I am a small time Bitcoin – enthousiast. Got on the Cryptocurrency boat in 2018 (way too late to my liking) but been having a solid interest and spreading the “Crypto-message” for some time now.
I like to keep things simple and do not jump too fast to conclusions.I have my own website/blog where I talk and discuss various coins.
My current position on bitcoin is as follows:
While I do believe in the potential of blockchain technology (the thing which powers many coins and tokens), I find myself focusing less and less on altcoins (with good reason… except for a few stablecoins) and going all out on Bitcoin.
Bitcoin, in my book, is the only worthwhile digital to have WITHOUT being asset-backed.All other altcoins are flawed copies to be used properly and have had tweaks and changes whereby they can no longer be considered as “truly decentralized” and/or “highly secured”.
The reasons thereof having to do with changing marketcaps, established/changed “proof of work”-methods and the obvious backdoors in code to change protocol and majority.
However, I do not automatically consider all altcoins to be “shit”.
Stable-coins, like DGX, hold a soft spot for being asset-backed (gold).
This makes them a great asset to protect acquired (digital) wealth.
As you can guess, my stance is mostly from a technical and to a lesser extend economical point of view. A source of technical reasons beautifully summed up by Gilles Cadignan in his article on medium: https://medium.com/@gillesCadignan/the-other-bitcoin-standard-226e743687dd .(My own remarks can be found here: https://dhconsultcomfort.wordpress.com/2020/05/15/discussion-the-other-bitcoin-standard/ ).
The recent developments and uncovering of major trading-platforms “promoting” bitcoin only to spread and sell lesser altcoins (or their own shitcoins to leverage failing fiat money in the own pockets) only more confirms the idea Bitcoin rules.
This “leveraging” is something explained in detail by Rusty Russell on his blog: https://rusty.ozlabs.org/?p=607. (My own elaboration can be found here: https://dhconsultcomfort.wordpress.com/2020/06/02/enemies-of-bitcoin/ ).
I am probably preaching to a choir here but am curious to the opinions of others where it concerns altcoins vs Bitcoin.
The compilation of arguments made by Rusty Russell and Gilles Cadignan are logical and straight-forward enough. Or is this thinking wrong?
Curious to the various opinions.Always willing to learn more.