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🔗 https://t.co/LHOZxlcHL7
@blockchain@justus_ben73086 I have a verification problem with https://t.co/aHyyqmFpxh since 2021 and still not solved , your support team doesn't answer to the emails
I haven’t talked about altcoins in years, I quit my interest in them after the “shit rolls downhill chart” mapping the performance of 10,000 of them. But someone asked me specifically and this is how I see altcoin market cap…
This cycle has been markedly different from others. This is the 3rd cycle since retail started getting burned at scale with alts which burst onto the mainstream in 2017.
2020-21 was DeFi and NFT “innovation”, plenty of retail got burned again.
This 3rd alt cycle is about meme coins which is a piss-take on the crypto space. No pretence that it’s trying to be disruptive world changing tech, just an honest bubble casino.
So I think retail may be getting it. And normally it takes 3 tries at a thing to learn.
The dominance chart looks like a crash and recovery over a decade. Like the COVID crash in slow mo… Everyone freaks, it’s the end of the world, alts are gonna flip BTC, then normality and sense returns and the chart mean reverts upwards to long term balance.
Dominance hasn’t recovered fully to long term balance. Who knows what that long term balance will be.
I’m not saying there won’t be alt seasons. Certainly there will be echo fractals of mid caps and low caps pumping after BTC pumps as investors chase returns higher up on the risk curve. This is a normal part of markets and we see this in equities. Just alt seasons will be weaker each cycle on from the great 2017 alt bubble.
Also remember alt market cap is like the cricket bat that has had 10 new handles and 10 new blades, it’s the sum of all the new winners… losers don’t count to the market cap.
Trade it sure, if you want to play… don’t ever hodl them unless you’re so knowledgeable that you’re an effective insider because alts are an insiders game just like the casino where the house will eventually win. But you already know that.
STARTUPS
American technology leadership is the result of a complex system built over the last 150 years that includes our pioneering spirit, our work ethic, our rule of law, our deep capital markets, our higher education system, and long term government investment in scientific research. And university, government, and corporate labs have all played key roles.
But the vanguard of American technology supremacy has always been the startup. From Edison and Ford to Hughes and Lockheed to SpaceX and Tesla, the path to greatness starts in a garage.
A startup is what happens when a plucky group of outcasts and misfits comes together with a dream, ambition, courage, and a particular set of skills – to build something new in the world, to build a product that will improve peoples’ lives, and to build a company that may go on to create many more new things in the future.
The enormous advantage of any startup is a clean sheet of paper – a single shot to imagine and realize a different and better world.
But startups start with every other disadvantage. Specifically, they must go up against incumbent companies that have overwhelmingly superior brands, market positions, customer bases, and financial strength – incumbents that are out to strangle startup competition in the cradle.
Incumbents often have another enormous advantage – the ability to wire the government against startup competitors.
Dominant companies don’t start out that way. In fact, they start as startups, fighting their way uphill until they reach a position of power where they seek to lock in their gains, to pull the rope ladder up behind them. They inject themselves into the political system and seek regulatory capture – a wall of laws and regulations that protect and entrench their positions, and that new startups cannot possibly scale.
The historical result of regulatory capture in market after market has been government-enforced monopolies and cartels.
And the motto of every monopoly and cartel is, “We don’t care, because we don’t have to.”
When this cycle is allowed to play out, when big companies can weaponize the government against startups, the result is stagnation and then decline.
There are many signs of stagnation and decline in the American economy today.
Economists measure the rate of technology improvement in the economy as productivity growth. And productivity growth today, after 50 years of the proliferation of the profoundly powerful technologies of the computer and the Internet, is lower than before the 1970’s.
The real world consequences are staggering:
* Low productivity growth means low economic growth.
* Low economic growth means a low rate of improvement in quality of life for regular people, if not outright backsliding. See, for example, skyrocketing prices and stagnating quality of education, health care, and housing – sure signs of regulatory capture.
* Low economic growth also means the rise of smashmouth zero-sum politics, as gains for one group of people necessarily require taking things away from other people.
* Zero-sum politics lead to corrosion of the national spirit of opportunity and growth. We can feel this corrosion all around us.
The way to prevent this outcome is to encourage new startups – to drive innovation, competition, and growth – and to prevent big companies from weaponizing the government to crush them.
We are excited to announce that Fantom's canonical stablecoin, $USDC.e, will launch tomorrow (April 5), supported by @Circle and @Wormhole 🎉
USDC.e on Wormhole is bridged from native $USDC, located in a smart contract on Ethereum, and holds the potential to be upgraded to native USDC in the future. It will be the official, endorsed stablecoin of the #Fantom ecosystem (and all future network upgrades).
This initiative reduces liquidity fragmentation, introduces stability, and provides additional on-ramps onto the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom:
💻 Developers: Build on bridged USDC with a contract address that will persist even if there is an upgrade to native USDC. No code change needed to support the new asset. Find the tools here: https://t.co/X3aKDWlVDe.
👥 Users: Store, pay, trade, borrow, and lend with bridged USDC that would automatically become native USDC should there be an upgrade. No need to swap to the new asset.
🌍 Ecosystem: Avoid the time-consuming liquidity migration process of educating and incentivizing users to move from bridged USDC to native USDC should there be an upgrade.
We'll be providing liquidity for the canonical stablecoin on Wormhole, making it easy and accessible for users to bridge assets to Fantom and unifying on-chain liquidity.
Should a mutual decision be made between Circle and Fantom to upgrade to native USDC, all USDC.e tokens seamlessly transition to native USDC without the need for developers to update any contract addresses or swap to the new asset.