0 sats \ 2 replies \ @mudbloodvonfrei 20 Jun 2023 \ on: Crypto is NOT money, bitcoiners: a short rant bitcoin
Shitcoins will never fully go away. They're easy to create and very profitable for the creator. Some entities will have the necessary network effects to create a market for their shitcoins, at least for a period of time. Let's say Apple wanted to release new iPhones with $5 of AppleCoin, that would be a successful shitcoin, at least for a time. A threat to bitcoin? Absolutely not. But a functioning shitcoin project nevertheless. I predict these dynamics will exist well into the future.
Launching a shitcoin would be reputation suicide for a company in a position like Apple
If Bitcoin does its thing, shitcoins will continue to get more and more lame, less and less relevant, to the point where they die of slow suffocation, without much attention at all
Unfortunately they'll probably stick around in the near future, but long term I think we'll look back at shitcoins as a mere evolutionary kink
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Isn't Apple essentially censoring Damus for using an alternative payment network?
A couple of years ago they wanted to scan phones for CSAM - made a lot of people angry about the privacy violation, but Apple's reputation is somehow intact.
In the long run, maybe these decisions are self-defeating, but there are plenty of companies that are able to successfully kick the can down the road for years.
New entities will arise that have some sort of strong network effect and thus the power to mint their own currency.
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