Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
Zangelbert Bingledack
on 19/05/2015, 21:03:34 UTC
I don't disagree, but I have assumed the context here is basically Bitcoin investors "branching out" into some altcoins. One could make a somewhat valid criticism that this context is changing to small degree, the best examples being Ripple and Ethereum and maybe Dogecoin, where they are actively trying to source users and investors from outside the Bitcoin community (BitShares to an extent as well).

There'll be a new monero investments website soon as well, which presents the investment case in XMR without basing it on BTC, and also lists the options to buy it directly with fiat.

To be honest, that's probably the way to go for true altcoins (alt-ledgers, not spinoffs). If you take my arguments posted over the past few days on altcoins seriously, the conclusion seems to be either abandon the investment before it cools off (gets spun off or sidechained by Bitcoin) or aim for the "Hail Mary pass" from outside virgin investors and users. Note that near term I think Monero will rise against the other alts; I'm talking strictly long term here.

Even I, Mr. Bitcoin Maximalist, would invest in an altcoin if it looked like it would somehow be successfully pushed to a huge audience that was separate and much bigger than Bitcoin's community,* assuming it had utility. That would be because, in a very real sense, it would not be an altcoin at all. To those people, to that new population, it would be exactly what Bitcoin was to us. Sui generis. "The WWL." However, it would be a tough trick at this stage to get them to forget/ignore Bitcoin enough to make this dynamic work. Ripple can kind of do it even though everyone knows Bitcoin now, because their product (giving them the benefit of the doubt that their product is even a thing) is different enough. Add in the need for a track record and the hurdle is even higher.

*Extreme example to make the point: you find an alien planet that won't interface with Earth for many more decades/centuries and launch it there. What purpose would there be in referring to it as an "altcoin" anymore? It's the WWL. It's THE blockchain.