Chamath P. (I'm not writing that twice) is one of the earliest megashark bitcoin investors, Facebook dev, and now a billionaire. And he sees no value in Ethereum.
I've talked about how we shouldn't listen at all to idiots like Mark Cuban or Jim Cramer when it comes to anything crypto. Chamath is different. He's a tech guy. But how can a guy so ahead of the curve on bitcoin and blockchain tech be so completely dismissive of Ethereum and altcoins? Let's go through his comments. It's very important to understand how even smart people can get caught up in their own biases.
In the interview Chamath gave, his most important quote was this:
When you have a bellwether instrument, the gains typically go to the winner. And the simple decision is to go to the category defining winner, and then set it and forget it. My view has always been, you find the one that's about to win — Facebook, Microsoft, Apple, Google, Amazon — and you buy it.
Even if he was right about Ethereum trying to be in the same category as bitcoin, he would still be wrong here. Putting money into the "winner" in a category as if that's the only entity that can win is a bad idea. That's like saying even though Facebook eclipsed MySpace, there was no money to be made in MySpace. Wrong. Tom sold MySpace to Fox for 8 figures.
Even though Tesla is number one in the EV market, there's still plenty of money to be made in Nio. Google is number 1 in search and ads right now, but there's tons of money in Yahoo! ads as well. You can actually do better in Etsy or Overstock than getting in Amazon because Amazon has already hit its peak.
Bitcoin isn't going to 100X this bull cycle. It won't even 10X. Ethereum might. There are definitely altcoins that will — I've experienced a few myself.
But what gets me is that a tech guy doesn't seem to understand that ether and altcoins are created for an entirely different purpose from bitcoin. How does he not get this? Defi doesn't exist if ether doesn't exist. Without Matic, Polkadot, etc., we don't get faster transaction speed that can eventually bring blockchain mainstream. And no one's talking about doing enterprise level supply chain on bitcoin. That's Vechain's lane.
I believe Chamath's big mistake was looking at all of the other coins as just coins. In fact, they are representations of the intellectual capital in these projects. And that capital is being deployed in different directions. There is no "winner" between bitcoin and ether or bitcoin and Vechain or bitcoin and Doki Doki. They are created for different things and can easily coexist and create value for their investors simultaneously.
Bottom line — plan to gobble up more ether still in motion. Full speed ahead.
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Burgerswap Bridge will steal your crypto
Deus.Finance is led by a psychotic wannabe despot
AllianceBlock is a shit project
All algorithmic stablecoins (Basis Cash, Mithril, Empty Set Dollar) are a SCAM
Don’t get your bitcoin from PayPal
Trade on BSC, not Ethereum
Ivan on Tech, Elliotrades and Bitboy are complete liars, and
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