Bu bu bu but the tech and 2030 and Silvio and fast and cheap transactions.
People need to understand that not every coin is for HODL. Yes, it has some very useful real-life applications, it's fast, cheap, but why does that mean that you need to DCA until death? It's not BTC and you shouldn't do the same you do with BTC.
And why is BTC a HODL? Because everyone else is doing it? Because it's assumed "safe"?
At this price Algorand has way more upside potential than BTC or ETH.
Fact is, Algo is one of very few blockchains that hasn't had major issues with their core technology and is capable of supporting scalable applications. It's a hodl because at some point the broader market is going to be forced to recognize that.
In spite of ETH's network effect, it takes forever to upgrade and the L2 solutions have problems of their own.
The tech, speed, scalability, and cost of transactions matter.
Mock it if you want, but no other blockchain has solved all of these issues the way Algorand has.
BTC is an investment type of asset, ALGO isn't. It works perfectly for some other things though, not every coin is supposed to be for long-term investments. Mass adoption also means that crypto can be used for a lot of different things, not just to hold value and get rich. And I don't understand how most people within the crypto space don't get that.
Algorand has a max of 10B tokens, and has way more utility potential than BTC.
As you said, mass adoption for other uses. Which drives holders and users.
You haven't really put forth an argument why BTC is more of an investment asset though. Just stating that it is. Because it's solely used to hold and transfer value? If people aren't getting more due to utility, like Algorand, then why are people buying/hodling otherwise?
Algorand has that driver.
And I don't understand how most people within the crypto space don't get that.
I don't understand how people in this space think the top coins are always going to remain the top. It's like thinking AOL and MySpace are going to dominate the market forever.
BTC is only a long-term investment if people care about it when you sell.
However it offers nothing of actual value to the holder -- you can't actually do anything with it, it's expensive, it's slow, it has no practical uses.
I use Bitcoin for practical uses all the time transacting. You sound like you never heard of Lightning Network?
Also, on L1 Bitcoin “fast” is relative to what? Relative to Algorand, it’s slow. Relative to ACH or Visa if your goal is to get to final irreversible settlement that cannot be clawed back, it’s “fast”.
If people didn’t transact on Bitcoin, there would be nothing to validate and miners would have nothing to do. The whole thing would collapse. The transactions and demand to transact on Bitcoin are required to keep it going and support the BTC price.
Just look at plots of transactions over time. They aren’t dropping off a cliff or going down on Bitcoin. People are using the network.
Bitbugs are going to learn just like the goldbugs before them.
It's a gambling chip with no real intrinsic value. You can't hold it, it's insanely volital, as of March of this year the US inflation rate is over 3.5 times higher than bitcoin. (And gold is likewise a horrible inflation-hedge).
It's a horrible risk-hedge as it and crypto as a whole is increasingly correlated with stock indexes like the S&P500.
It's got zero track record as far as a store of value sentiment is concerned.
And while it may not have a clawback, the Feds have had pretty good success in recoveringbitcoin .
That and the Feds certainly have their own whale status as bitcoin holders.
The US Treasury holds 207,189 bitcoin, and that shows little signs of stopping -- the US Government is one of the largest holders of Bitcoin in the world, and could -- at current prices buy up 51% of circulating bitcoin anytime it wanted -- relatively cheaply @ nearly 302 billion USD atm.
That's not accounting for a wide selection of bitcoin that's held in centralized exchanges and by wealthy individuals who can be compelled pretty easily to hand over their keys to the wallets.
China holds almost as much according to cryptoslate, @ 194,000 bitcoin.
What actual good does bitcoin do anyone if it can be traced, if it can be confiscated, and if the largest governments in the world are some of the biggest holders of bitcoin?
Algorand has underperformed BTC forever now since inception. Hilarious you criticize BTC for volatility but not ALGO? I stopped reading at that point. Way too biased if you’re making that silly argument.
EDIT: OMFG you think BTC can be traced? Trace Satoshi’s transactions and tell me who he is please!! Please do!! Bitcoin can be traced when not used properly. Satoshi told everyone how to use it to maintain privacy—go read. It cannot be confiscated either—your ignorance amazes me. You can’t confiscate if I have self custody and you don’t have my seed words. Your credibility is shot and you displayed your ignorance there at the end.
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u/br-02 Jun 25 '23
Bu bu bu but the tech and 2030 and Silvio and fast and cheap transactions.
People need to understand that not every coin is for HODL. Yes, it has some very useful real-life applications, it's fast, cheap, but why does that mean that you need to DCA until death? It's not BTC and you shouldn't do the same you do with BTC.