I'm getting the impression that many people invest in DOGE, SafeMoon, etc. because:
1.) they don't know any better
2.) they think crypto is only about speculations and
3.) they feel like they've missed the boat with Bitcoin.
Newbies in Crypto/Web3
Now, I guess this is what happens when Crypto goes mainstream with NFTs & Doge and people are overwhelmed with things to learn about. Crypto isn't easy and when looking at it from a "newbie" perspective, everything seems to be about money.
After all, Bitcoin doesn't have any real use-case besides being a store of value. So if Bitcoin can be successful, then why not [ENTER_ COIN_NAME_HERE]?
Bitcoin can't be replicated
The problem with this view is that Bitcoin was the first successful cryptocurrency, which makes it unique. Especially considering that it took years until people understood the concept.
So when people try to argue with "Oh you Bitcoiners got rich with your coin and now you don't want us to get rich with [ENTER_COIN_NAME_HERE]?" then that argument is flawed (I've seen this argument more than enough on Twitter), because buying Bitcoin in 2011,2012, 2013 or even 2016 was a moonshot. (Even I only got into the game only in the summer of 2017)
It got "easier" every year, but in 2021, it's known that cryptocurrency work. So every coin that tries to get into the game without bringing REAL value might work in the short-term, but sooner or later, it will die out.
Now, DOGE is an anomaly in the sense that it was the first coin (afaik) that was created as a satirical joke. It was never meant to be of value. One could even say it was crypto's first artwork. I can imagine a future where it has some value, but it could be just as likely that it will just fade out.
Value matters
Every coin that is being created from this time on has to provide some kind of value or use-case or it's just a Ponzi that will ultimately die out.
And I think that's what "newbies" don't realize because they're not long enough in the ecosystem. Ethereum has value because it's programmable money. It's layer 1 (or 0) for a whole ecosystem of decentralized applications and other layers building on top of it.
Uniswap (UNI) has value because it was the first successful Swap protocol on Ethereum. It has a real use case and most importantly it innovated, so there will be copy-cats, but as long as Uniswap keeps innovating and updating, they will be #1. Others can only outperform if they provide something unique, i.e. what THORChain is doing with "native swaps".
The list goes on, but below is a great diagram by Adam Cochran:
You're not too late
If there's one thing I'd like for people coming into this space to know, is that they're not too late for Bitcoin (or even Ethereum) and other coins with real unique value.
While one can for sure make a lot of money trading "shitcoins which are either copy-cats or have no purpose in the short term (includes questionable morality), ultimately smart money will flow back into the value projects.
The amount of BTC is finite and even though it's hard to imagine, there isn't even nearly enough BTC available for every of the ~50 Millionaires (probably much more) in the world to own at least 1 BTC. Again, if every millionaire in the world wanted to have at least 1 BTC, they couldn't.
So, for the next few years, every single day you will be early enough. It might not result in 2x, 10x or even 100x overnight, but if Crypto is here to stay (which I think it will), then STACK SATS.
PS: Not financial advice
When I first joined, BTC was about $2000 and STEEM $1. Everyone in the circles I encountered on various chats took it for granted that alts like STEEM had a much more likely large upside than Bitcoin. After all, one was $2000, and the other $1!
Also, shit arguments like STEEM being more scalable and had more "utility" was also thrown around. Lmao.
This line of thought will likely never end. However, a lesson should be that simplicity in terms of value proposition is important. Bitcoin is a hedge against traditional finance. 7 words and you've said everything people need to hear. Ethereum is drives an ecosystem of decentralized applications. That's 8, and people usually don't need to know or hear more. Less is more, and the less details people need in order to get 1. What it does, 2. Why it solves a problem, and 3. Why people will want to continuously buy more tokens over time to do 1. and solve 2.
People will continue to buy Bitcoin as long as it is a hedge against traditional finance and a cornerstone store of value in the crypto space. And as long as people keep on buying while it is also deflating, then one will not be too late.
💯
It was not shit arguments, everyone believed that steem would launch SMT thus making steem better than ethereum... We thought that a Disqus-like plugin would be created and we would be on all the sites in the world ... We thought there would be a revolution so big that small businesses around the world would launch their own tokens and sell the tokens as stocks.
There will be 4 years and no SMT, maybe it is because we are too disorganized or we lack leadership...
Hey King. I'm interested in hearing about these old school discussions. Where is a good place to contact you?
Hive is tokenized upvotes. That's 5
I own a small ammount of bitcoin but my waggon is hitched to hive as this platform has more chance of evolution.
BTC is kinda like Xerox in the 80s, Ethereum is like Windows 3.1 and hive is a mix of android and apple. Steem is like Nokia loved but left behind with memories of a snake trying to eat everything.
Posted Using LeoFinance Beta
Digital gold doesn't need evolution.
I just moved some assets (form hive) to btc and ltc and the btc transaction is pending already a day and a half. The lTC is processed within an hour. Just saying the fee stuff and heavy traffic and relative small BTC block size hurts many. I always propose using some more alternatives if any. (I am invested more in other traditional classes as 58 yr old)
Store of value? Perfect.
A means of transferring funds from one place to another? total crap due to the large fees and heavy traffic. ..
I don't know if it was truly the first joke coin but BBQcoin was the first joke coin to be listed on CMC.
https://bitcointalk.org/index.php?topic=93437
Dogecoin was just the first joke coin which really took off as a meme unto itself.
I posted about Steem vs. Dogecoin when they were trading neck and neck 4 years ago. Steem had a massively active community at the time and Dogecoin was totally dead, yet they traded the same, and ultimately it was Steem/Hive which dropped sharply down the ladder, despite way more value in the project itself.
https://hive.blog/steem/@demotruk/help-me-resolve-my-cognitive-dissonance-dogecoin-vs-steem
Bitcoin is still the best.
You may not be too early for btc, (even thought BTC's damping right now) however you are right on time for Cosmos! I would have added HIVE too, but HIVE wasn't on the graphic, so I'm just assuming HIVE too.
BTC was awesome. How about ARRR and XMR? The future is in privacy coins.
Do you see Ethereum overtaking the space HIVE is trying to provide value to? If hive becomes the decentralized social media that we envision, it will have a much greater network effect than bitcoin? Almost everybody has a social account, not so much own gold, hence not so much will own bitcoin.
Great post for times like now👍
Everything is possible. Just look at BitClout and the network effect & funding it already got compared to its short lifespan.
Interesting
BitClout had great marketing behind it, but that's all IMO, a lot of people are calling it a scam and identity theft. What we have, they lack and what they have we lack. But yes, i believe that hive can achieve great things, we just need more organized marketing efforts and continue to improve on the technical side.
I think a lot of people need to hear this.
Every day is a day lost. Procrastination and crypto don’t make a good pair.
Now, if I can just figure out how to send this comment to 2017 / 2018 year me. She needs to be told to stop thinking and start doing.