Changing your mind about cryptos isn't easy...
In a world of competing currencies and philosophies, it's all too easy to get too tribal.
There are few realms on the internet that show more visceral, reactive, angry arguments and rants than cryptocurrency forums. The Bitcoin versus Bitcoin Cash rivalry is a prime example. Granted, there are obvious reasons for the vitriol spewed between these two camps if you look into its history a little.
But in the end, as Andreas Antonopolous recently pointed out once again, we all need to realize this isn't a zero-sum game. It's not like Bitcoin will fall to zero and Bitcoin Cash will capture all of the market share of the two coins, nor vice-versa. The reality is, the two coins are attacking problems with different approaches. Of course, the two camps will fight passionately about the differences in solutions and how these create philosophical issues, but over time, the two approaches will each have their own advantages and disadvantages.
Now, anyone who has read my past posts about the BTC vs BCH war knows I'm not a huge BCH fan. But - and I have said this in the past numerous times - that doesn't mean I discard any productive thoughts or ideas from the BCH camp. Bitcoin Cash has demonstrated some interesting innovations such as SMS transfers and memo transactions. And let's face it, the fees are a lot lower. On the other hand, Bitcoin itself could always change block size limits similarly to how Bitcoin Cash did recently, if it was ever necessary. So there really isn't a need for blind brand loyalty here.
Many new solutions and ideas are coming down the pipe - some are considered garbage by rivals but then turn out to have legitimate use. How many Monero loyalists could have made a fortune on Verge or Zcash instead of stubbornly digging in their heels? Sure, Monero is clearly the superior privacy coin, for now anyway, but the competition from other (admittedly inferior) solutions can only make the industry better.
In the approaching weeks, a few currencies will be launching mainnets meant to rival Ethereum. EOS and Tron will both be launching their mainnets in late May / early June. Now, I could remain a staunch supporter of Ethereum, cover my ears, close my eyes and sing "la la la" so as to not be swayed by these rival technologies that obviously do not have the same history of development and trust that Ethereum has established. Or, I could hope things go well for rivals which ultimately will benefit the entire industry, and in turn, make Ethereum compete to be better in the long term, too.
It's just so easy to get tribal and miss out on opportunities, whether it be for trading profits or for the bigger picture of technological innovation, growth, and adoption. Don't let your loyalties cloud your vision and get in the way of your own benefit or the progress of cryptocurrency.
*This is not professional trading advice - it's just my opinion!
If you're interested in trading cryptocurrencies, check out CoinSquare and Binance by using the link in my profile and sign up today!
image source:
http://commcourses.com/www/argument-everyday-life
Hi again,
Just read your post about effect.ai and decided to check your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
Thx for that quite informative post. Keep up with creating interesting content.
I know it's hard at the beginning to build solid follower base. But just don't give up. Steemits needs solid content builders.
(i upvoted over 30 posts today and my voting power is very low, so I cannot upvote your post this time around, but I will follow you closely).
yours,
Piotr
Thanks for your support, @crypto.piotr! Looking over your blog, you have some highly voted articles! How did you manage to gather so much support?
Thank you for your valuable comment.
I appreciate your time and effort. I hope you will do well on steemit :)
I will do my best to support you and upvote your content from time to time
Im trying to support those who engage with me and share similar passions. That's my only secret. the problem is that it cost me time. I spent at least 2h a day replying and commenting.
yours
Piotr
The problem with the crypto space is everyone seems to be looking for one coin to rule them all. That is plain daft, imagine running the entire global economy on one piece of code, any flaw or exploit ruins the global system. Much better to have coins that cater to segments, just like we have many currencies today. I can imagine AI multiwallets that figure out which currency is the best to use.
I agree. I am actually thinking of working on a protocol that allows for a network of thousands of blockchains to communicate and transfer value... Even one industry doesn’t have to be dominated by one coin.
Exactly, match sender and receiver preference coins, look at lowest fees, fastest tx and do all the hard work in the background
You bring a good point, sometimes you need to have an open mind on both solutions that the market has to offer.
You have a minor grammatical mistake in the following sentence:
It should be in the long run instead of in the long term.Mmm... "Long term" is grammatically acceptable heh