Bitcoin vs Crypto

Bitcoin is the signal, crypto is mostly noisy distraction

Hold on, you probably thought Bitcoin was a 'crypto', well there's alot more nuance. The word 'crypto' is not even mentioned in the genesis whitepaper document created by Satoshi Nakamoto in 2008, the crypto phrase which Bitcoin is originally associated to is cryptography (encryption).

Bitcoin, not crypto!

The right way to describe Bitcoin is as a digital asset and currency. Crypto as it is generally categorised has morphed into an industry where centralised projects are run by a team with marketing budgets provided by venture funding. These teams are building mostly affinity scams, pump & dumps, speculation conduits or outright ponzis and pyramid schemes.

This is a good time to cue in Onecoin a ponzi scheme which marketed itself as the Bitcoin killer in 2016, since then there have been uncountable fraudulent 'crypto' projects with the sole aim of enriching their early backers and creators. Let's not forget Luna coin which capitulated and crashed over 96% in a day while the creator was tweeting he doesn't "debate the poor". Basically most of crypto is a zero-sum “lottery” where the price eventually crashes and the last buyers lose everything.

Statistically majority of these crypto (coins/tokens/protocols/memecoins etc) have no fundamental value or basis of existence with most cryptos created for degenerate speculating and enriching early insiders. While Bitcoin is a decentralised, permissionless monetary network, a savings tech that is censorship-resistant. Most of crypto is gambling, a predatory industry filled with vapourware, outright scams and ponzi tokens.

Bitcoin remains in its own category as the only fully and truly decentralised monetary network. Bitcoin is money with an incorruptible monetary policy, a breakthrough in financial evolution. Most crypto projects are vaporware with no value creation just extraction. However with venture capital funding, high marketing budgets, coordinated manipulation, wash trading on exchanges etc the creators and early backers are able to get 'crypto influencers' to hype these vaporware and eventually dump on the masses who end up holding worthless coins (exit liquidity).

This is the reason there are uncountable crypto tokens, protocols, and coins. If you go back to the top 20 coins by market cap in 2017, you would notice most have disappeared from the top 100 coins today, little to no substance so they eventually fizzle away. This is why we say there is Bitcoin in its own category, and then there is the crypto casino.

The modus operandi of over 90% of all crypto projects are just pure hype projects capitalising on gullible folks who want to get rich quick from the next Bitcoin. The Crypto industrial complex has captured the industry leaving just a few utility projects like fiat-pegged Stablecoins and a few others like sports token where fans can get loyalty perks from their sports clubs etc.

Bitcoin has distinguished itself from all other crypto projects because it is truly and fully decentralised, it has a fixed limited supply making it deflationary. There is no second best to Bitcoin.

Saving in Bitcoin is long-term wealth building while most of crypto speculating is a Casino; a dog-eat-dog jungle, a wild form of predatory gambling, a zero sum market, a few winners at expense of the masses. It is a jungle because behind the scenes is so much price manipulation, deceitful marketing, insider trading and coordinated dumping on the herd. Exchanges, influencers, celebs, insiders and even the media are all complicit in pumping these worthless crypto projects.

What are Stablecoins

Stablecoins are also in a category of their own, they are not speculative or volatile and are pegged to the value of the Dollar. However stablecoins are centralised and transactions can be frozen or seized at any time by Government request. Stablecoins are suitable for cross-border transactions and sending value since they are pegged to fiat currencies, hence the name stablecoins (stable=fixed value). This lack of volatility has made stablecoins like USDT mainstream as hundreds of millions around the world transact with it. Stablecoins have grown into an effective global currency (medium of exchange).

Before we end, lets run some numbers of some of the large-cap coins.

ETH: Circulating Supply | 120Million and counting

XRP: Circulating Supply | 100 Billion cap

SOL: Circulating Supply | 500Million and counting

ADA: Circulating Supply | 45 Billion cap

DOGE: Circulating Supply | 145Billion and counting

TRON: Circulating Supply | 87Billion and counting

This is why Bitcoiners say Bitcoin only, there is no second best.