A thing I see often to use alternative coins -altcoins- is some kind of strategy to earn o make passive income and goes something similar like the one I read/made. Before that, let me be clear, this is not
Step 1: turn your fiat into USDT/USDC/DAI (stablecoins)
Step 2: take those and convert into some kind of killer app[1] that could make 20x
Step 3: Convert those profits into btc
So, in essence for a n00b, it seems like a good plan but (and this I saw) most people lost their track and start to gamble. When they see the easy money, the don't execute step 3 but instead, step 1. One common strategyis as follows:
Setting Up (Terra Station Extension)
Deposit UST to Earn APY
Post bLUNA as Collateral, Borrow UST, and Earn ANC
Stake ANC to Governance, Earn ANC
Provide ANC/UST Liquidity and Stake, Earn ANC
See the pattern here? What all altcoins have in common is that they need to move their money, they need to work it, put it at risk or they'll collapse. With bitcoin, this is our main advantage, we have sound money and once we turn our fiat in satoshis, there's nothing more to add, just keep doing what you do and have some low-time preferences.
The main difference between a bitcoin hodler and an altcoin gambler is hodlers save their money while altcoins are investors/gamblers. They're just cannibals eating each others. The only currency that keeps intact since 2009 being the truly decentralized hard money is bitcoin.
You_may_no_like_it_but_accept_it.gif
most killer apps are just bad UI shit that have some bullshit tokenomics plan with poor roadmap, from far away you can see they're not building, they just there to make pump and dump. ↩
In theory, BTC only works fairly on planet Earth. If a colony on Mars wanted to mine BTC, they'd be at a huge disadvantage since it would take about 3 minutes to transmit a valid block back to Earth. In the meantime, an earth miner could have already found the next block.
Martians therefore, might have a justification to create their own PoW currency. Either that, or we establish a "Solar Coin" with very long block times (1 hr or 1 earth day) that way every planet in our solar system has nearly the same advantage to mine blocks.
A thing I see often to use alternative coins -altcoins- is some kind of strategy to earn o make passive income and goes something similar like the one I read/made. Before that, let me be clear, this is not
So, in essence for a n00b, it seems like a good plan but (and this I saw) most people lost their track and start to gamble. When they see the easy money, the don't execute step 3 but instead, step 1. One common strategy is as follows:
See the pattern here? What all altcoins have in common is that they need to move their money, they need to work it, put it at risk or they'll collapse. With bitcoin, this is our main advantage, we have sound money and once we turn our fiat in satoshis, there's nothing more to add, just keep doing what you do and have some low-time preferences.
The main difference between a bitcoin hodler and an altcoin gambler is hodlers save their money while altcoins are investors/gamblers. They're just cannibals eating each others. The only currency that keeps intact since 2009 being the truly decentralized hard money is bitcoin.
You_may_no_like_it_but_accept_it.gif
most killer apps are just bad UI shit that have some bullshit tokenomics plan with poor roadmap, from far away you can see they're not building, they just there to make pump and dump. ↩
altcoins are a tax on people who
Seriously, I'm looking for reasonable arguments in favour of altcoins.
I'd be happy if someone could provide good articles on the topic.
Thank you.
In theory, BTC only works fairly on planet Earth.
If a colony on Mars wanted to mine BTC, they'd be at a huge disadvantage since it would take about 3 minutes to transmit a valid block back to Earth. In the meantime, an earth miner could have already found the next block.
Martians therefore, might have a justification to create their own PoW currency. Either that, or we establish a "Solar Coin" with very long block times (1 hr or 1 earth day) that way every planet in our solar system has nearly the same advantage to mine blocks.
https://unchained.com/blog/law-of-hash-horizons/
Rule: #2 never break Rule #1
Can you really go big on bitcoin without first going through the standard altcoin burn? I would say it's pretty much tradition by now :)