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Peter Schiff Shared: With over 16,000 alternative cryptos to choose from Bitcoin’s market dominance is now below 40% for the first time since June of 2018. With an unlimited supply of easily created cryptos with virtually identical properties, Bitcoin is losing its first-mover competitive advantage.
Community Response: There is NO alternative to Bitcoin. And IMO there never will be. Bitcoin has disrupted money as cash and other cryptos like ETH, LINK, etc are disrupting money as capital. And, then, there are shit coins.
Bitcoin clobbered again. Nice face James. Looks like someone hasn’t made amazing profits and is here to pout.
That never happens in tech. The first always wins. Bitcoin doesn’t compete with those coins; it’s in a completely separate category. Many Alt coiners even admit that.
Then why does its market cap keep going down compared to them? It still outperforms everything else and all other crypto’s suffer far more when the crypto market drops. You know what they say, the bigger you are the harder you fall.
Don’t always agree with you, but I think you’re right about this point each time you make it. Bitcoin will only truly shine once (if?) we start to see hyperinflation in the coming years. Until then these pointless cryptos will continue to Vampire Bitcoins Market Cap.
BTC whales are so annoying. Tell me which altcoin has consistently gained vs BTC in the past 5 years. I’ll wait ETH ATH against BTC will make 4 years now on January. Altcoins are made to steal your Bitcoin, do not fall for it. I might buy some, but the end game is to increase my Bitcoin balance.
Tell me, you don’t understand liquidity without telling me you don’t understand liquidity.
June, 2018 was one of the best times to buy Bitcoin. No one produces a bottom signal better than you, Peter.
You lose sleep over Bitcoin, don’t you? Talk about Squatters Rights, BTC lives rent free in your head.
Infinite Shit Coins, 1 bitcoin. How do you not understand this, Peter? But you could argue there are an infinite number of cars but only one horse and cart. First is not always the most successful if based on use case. Bitcoin will only survive if you find a non-use case. Maybe call it a store of value instead?
You have NO idea what you are talking about. In reality, BTC slice of the total cap is meaningless. All that matters is that it stores the value of my hard work. gold does that, but #Bitcoin does it better.
I sold my gold couple of years ago and bought Bitcoin. With the profits I bought a land and build my house. I still have Bitcoin but now I have a fully paid house. I’m not sure why you hate Bitcoin so much? I could not have done it holding my gold. This is facts!
Please show us one other coin with as much hash power as bitcoin. We’ll wait forever.
Out of the thousands of cryptos, not a single one is even close to competing with Bitcoin. They all do something different. Nearly, 99% will eventually fail and flow into Bitcoin and the few others that succeed.
Identical? By that logic TIN and Gold are Identical.
BTC does serve a specific role in the crypto world, and I doubt that that specific role will be replaced by those you mentioned or any other for that matter. Its rather losing dominance cause people are looking for lower Market Cap stuff with higher potential (layer 1s etc).
Market cap means very little. People always try to copy success but there is only one Bitcoin, & the more cryptos created, the more obvious Bitcoin’s value becomes. You can tailor a tweet to appeal to shit coiners all you want, but it just shows your desperation for support.
Wrong, the Bitcoin competition is Gold, not other cryptos. In that sense, Bitcoin dominance is growing.
In what world? Maybe metaverse, not real one. Yes, shit coin has the same chemical properties as gold. Yes!
In this world. That explains why gold became a stable coin since Bitcoin was created, because Bitcoin is dematerializing Gold as store of value, in the same way Netflix dematerialized Blockbuster, Facebook dematerialized relationships, Zoom dematerialized business flights, etc.
Bitcoin lost its only positive talking point as well. How can there be a limited supply when absolutely anyone can mine crypto in their garage if motivated to do so,
As someone who claims to know a lot about money you don’t understand 90% of the cryptocurrencies are not attempting to be money. The use cases for crypto are limitless.
I’m impressed Peter, that’s actually the appropriate use of the Twitter icon for Bitcoin. You are also correct that there is no limit to digital asset abstractions (or the potential for dilution). There is a limit to fiat-based community consensus, that is both finite & scarce.
