When I started with crypto mining and trading, back in 2010, Bitcoin was the only asset out there. The idea of a limited, scarce, digital, gold like asset, blew me away. For real. Went all in, and it paid out for me big time. All the money invested in GPUs, Asics and buying of BTC, paid off.
Couple of years later, Litecoin appeared (scrypt algo), then Darkcoin and other x11 algo dirven coins, and so on.
For a certain period of time Bitcoin share was well above 90% of total crypto market cap, and with a reason, neither one of the other alts brought something into the game that Bitcoin didn't had. And it all made sense. Bitcoin is the ruler, others are just plain copies.
Today, Bitcoin total market share dropped bellow 50%. Second is XRP, ripple, a coin with no cap limit. Third one is ETH, ethereum, one that tries to regulate everything Bitcoin tried to deregulate. Let that sink in. Second (XRP) is a shitty crypto currency with no coin limit, third one is mainly a US banks funded coin (ETH), one that wants to regulate everything by the system rules.
Other than XRP and ETH price nominated in $, where is their value?
This brings even more concerns in the long run. If Bitcoin's market share continues falling, with new alts hitting the market daily and taking the portion of the Bitcoin share, and even if they're not shitcoins, but pure copies of Bitcoin, what would it do to Bitcoin property of being scarce. Crypto market share expansion is no different from the FEDs QE program. It will go to infinity. Will be interesting to follow everything in the next period.
BTC currently hit the all time high (and it could go even higher), and at the same time transaction propagation is ridiculous, rubbish, shitcoins gaining traction more and more, unlimited supply of new alt coins flowing into the market cap, and so on.
The only parameter worth knowing today, is how much of a current crypto market share was created using debt. That will explain a lot of things and point to a direction to where is this all going.
Oh nice also an old miner, that chart I also learned back in 2012 or so :)
Greetings!
XRP is not a coin with no cap limit. You want to write something but you dont even take a look at what you talk about?
And how is that? Because they said there would be no more coins or there's some proof of work behind? I guess we should believe them, right? That's not how crypto world works.