I should probably start off by saying I like Max, and I've been following his misadventures for years. Yes, he's a character that loves hyperbole, but there's no denying his intelligence. He was one of the early voices that saw the value in BTC, and he's been a permabull since.
But...
On this point, I strongly disagree. Why? well, because I think that even though he's probably mostly correct, the part he is incorrect about is just as important.
BTC Maximalism
The idea that we only need BTC can be somewhat compelling if you just take in all the arguments made by the prominent voices of the space. Yes, it's the safest network, yes it's got the name recognition, yes, It's survived all the bear markets, it's the zombie of crypto. But, does actually mean it should sit on a throne with no subjects, a Kingdom of no servants. (Ok, I'm being silly).
The point is this: Regardless of the idea of what BTC was supposed to be, it's surely transforming itself into something akin to GOLD. Yes, this may anger those that won't let go the times CASH is mentioned on the whitepaper, but it doesn't matter. In other words, just because a minority of people want it to be THE CASH, it doesn't mean it will be.
And listen, if someone like Richard Heart can let go his maximalist ways, then there's hope for everyone. This is not me saying that some people won't use BTC as cash, I'm sure some will, but just that most won't... plain and simple.
Shitcoins are real
And these will surely die off. The truth is that just like the .com bubble, 99% of the projects in crypto won't exist in a few years. Now, which ones will die, which ones will succeed, nobody truly knows, but If I had to make an educated guess, I would stick to the blockchains that people actually use.
I often refer to the .com bubble, and the way that the winners peeled off the rest of the bunch. I mean, let's not forget, amazon not only survived the burst, it took over the world, and this is precisely the lesson we can't fail to learn.
But, if BTC is the Amazon equivalent of today's new tech wave, then who are the ebays, the googles, the facebooks? Do you see where I'm going with this. The truth is that there is space for other projects to not just survive, but flourish. But again, they have to be useful, they need to have not just a good idea, but a community of users who is willing to stick around. Now that sounds familiar...
Conclusion
Max is right, we might see an extinction event very soon, maybe this altseason won't be like the last, Who knows? The truth is that last time, any halfway cooked ETH ICO would moon for absolutely no reason, and I don't think this altseason will be anything like that.
But again, BTC is not the only use for blockchain, not by a longshot, and I'm willing to bet that the altseason we've all been waiting for, is actually right around the corner.
Remember, money is always transferred from the impatient, to the patient ones...
MenO
maybe not in the multiply aspect but the world will be putting legit attention on the crypto and blockchain. :)
Everyone can see that this "prediction" was made in the event of Bitcoin spiking up and not many projects following suit. Now several maximalists in the space take this as a sign. The 'pattern' of Bitcoin going up and altcoins staying stagnant is now spun into the ultimate speculation.
Uh huh, give it a year and see what happens. This kind of FUD and maximalism is ridiculous, as if Bitcoin can fulfill the entire market demand without smart contracts and 10 minute 1 MB blocks.
Now could very well be the best time to buy 'altcoins' given the current market sentiment. Many projects became oversold when Bitcoin crashed recently.
I don't think we are going to see much movement in alts (besides pump and dumps) till after BTC hits a new all time high. There will be profits looking to go somewhere and there are only so many Lambos out there. Just my opinion, but nothing much in the Alt world is very inviting (although I should have bought Chainlink) now and I every time I buy anything I come to regret it in a week or two. But I haven't regretted any bitcoin purchase (except the one I made at $12,000, but I don't think I will regret for long).
I got a buddy who got into crypto at the same time as me. He's got cash to burn, and he set up a mining rig that heated his house that winter. Then the crypto winter happened, and he got out as quickly as he got in.
And here I am, still trucking along. There was a video I saw on Twitter, this crypto guru raised a very interesting point: "bull runs produce bull shit. Bear runs bear fruit."
Here's got a point, you know...
Posted using Partiko Android
That's a great saying. Rings true.
Posted using Partiko Android
I worry that he may be right but then I can't ignore that human trait we call greed and during euphoria, it does what it does best. For altcoins its isn't really about utility I certainly realize that, its about having a good story behind the project and ensuring that it remains relevant. Altcoins season would come, the bus just would not take up everyone, people are getting a lot smarter
When i check steem google trends vs bitcoin it seems we may have issues with google throttling us on search/ youtube / . steemit's twitter account was blacklisted on twitter so im sure it's shadow banned now like the rest of us who ever mentioned it. All the bad is well outweighed by the good. I think we are all still here for a reason typing our ideas into this pretty cool new system. everyone i talk to has no clue about what altcoins are. they generally barely know about bitcoin so..
There seem to be two views of crypto. One is purely treating it as an investment, but the other is about what problems it solves. Bitcoin is lacking in the latter (slow, expensive, non-scalable) and other coins improve on it in various ways. To be viable a coin needs to get used enough to become essential to some set of people. Then it gains value. There will be no one coin that does it all for everyone. So we cannot get by with just Bitcoin, assuming crypto has a future. The whole crypto space is still small compared to the bigger financial systems and it is moving fast. At 10 years in this still counts as early days.
Saying Bitcoin is all we need is like saying we can get by forever with VHS.
Of course I'd love to see Steem succeed, but it has to expand to serve many more people. It has that potential, but I don't know how it can get there.
Excellent review @meno and I wonder what will happen next with Bitcoin, but you are right, now the main thing is patience!
Ok. I have no choice then :D
Posted using Partiko Android
Let's hope that STEEM could be that google or ebay. Good analysis, i disagree in that point with Keiser too, there are some useful altcoins that will survive.
Just wait for Bitcoin fees to be 35$ again and altcoin season will be back. Might take a year though.
Grain of salt : what he really should say is ...BTC is going to be the only store of value...
Hi @meno!
Your UA account score is currently 5.859 which ranks you at #389 across all Steem accounts.
Your rank has not changed in the last three days.Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
In our last Algorithmic Curation Round, consisting of 156 contributions, your post is ranked at #29.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server