Re-post about altcoins

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Steve Sokolowski
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Re-post about altcoins

Post by Steve Sokolowski » Fri Apr 16, 2021 1:06 pm

I'm going to repost this message from April 11 that was written elsewhere, because I think that it's particularly relevant given recent events. For context, the prices being discussed in this post are 5x multiples of the prices on April 11.

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Altcoins may do poorly in the short-term, but it's difficult to see how for the remainder of this cycle as a whole, altcoins are not a better investment.

Litecoin's Mimblewimble protocol, whatever its technical merits, is going to drive up prices. ETH's changes on April 14 will do the same, and if miners proceed with a hard fork, then that will be a double benefit - it will make people richer (because forks create value, not destroy it), and lower transaction fees on the ETH network by providing developers another place for cheaper contracts, like ETC currently does. For that reason, I'm watching ETC most of of all.

I always use this question, as I have during the last cycle. Is it more likely that:

Bitcoins will be worth $300,000

ETH will be worth $10,000

LTC will be worth $1250

ETC will be worth $100

In my opinion, the likliehood of those things increases from top to bottom. ETH is the backbone for DeFi. LTC is simply undervalued; when I want to transfer USDC between exchanges, I now do it by selling USDC to LTC, withdrawing, and then re-buying.

But ETC is easily the best play here - $100 is an extremely conservative figure. Think about the relationship between BTC and LTC. Everything that works on ETH can work identically on ETC, as long as the ETC price rises enough to increase hashrate. And that is happening now. As ETC price rises, it will build confidence in the network, causing it to rise further.

There is no scaling solution for ETH on the horizon in a reasonable timeframe to deal with its fees. I converted a bitcoin into ETC yesterday.
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