We have all heard the statement. Bitcoin is the only crypto that holds any value, and all other coins are shitcoins!
Two months ago, I wrote a post about so called concept Game within A Game, and how it can be a solution for the first comers profit the most problem.
A Game within A Game | A Solution for the first comers profit the most problem?
Games and life in general tend to reward the first comers. The ones that are first to the party profit the most. This is not entirely a bad thing as these people were the fastest to act, make a risk and recognize the possibility. They should be rewarded. But then what after that?
More skilled player may come later, and they will be probably be doing fine, but just fine, somewhere in the middle. If they want to climb the ladder, they will need to put some resources (investments) in. Doing this they will be buying the old players bags making them even richer in the process.
Seeing these obstacles, it may put off new players that want to enter the system. No matter how much you try and work you will simple never be able to compete with the first comers. In this way there is no incentive to contribute to such a system, and many will choose to go and create something new.
The first comers may enjoy their position and be happy about it, but this is a dangerous road ahead. If there are no new users joining the game so to speak, there will be stagnation and after that a decline. You want new players joining the game. That is a must. No new users and the project is doomed.
You want to giveaways some of your fortune and make it attractive for users to join. Gamify the process. In the end this will increase your holdings.
The best thing that may be out there is the principle of game within a game
What this means is to have a possibility to easily create a new layer in the current system that will start from zero and provide new players a better chance for making on their own. This will mean that you will not run away from the system, or fight at the base level, but just create a new corner in it that will suit you better. If more players join that corner and start using the resources there, it will go up and be valuable. It may grow even bigger than the base layer of the system. Who knows!
For things like this to happen the base layer of the system should be designed in that way to provide easily creation of new layers. Provide the freedom to create new systems in it, not just the predetermined that will always be in favor of the ones who started first. Crypto and Blockchains in general are providing this.
This is a very competitive environment as new layers can be formed easily and players can move between the with ease. It may look as chaos at first with people jumping from one project to another but at some time a balance will be found and the effort to jump and go to another system, learn the new rules there, will be bigger than just stay at the current one that most likely treats you well in this competitive environment. The new commers however will be probably try and build new system and attracting new players.
Bitcoin VS Altcoins
How does Bitcoin and altcoins fit in the above?
Bitcoin represents the first base layer of this new system of ours. Altcoins are all the new layers form on top of it. Altcoins are more attractive to new players entering the scene. We have already seen this in the past.
I personally have entered the crypto space with altcoin. In time I have diversified and now I hold some Bitcoin as well. But you see if the altcoin was not there in the first place, I wouldn’t hold any Bitcoin now as well.
Altcoins are the once that will bring more new users to the crypto space. They offer that exciting thing when a project is new and young with a lot of possibilities ahead. A lot of them will fail. Some will succeed. A lot of those users will end up buying and holding some Bitcoin. Because of this, altcoins are good for Bitcoin as well.
If there were no altcoins at all, the crypto space will fast loose its charm and ability to attract new users. It will become this boring мonolith project, with firmly established hierarchy that nobody can challenge or upset. Not many users would like to join this system and they will go and search for something new and different. With the internet around there are many things these days.
All the best
@dalz
While I will not say that Bitcoin will not have its place, I look at things from the technological perspective. As a technology, Bitcoin was 1.0. We are seeking to improve upon it.
Alt-Coins are where the development is taking place. To think that Bitcoin will be the "Money of the Internet" is absurd. We are gong to see millions of currencies used.
As we delve deeper into Web 3.0 and some of the more advanced technologies like bio=engineering and genome sequencing, these will not be run on Bitcoin.
I love the picture you paint. It is ironic I was thinking something similar for a post in the morning explaining it in a different manner. Ultimately, we need thousands of projects with thousands of groups of whales.
If we take a look at Steem/Hive and the tokens around it is clear what is happening.
This is a very small space and yet we have a hundreds of tokens. Sure a lot of them are struguling to get any value, but from hundreds, some will succed.
So yes, I agree there will be countless of tokens and projects around.
You make a compelling argument and this is something that I have been trying to tell maximalist when I meet them. We're all in the party together and it's not about who came early or not; we're not competing against each other but instead trying to grow together.
Thanks!
Crypto is new and there is such a small amount of people using it there is a lot of space to grow for everyone :)
Exactly. That's why we need to build each other, rather than kick each other.
Personally, I have never been a fan of Bitcoin. Nothing about it interest me. Transaction cost are high, it's still very volatile, very few use case. The only reason I am in crypto today is decentralised social media platforms like hive. I got to do a lot with my token. That for me has been the major appeal. If ever crypto will go mainstream, I will place my bet on alts making that happen.
Bitcoin is very boring :)
Also when compared to hive or other apps based blockchains it is very simple.
You can only do one operation on the Bitcoin network. Transfer coins.
Here you can post, comment, vote, make custom jsons (games), transfer coins, etc ... and it is fast and free!
As a abitcoin skeptic I agree with this message. But, as a bit coin skeptic, Idisagree that most altcoins make any sense. To explain in a more concrete way, we need utility with most alt chains.
Make a 1000 people to use the token and there you go ... you have an utility.
p.s. nice play with your name :)
Buy the best tech and hold.
When it was Bitcoin, I bought Bitcoin. When it was Steem, I traded Bitcoin for Steem.
Now its either Hive or DEC, so I'm trading my Steem for both.
In time, Bitcoin will become the Fabergé Egg of the crypto space.
We all agree they're old and rare and valuable, but they're rarely traded and are more of a trophy than a currency.
Easy said the done :)
Some good timing in the process as well.
Bitcoin is famous =)