78 sats \ 9 replies \ @siggy47 10 Aug 2023 \ on: A call to toxicity bitcoin
You can also look at it another way. Thank God for shitcoins and their drag on bitcoin's price. We can all afford to buy a lot more before the crypto shit house collapses for good.
If an Average Joe has lost his capital in Luna shitcoin collapse - by the way he also lost the chance to invest it into Bitcoin after understanding better, that there is no second best
Shitcoins are cancer, there is no excuse here.
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We are able to predict if the bitcoin ecosystem would be better or worse if no shitcoins ever existed...
Bitcoin is like: single language situation
Shitcoins existence is like: confounding our speech
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The amount of people who have been introduced to the ideas behind cryptocurrency in general, and btc in particular, through shitcoins, is invaluable. The amount of public awareness of the space, and the concepts that matter in the space, is the real rate limiting factor on btc adoption In fact, it might even be the case that the scamminess has served to make very clear the value prop of btc in a way that would have been otherwise impossible.
There has never, and will never be, one single language, despite the network effects that would seem to dictate that there should be. This is a fact that maxis might benefit from pondering.
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I share your point only regarding privacy - it's maybe a good thing there are some strong privacy coins like Monero, Zcash - and the whole effort of govts is fighting with them...
And in the meantime - Lightning Network is able to improve its privacy yet and hopefully growing so big, that is de facto unstoppable.
But that's the only exception in the rule, that all other shitcoins are cancer - wasting a lot of resources, which could be otherwise directed into the Bitcoin ecosystem.
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Interesting perspective. They do create easy targets for governments.
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