I was around and saw it first hand when alt coins first launched Ethereum, Dash, Peercoin, BTS.
All with dreams and high hopes built on fraud like an MLM scheme.
How does it end? they have their cycle of a bull run outperforming Bitcoin for a short period of time followed by a slow painful decline, there's a reason we don't hear from the "Dash, D Cash" crew anymore, there's a reason we don't hear from the "Green" Peercoin yes they too had their, .Ether, Binacian, Dot communities.
What could happen? the year could be 2026 and you won't hear a peep out of Ethereum, Binance people due to shame and the connection to ignorance of these ecosystems.
I have no interest in "altcoins" and only followed a company called Tzero that tried to utilize legally the ERC-20 method to launch digital securities and guess what happened? they ended up shutting down operations due to ERC-20 on Ethereum simply not working or having a suitable model.
Digital currencies, tokenization are experimenting with ERC-20 in house clones that operate internally with no token, as logically if institutions will adopt something like an ERC-20 standard they will just create their own like they're doing not relating to Ethereum's token.
There is a major reason leading institutions are warp speeding Bitcoin spot ETF applications and not "altcoins".
If history repeats I suspect altcoins like Ethereum / BNB / SOL / DOT to slightly follow the pull of Bitcoin but underperforming and eventually when Bitcoin is in a late stage bull run capital will bleed and bleed out of them back into Bitcoin.
Lets see how this ultimately plays out, I expect when Bitcoin makes a move to $90,000 if Ethereum has not orbited near $6,000 the lost of trust in the alt networks will accelerate and the demise will start, you will see the communities like the last start panic followed by turning on each other followed by Bitcoin accumulation.
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Binance's original plan was in its name "Bitcoin & Finance" "Binance" they went away from this model and facilitated fraud and now they will be paying it all back to keep the company alive.
My prediction with this too is Fidelity or Blackrock would consider acquiring the brand Binance and removing everything other than Bitcoin.
Would be funny and ironic after CZ made remark after remark on established institutions.
My prediction with this too is Fidelity or Blackrock would consider acquiring the brand Binance and removing everything other than Bitcoin.
Would be funny and ironic after CZ made remark after remark on established institutions.
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U.S. DEPARTMENT OF JUSTICE OFFICIALS ARE CONSIDERING FRAUD CHARGES AGAINST CRYPTO EXCHANGE BINANCE --
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Good riddance Alt coins.
The search for the first-ever NFT created on blockchain refers to the Quantum NFT. It was created on the Namecoin blockchain in 2014 by Kevin McCoy. The Quantum non-fungible token is an image of a pixelated octagon, which changes color and moves like an octopus. The NFT was auctioned off through Sotheby’s for a staggering price of $1.47 million. How is the Quantum NFT relevant in NFT history and evolution? It showed the challenges that early non-fungible tokens had to experience, such as a lawsuit for ownership disputes. The problem emerged from the blockchain on which McCoy had created the NFT. The blockchain for developing the Quantum NFT is Namecoin, which was designed from Bitcoin code. McCoy failed to comply with the need for regular renewal of registrations on Namecoin in 2015.
Another Twitter user registered the NFT ownership before the sale of the NFT in 2021. Therefore, the evolution of NFTs at this stage focused primarily on introducing regulations. Without the appropriate regulations, the ownership dispute could not be settled.
Maybe I should have added this as the amount of undulation here is very apparent, this is why i use Namecoin as an example pretty clear there is not much difference between Namecoin and ETH / BNB offering similar services. If both offer similar services and its proved to be a fatal business model of proof of stake I wonder what could go wrong.