Poster: Altseason is upon us!
Me: No, I'm afraid there is no altseason.
Poster: Pff, pleb.
It never existed. Before 2017 how many existed? BTC dominance 80-90%. Today we have over 5k easily. BTC dominance returned to 70%.
Alts are 95% redundant and many know that. It's got to collapse, and 70% BTC dominance wasnt it. A 5% correction does not an altcoin season make. And the dominance reflects the sentiment that an altpocolypse is nigh.
As long as bch, bsv, Ltc, xrp, and the others proposing to do precisely what bitcoin does, only faster and cheaper at the cost of security or decentralization, the altcoin market is still speculative valuation. Now that they are slower and more expensive than bitcoin in most cases, they provide nothing. Most will pick bitcoin with LN for micro payments because it has decentralization and security solved, not to mention name recognition and commonality.
Smart contracts is an area alts will succeed. The problem is little demand. Nobody cares about privacy, provably fair casinos, or decentralized banking. DeFi is a joke. Lending is useful, but niche. Sure you can get cash loaned at 50% the value of your crypto, and in a bull market itll probably work out great. In a bear market you better get it paid off before liquidation. Legit small apy staking if you hand over your keys. The rest will be scams using the defi buzzword like Richard Hearts CD on a blockchain.
Tokenomics? Did people flood to brave, steemit, lbry, dlive, dtube, publish0x or any of the other tokenized projects? Not for privacy ala Facebook's intrusions, not for decentralization ala youtubes shenanigans. And the latter was our own crypto community........... holy cow.
How many altcoins do we have competing for this abysmal demand? ETH, EOS, NEO, IOST, ADA, TRX, MFT, the whole internet of things crowd. That's our time period's .com bubble.
