When I started writing, and investing, in Bitcoin in early 2016 (aside from the ONE Ilost at Mt Gox), there were VERY few altcoins. The only one of note was Litecoin, which forked from Bitcoin in 2011 –and essentially none of that crop have stood the test of time.
When Ethereum emerged in Spring 2017, as a “platform” to create useless coins without any work, the altcoin space exploded – peaking when the sector’s dotcom-like bubble burst in early 2018.
When I launched CGC in September 2017, I was as close to a “maximalist” as they come– having only, briefly, owned some Litecoin…before selling it the second Bitcoin’s SegWit locked in, and the BCash fork was announced. I publicly wrote of how 95+% of all altcoins were worthless, but believed that in the emerging multi-trillion dollar Digital Age, there would be many altcoin winners.
More than two years later, I have raised my estimate of worthless coins to 98+% -principally, due to the cancer Ethereum spread via its zero work coin-producing platform. Bitcoin forks have long been discredited, and few new blockchains – like Bitcoin Rhodium, for instance – are even created.
Instead,we have seen a far more sinister version of pumping and dumping – in which ERC-20 tokens are crowdfunded to list on as many CMC-endorsed exchanges as possible, assuming crypto investors will take the bait and buy them. This “second wave” pump and dump strategy,too, has been discredited – rightfully so, destroying thousands of new coins in this Fall’s crypto bear market…that for Bitcoin, appears to be over, but continues for most altcoins.
From day one, I have vehemently espoused that the only way a coin can create value is with a viable, defensible use case – and frankly, I see essentially none displaying such potential. The reason being, that few good ideas are even proposed – with the majority of new coins simply trying to sell “buzzwords” like platform, network, and marketplace.
Quite obviously, there is no need for an Ethereum competitor (EOS, Cardano, etc) –and frankly, little need for Ethereum itself, given that smart contracts are not used in crypto, and could be built on Bitcoin if required.
As for “marketplaces,” there is little reason to believe a “crypto intranet” for specific products will thrive. And worst yet, is the biggest scam of all - ”networking” coins that claim “one day” they will be used to enable blockchains of different coins to communicate.
These three fatally flawed concepts make up essentially the entire altcoin universe –which is why the upside potential of the handful NOT in these sectors is so powerful. To that end, PRIVACY is yet another buzzword – that actually has potentially, insomuch is that it is sorely needed. Unfortunately, few coins are capable of delivering it – including essentially all in circulation today.
Even top Bitcoin developers admit the “privacy debate” is coming – but it’s not just privacy that’s at issue. No, the fungibility true privacy enables is at the heart of the debate – as well as the big pink elephant in the room…the scalability that NONE of the current privacy coins have – from Monero, to ZCash and the “BPrivate” scam.
This is why the opportunity in MimbleWimble so powerful – with the entire MimbleWimble space (the “MimbleWimble Trinity” of MWC, Grin and Beam) worth less than $100 million…compared to useless, but “established” coins like ZCash worth $290 million; and good, but hopelessly unscalable ones like Monero valued at $1.1 billion.
To that end, Monero (like Litecoin) is developing MimbleWimble “sidechains” to try and fool investors into believing they are embracing it – when in reality, sidechains do NOT fix the issues true base layer MimbleWimble does. In other words, Charlie Lee, Fluffy Pony and others are just trying to capitalize on MimbleWimble, without actually implementing it.
MWC’s Lead Dev, Chris Gilliard, is as “maximalist” as they come – but open-minded enough to recognize the opportunity to benefit from MimbleWimble growth; and potentially, as a Bitcoin holder, hedge oneself against the potential for it to gain crypto market share.
His goal, along with the Grin and Beam developers, is to develop MimbleWimble to its fullest potential– so ultimately, Bitcoin can incorporate it, making it vastly more valuable. The roughly 1% of all Bitcoin holders who registered for the airdrop that will distribute 30% of MWC’s lifetime supply;and make them eligible for an additional 10% in “HODL Rewards”; have been gifted one of the potentially most powerful altcoin opportunities ever – as by this time next year, I expect an increasingly discerning crypto community to have lost interest in 90+% of all platform, marketplace, and network coins…in lieu of the real upside potential of MimbleWimble – that currently, only three coins possess…just one of which, MWC, has favorable investment characteristics.
TheMWC airdrop registration ended July 19th, with MainNet launch scheduled forNovember 11th, 2019, and claims on December 11th, 2019. A total of 148,474Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTCratio of roughly 40.41. For more information, please check out the MWC website,Discord room, Twitter feed, and Telegram Forum.
Join us on MimbleWimbleCoin Telegram, too!