It’s no secret that I’m not a fan of Alt-coins. I’ve posted before in detail about my issues with them. Detailing the history behind their inception and core principle. I’m still waiting for a detailed response on my issues with ETH and SOL
In summary Alt coins where original conceived ironically in the post that created the term shit-coin in 2010. In which the OP stated:
“You say that now, but if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin… Some of them are sure to attract users with promises like “Why use bitcoin, where you can only generate 50 bitcoins every few months? Use shitcoin instead, and you’ll get 51 shitcoins every 2 minute”
While Alts did burst onto the scene proclaiming alm manner of “improvements” on top of BTC. It was the Block Size wars that institutionalized the false belief that BTC was broken. Once again showing God has a sense of humor the term Flippening original used about BCH flipping BTC. In reality since then the majority of Alts have bleed against BTC. With a select few outperforming it in the long run
This due to something very few in this space want to admit. The BTC trilemma! Decentralization, Scalability and Security can’t be marketed out of existence
So we come to El Salvador and Twitter which most people still don’t understand what they actully mean
Firstly lets understand that these where never price catalyst events but rather adoption events. Utilizing Twitter through lightning ( BTC layer 2) you can send any amount of money to El Salvador now and with in a few minutes if not instantly the person can purchase goods and services. In both USD and BTC. This is due to Twitter using Strike; which is utilizing the BTC network not just the coin. In fact with Strike soon you can send €,£,¥ and $ without ever touching BTC but utilizing it. This therefore negates the need for both CBDCs and Stable coins while due to network effects means the larger the network gets the more secure and decentralised it gets. On the privacy side using TOR and lightning you can now send privately negating most privacy coins
Which Alt coin with all its promises of faster transactions, smart contracts, privacy etc is currently at this stage of adoption and functionality; none!
Will this stop speculative trading, no. But the battle for adoption is over. BTC is now in the fortune 500 nation building game. While most major Alts with the exception of ADA, XLM, XRP and a few ETH layer 2s such as MATIC are just being traded.
I suspect Charles Hoskinson is aware of this and is why he has focused on adoption before trading. Cardano was utilized in Ethiopia before it had a DEX or stable coin
Personal still trading Alts as it’s a quick way to make more SATs. But the war was won before it even started. It took El Salvador 3 months to integrate BTC into its financial system. If it succeeds it will take less than 2 years for global adoption. More so now that major social platforms are integrating it. I actually see Reddit abandoning Moons for BTC in the long run