We see some stupid stuff in the cryptocurrency world. Perhaps none is dumber than the spats back and forth on Twitter from the maximalists. Both the Ethereum and Bitcoin sides are moronic.
At the core of this is the "Flippening". This is the idea that there will come a time when Ethereum will flip Bitcoin in terms of market cap.
To start, the idea of basing the value of a cryptocurrency on market cap is pretty foolish to begin with. That aside, all of this is classified in the category of "who cares".
How come we have maximalists in cryptocurrency anyway? Do we see the same thing in the equities markets? I guess you could say Tesla has its fanboys but I wonder how many of them really own the stock. Personally, it is more likely they are just making their videos and pushing their cause with little to no skin in the game.
Obviously, the maximalists have skin in whatever side they are promoting. It is also true that many of them are likely to want their holdings to go higher. Why should they be different than anyone else? Of course, being optimistic and dedicated to one's holdings is a good thing, so promotion is in alignment with that.
However, to take the approach Ethereum is better than Bitcoin (or the reverse) is stupidity. Do these people realize it is okay to hold both? Nobody has to decide between one or the other.
There is also the fact that we are all involved in cryptocurrency. Again, my personal view is that I hope both coins moon. Certainly, it helps that I hold both yet it is good for the entire industry.
That said, going back to market cap, I try to envision Microsoft and Apple shareholders on Twitter going back and forth about when one will flip the other to become the largest company in the world. Does anyone see that happening? Of course not.
Perhaps it is because cryptocurrency, for the most part, if full of people who act like children. We see this in market pullbacks. People act like it is the end of the world. They get depressed prices are going down. Seriously? Do these people think that markets only go up?
By the same token, do you see people in the equities markets getting depressed because the price of IBM, Tesla, or Coke went down? Do they take to social media complaining about how their holdings dropped 10%? Obviously some do but most do not.
For years, we focus upon trivial stuff while acting like kids. This allowed the big players, those who know what they are doing, to come in and take over many aspects of our sandbox. We talk about Lambos and Mooning when we are a small pittance in the overall machine. When it comes to money, we are still insignificant players for the most part.
So people are arguing which is better, Bitcoin or Ethereum? At the end of the day, who really cares? Instead of wasting time doing that, how about focusing upon the fact that governments are targeting the entire industry with absurd ideas of regulation. Why not spread that around Twitter?
Alas, maximalists on both sides will continue with the stupidity of focusing on the wrong stuff. In the mean time, there are tidal waves forming that require people to seriously pay attention.
Article by taskmaster4450