A lot of Bitcoin Maximalists have made the argument that in order for the next bull run to begin in crypto, the majority (if not all) altcoins must first die in order to "flush away" the "junk" and "dumb money" in the space.
I disagree with this assertion, and in this video I'm going to explain why.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
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I think they will be disappointed when they realize that crypto is like a language (as Andreas Antonopoulos puts it). There will be many. Tone Vays also said that he'll know the bear market is over when someone like Mike Novogratz or Tim Draper "rage quits". I'll know it's over when Tone Vays and other "maximalists" rage quit.
I don't think that this is a good thing though. Practically every other alt out there is more centralized than bitcoin which means that if some alt like Ripple or Stellar becomes the Google of internet finance, then we can possibly expect book of revelations consequences.
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the maxmalist were around a very long time though...
They been through many bear markets.
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That part was 1/2 joke and 1/2 serious. Let's say that Stellar moons and takes #1 in market cap, not by a small amount, but by a country mile. Then bitcoin dominance drops below 10%. That would be the scenario where the bear market could end. However it would be very dire for the cause of freedom (for those of us who know better).
History has shown that it's not always the superior technology that wins. VHS defeated Betamax...
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If we're going to talk history...
"Superior technology" is the myth:
https://www.theguardian.com/technology/2003/jan/25/comment.comment
Plus, Bitcoin is old tech. No formal upgrades are made, only soft fork-keeping the blockchain old while having new features.
The tech is just something that be added to Bitcoin kinda like this line
For Bitcoin to lose it would miss the whole product:
For Bitcoin to lose it would stop being decentralized and store of value:
I get what your trying to mean but in both cases that analogy doesn't work :P
Bitcoin is old tech.
Plus it now the Superior tech that counts either
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I hope you're right. I've studied the bitcoin source code for almost 2 years now (Mastering Bitcoin by Andreas Antonopoulos) and some of the newer github source.
However, it's not safe to underestimate the stupidity of the public. They can't be bothered to understand how something works (the two of us are the anomaly because we're dev's). Then superior marketing comes in (regardless of whether the tech is sound or not) and mass adoption happens. Hopefully the people (most likely accidentally) will make the right decision.
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Short but interesting video, i think in the future just shit altcoins die and just projects based in solve real problems in the bussines will survive and will have an strong influence in the future economy. Regards
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IMHO the trickiest part is no government will allow cryto to challenge their monopoly in printing money, while that's most alt-coin does.
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Blockchain technology has too much capital behind it for all altcoins to go to zero. Much like venture capital investments, there will be many that fail and only a handful will be largely successful. However, when adoption takes place, it can become much broader over time as technology improves.
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Every time I read about Bitcoin Maximalism I get so confused.
How can people be that hypocritical?
The foundational tenants of decentralization DEMAND that thousands of altcoins be present in the market.
There will be no crypto apocalypse.
This is not the Dot Com bubble.
Cryptos aren't companies, they are communities.
Open source capitalism is on the verge of slapping all these greed-monsters trying to corner the market in the face. By definition, it looks like it's only going to take one more bull market to occur to shut these people up, but what do I know? Maybe these people will become delusional again when the bear returns.
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Not die but they are still way over extended as most alts coins projects are currently dead or dying with no use case. How the heck can DOGE have a market cap of 250,000,000 still 😂🤦🏼♂️
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community.
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30k transactions a day 🤷🏼♂️
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Are you implying that transaction volume is an accurate metric when considering community strength? Imagine a chain used for buying and selling houses. How many daily transactions would you expect to have on such a platform?
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Nope, your saying that
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Will all the alt-coins disappear ? I don't thinks so but I think that there will be a massive cull. To survive an alt-coin needs to have some kind of USP and I do not believe that all the 2116 coins currently listed on coinmarket cap all have some unique USP that will power them to success. IMHO they are all correlated to BTC and the longer BTC remains in a bear market or just consolidates at low levels the more alt-coins will disappear.
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Nope, just need a community. Someone is always going to own those coins. Even if a coin has zero development (say an ERC-20 token) the community that owns that coin is different from the others, promoting decentralization. Meanwhile, advances on the main chain and applications like MetaMask will keep being developed, giving the "dead altcoin" even more value.
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Bitcoin price going low. Happy news is steem and SBD price going up. Hopefully bitcoin and steem price more going up soon as soon. I always watch your video. You doing your job very well. More big invester invest the money in bitcoin and steem. Thanks for sharing this valuable video.
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