I wouldn’t go as far as saying it’s a scam. It’s legit in that it is currently an ecosystem that tons of things run on, but I think it has some fatal flaws that can’t be overcome. The gas fees are so out of hand right now, and ETH 2.0 is a pipe dream that is somehow always just a few months away from fixing everything.
I think DOT and ADA and maybe a couple others will eventually completely replace ETH.
When does COIN go public?
I have money invested in Ethereum, but nowhere near as much as Bitcoin. My crypto portfolio is 90% bitcoin and 10% a mix of ethereum/other
April 14th.
I imagine coin going public is going to bring even more eyes to the crypto market.
April 14th might be a fun day
I had a buddy urge me to pick some up and I did. It’s a very polarizing crypto.
Agree with all of thst and am very excited about ADA / DOT. I hold both. From what I’ve learned, etherium is built on architecture that is a little older and restrictive. I still hold ETH but I think it’s just a matter of time until I trade it for something else.
My first crypto purchase was ETH, then BTC. I sold the ETH for ADA and BTT. From everything I’ve read and watched, ADA has less expensive fees, will do more, etc.
Just because you joined in and profited from someone else’s scam doesn’t mean it’s not a scam.
Before launching large majority of the ETH, 70%, was pre-mined and given to developers and insiders. The price is easily manipulated because of this. Makes it more a Ponzi scheme than I am comfortable with.
Not saying you can’t make money but you’re at the whims of those whales more than anything.
None of these other Crypto currencies are going to be Bitcoin, none of them will replace Bitcoin as a store of wealth and none will stop the scaling of layers on top of Bitcoin. Therefore I consider them a waste of money or a scam. Whether it’s an exit scam or just centralized control by way of Pre-mines, most of the altcoins all die. Thousands are not even around anymore. They rally when Bitcoin rallies, they pump and dump and leave people holding the bag. It’s happened repeatedly over the years. Now with this current rally for Bitcoin, the same thing is happening. Not saying you can’t make money, if you like to gamble you can make money too, and you can lose it all. Play at your own risk. But not for me, No thanks.
There is a future with other tokens besides bitcoin. Sooner or later, publicly traded companies will offer tokens on the blockchain to investors, instead of stocks… 247365 cocaine Wall St.
I agree but many of the alts are not positioned as a store of value - they have function. Its an apples to oranges comparison. Several of them are not wastes of money nor scams. But many many are.
That said, I agree with the spirit of what you said and thats why my crypto portfolio is 90/10 BTC/ALTS
That’s true. But let’s agree that the majority of people dumping money into them are doing so in the hopes of making a ROI akin to that of Bitcoin and don’t really understand what they are really doing or what those coins are meant to do. They will more often then not lose their shit.
YEah I think thats reasonable. I also think a lot of people are in this for the trading aspect and some fast gains. Personally thats not for me but I can see how they would want to plug into a PnD network and buy/sell. Im in it for the HODL and for the hedge. Im invested in real estate, metals, and hold cash so I dont need or even want to trade. the volatility scares me and the tax implications are a pain in the ass
I should also add that I think some ALTS will become prominent as a HODL investment as they secure their roles on the block chain. I think very few will do this initially so investments in ALTS has to be well researched.
For sure. I can see that. The problem I have with most of the Alts is the marketing bullshit behind them and you have influential people like Marc Cuban saying ETH can be a real currency. That’s total bullshit and he’s a moron for saying that. Basically trying to pump his stacks, because that couldn’t be further from the truth.
In the eyes of some new up and coming developers, it takes away from the potential of what can be done on the Bitcoin core level, but it only slows it down, instead of stopping it. I know a few developers that went to work on altcoins only to realize that they were wasting time and now are working on the lightning layer and other developments.
Innovative solutions on the Bitcoin layers is where the future is. And that’s the biggest issue I have is the BS slowing down the prospective growth. BTC doesn’t have a multi million dollar marketing team behind it because of the nature of what it is, so people are easily duped to get into something else instead of the one with the most value.
Mark Cuban was just on the unchained podcast. Honest to god it sounded like he was faking most of the discussion and really was not on the level that the host was, or that any person who gets it is.