature. Certainty of issuance so you can't be arbitrarily diluted at the whims of a select few. > its only valued so much based on speculation and brand recognition There's a lot more value to Bitcoin than that. * It's significantly decentralised so it can't be shut down in any practical way * It can't be easily confisicated if secured correctly. This is important for people living in authoritarian regimes where bank accounts can be easily shut down * It's permissionless. Anyone can use it, and no one can stop someone from using it * It's accessible. You just need an internet connection to use the Bitcoin network. Think about what this means for countries with a large portion of unbanked people or currencies that are unstable... yet they have internet and mobile phones * The Bitcoin network is an always available consumer of energy. This is a game changer for the energy sector because they can recoup lost revenue from excess power * It's also a non-competitive consumer of stranded energy i.e. energy that can't be transmitted to where people are You mention brand recognition almost as a bad thing, but network effects are important and powerful... particularly for open networks like Bitcoin.

bestouff 5y ago

You seem to have some ...

Quindecillion 5y ago
Of course. This is the funny thing about Bitcoin. Once you've researched it sufficiently you are compelled to buy some because you understand the fundamentals of its value proposition. But then critics will point out that you own Bitcoin so you're now clearly biased because you have skin in the game. I guess you could call it the Bitcoin paradox, or the Catch-22 of Bitcoin? Once you understand it you buy it, but now no one will listen to you about it because you're "compromised". There's nothing I can do about that other than to suggest you look into it further if you're curious.

jkepler 5y ago

Bitcoin can even be a base layer for decentralized autonomous organizations (DAO)s. Take a look at bisq's DAO, built directly on top of bitcoin by using colored bitcoin for its BSQ governance token. Its been operating and paying for the software development (and project management and customer support) for bisq for over a year and a half. See https://bisq.network/dao/ https://bisq.network/dao/ for details.

giancarlostoro 5y ago

Tbh Bitcoin does nothing interesting compared to say Ethereum. I think Ethereum is a far more interesting ecosystem when you consider the only cryptocurrency CoinBase runs is built on top of Ethereum. Bitcoin is the most boring coin and its only valued so much based on speculation and brand recognition.

Quindecillion 5y ago
You don't understand Bitcoin, or Ethereum for that matter. Ethereum is a product produced by a company. They have an enormous about of control over it. They've changed the token issuance multiple times over its lifetime. Vitalik being a figurehead is also a problem. There's a lot of risk of what happens to the project when Vitalik leaves or dies. Bitcoin suffers from none of those problems. The issuance has been fixed for 13 years. Any attempts to change important parameters of the consensus rules have failed. The figurehead of the project left years ago when Bitcoin was still small and hasn't been heard from since. Ethereum and all other alts are products sold by companies. Bitcoin is simply an open protocol, owned by no one, and yet accessible to anyone. There is no CEO, marketing department, legal team or anything like that. It's just open-source software that people choose to run. It's similar to email, but instead of sending messages, you can send absolutely scarce "tokens". It's a subtle difference, but it is vitally important. > Bitcoin is the most boring coin Good. Would you really want a new form of money to be "dynamic" and constantly changing? Bitcoin being predictable is a feature. Certainty of issuance so you can't be arbitrarily diluted at the whims of a select few. > its only valued so much based on speculation and brand recognition There's a lot more value to Bitcoin than that. * It's significantly decentralised so it can't be shut down in any practical way * It can't be easily confisicated if secured correctly. This is important for people living in authoritarian regimes where bank accounts can be easily shut down * It's permissionless. Anyone can use it, and no one can stop someone from using it * It's accessible. You just need an internet connection to use the Bitcoin network. Think about what this means for countries with a large portion of unbanked people or currencies that are unstable... yet they have internet and mobile phones * The Bitcoin network is an always available consumer of energy. This is a game changer for the energy sector because they can recoup lost revenue from excess power * It's also a non-competitive consumer of stranded energy i.e. energy that can't be transmitted to where people are You mention brand recognition almost as a bad thing, but network effects are important and powerful... particularly for open networks like Bitcoin.