1/ Other than enriching their founders, I suspect the biggest reason for creation of altcoins and ICOs is that many don't like the economics behind Bitcoin. That is, they disagree with the Austrian view of sound money.
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that's just not true. there are things we can do *today* on alts such as privacy or smart contracts. Smart contracts are controversial, but you can't deny that privacy is important *today.* Monero is an improvement in my eyes.
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I see a world with BTC at 10T+ Privacy Coin at 3T+ Stablecoins at 2T+ and a handful of other high sub 1Ts
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Even though I disagree heavily with the valuations, your numbers easily justify the existence of alt coins competing with BTC and the hedge funds that are seeking these worthy competitors.
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How would you readjust the valuations?
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oh i dunno i personally think spending time trying to figure out absolute valuations is a silly game. relative vals. is easier, and i think competing coins with useful features will challenge btc one day
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Enormous value only accrues to coins that people are willing to hold, i.e. SoVs. To challenge BTC, you need to be an order of magnitude more secure, decentralized and monetarily immutable. These things take precedence over utility, in my opinion. U need SoV properties to get big.
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Do you mean that SOV alone is good enough for Bitcoin to be a success? And that value for exchange can be offered by another coin?
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No, the idea that SoV and MoE will be different coins is the single most absurd and foolish idea pervading this entire industry. SoV+MoE will be the same coin(s).
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