Coingape - 8/23/2019 7:59:21 PM - GMT (+0 )
The crypto sphere has always been an interesting arena for discussions and several opinions and analysis make it even more of an interesting affair.Twitter
Recently, a famous crypto trader, analyst, and Bitcoin investor, Willy Woo has come up with an interesting case. He claims that, although Bitcoin’s technology is old, no other crypto asset has the potential to come close to the Lindy Effect that Bitcoin has established. As per the Lindy effect, the mortality rate decreases with time. Interestingly, with Bitcoin hogging all the limelight it recently proved CNBC’s Brian Kelly Bearish stance to be false and reclaimed its support above $10,000Source- Twitter
He further asserted that when it comes to an investor’s point of view, the key deciding factor is –utility. In order, to establish the Lindy Effect, greater liquidity and longevity is needed. More importantly, Bitcoin will continue to assert dominance owing to its pre-established market value.Source- Twitter
In a sardonic laugh, he mocked altcoins and said that altcoins owe their presence to people staking their assets in them. Furthermore, they lack utility valuation.Twitter
His tweets garnered some interesting responses from the crypto community, one of them even compared altcoins to comets. He laid special emphasis on Lindy effect and said it’s all just a matter of achieving the Lindy effect and only a few coins have achieved it.Source- Twitter
Woo then traced back to the 2017 shitcoin boom and mentioned how altcoins lost 90-99% of their satoshi value.Altcoins and the Cryptosphere
With all this being said, altcoins have indeed had a tough time surviving the crypto winters and reclaiming their space. Notwithstanding Bitcoin’s valuation, altcoins do have their fair share of achievements, be it related to their blockchains or price trends.
In another news reported, by Coingape Siam Commercial Bank Thailand has officially agreed to use Ripple to power cross-border payments through its Easy Pay app.
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.