So one thing I see is that there's 2 sides to the crypto market:
Bitcoin and everything else.
When bitcoin goes down, alternatives go up, and vis versa. People re-balance within the market that way
bitcoin is down 6% and everything else is up 10%, whereas 1-2 days ago, it was the opposite (but less %).
It looks to me like a lot of people believe Bitcoin will overcome all others as a currency given its first mover advantage and that is why there is this dichotomy. They say things like ''all altcoins are going to zero'' but somehow bitcoin is different?
I think the cryptocurrency with the best technology will rise up before any becomes a successful currency.
Furthermore, it will be the one that is first used for information storage/auditing/computing/smart contract execution that will first succeed as a currency, if any.
Bitcoin has demonstrated it is slow at capturing new technology. So slow in fact that there are simultaneous forks coexisting (which cannibalize bitcoin's value through inflation).
The newer alts are better at leading the way in technology.
I think superior technology will beat the first mover advantage, especially in the cost of executing commerce applications. Inflated processing tokens (ex:ETH) will suffer from higher costs than other currencies in their value proposition to businesses. Thus lower cap, more efficient coins will develop REAL non-monetary actual use demand in serving business functions that are logically best served by block-chain solutions. And it is this foundation that will lead it to becoming a currency.
Hello from Anarcrypt :)
Hello from Anarcrypt :)