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by dpc_01234 474 days ago
Notably, Bitcoiners are very upset about all the worthless shitcoins added to the BTC there.

While the Ethereum is arguably decentralized, maybe, kind-of, the other ones: XRP, Solana, and Cardano, are basically centralized nonsense, that at best can be considered a payment system and not a decentralized commodity.
1 comments
bigyabai 473 days ago
Bitcoiners are barking up the wrong tree - their blockchain is effectively unusable without L2 chains. There is pretty much no way to transact Bitcoin quickly or cheaply without acquiescing to a third-party service that could very well be centralized.

Time will show us that all of them are shitcoins in the end. But don't take my word for it, just wait and see.

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dpc_01234 473 days ago
For something "unusable" it sure seems weird that it's near all time highs, while fees are very low. Very weird.

The real long term value is and always was due to a trustworthy, sovereign store of value properties. Trying to compete with Visa or Venmo, or enable online gambling is catchy, but does mean anything, as nothing there requires the underlying shitcoin asset. Stablecoins are far better at that, but it's hard to sell a sucker idea that the stabelcoin is going to "moon".

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bigyabai 473 days ago
"Very weird" is investing in a currency you can't use. Illiquidity is one thing - having to wait hours for an idempotent transaction to finish is a horse of a queer color. Bitcoin itself is a vehicle for second-layer chains, none of which have to abide by Bitcoin's principles of sovereignty or decentralization.

I'll just let you down easy here, the strategy involved is little else than legitimizing a market rife with fraud. Call them shitcoins all you like, Trump is happy to treat them with the same "strategic" levity he attributes to Bitcoin. Are you sensing a pattern, at all?

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