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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Replying to @jimmysong
Many people just think there's a non-zero probability that it's outdated tech. It's unlikely that the first real foray into cryptocurrency gets everything right on the first attempt. Altcoins are an opportunistic way of "improving" the protocol.
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Replying to @cyounessi1 @jimmysong
Hedge Fund managers need to support this agenda otherwise their LPs could simply hodl Bitcoin. It’s about the money, not the technology, and Bitcoin is good enough.
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Replying to @MustStopMurad @jimmysong
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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Replying to @cyounessi1 @jimmysong
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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Replying to @MustStopMurad @jimmysong
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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Replying to @cyounessi1 @jimmysong
How would you readjust the valuations?
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Replying to @MustStopMurad @jimmysong
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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Replying to @cyounessi1 @jimmysong
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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Silver is used in 100+ industries, Gold is used in none. And yet, Silver is only 17B mcap while Gold is 7T. Civilization imbued the latter with monetary premium / monetary Schelling Point because it is “harder to inflate and get out of the ground”. Not because of use value.
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