The investment encryption scene is a sad place for the pot, but at least one group is having fun. The maximalists of Bitcoin – people skeptical of cryptocurrency that is not Bitcoin – have had a great time soaked on other cryptic tribes.
A prime example came in the form of an epic tweetstorm of a loyalist loyalist named Eric Wall. In thirty sharp tweets like darts, Wall has mocked the premise of cryptographic projects that collect money by selling tokens to use a blockchain service. There is an excess of these tokens, also known as "alt-coins" (many prefer a prefix that rhymes with "lit"), and their value is imploded spectacularly. Wall states that this collapse was inevitable.
"It turns out that requiring users to keep tokens to access basic functionality is a wrong UX, horribly inefficient and unnecessarily complex," notes . And Wall has a point. So many projects of alt coins now appear primarily for the sale of tokens, rather than to create a compelling technology that people want or need. In this sense, the economy of Initial Coin Offering (ICO) seems to be the reverse side of the classic Silicon Valley playbook, where successful startups – think on Pinterest or Instagram – attract millions of users and only then try to earn money from their.
Bitcoin maximalists may also have the satisfaction that their beloved currency fell about 65% from the height of last year's craze, when it nearly pushed $ 20,000. That kind of decline is nothing to celebrate, of course, but it seems rosy compared to the losses that have affected other currencies, many of which have fallen by more than 80% or even by 90%.
Maximalists can still sing Bitcoin is like the honey rate. The currency has shown dangers – from the forks to exchange hack with the alt-currency competitors – and has emerged even stronger. Good long end, everyone.