Basically, altcoins are shitcoins to most Bitcoin maximalists. Nevertheless, some still find a means of appreciating the innovations and performances of some of altcoins.
Jimmy Song, one of the staunchest evangelists of Bitcoin, has just given his perception about the progress of some notable crypto coins, categorizing XRP among cryptocurrencies that exhibit signs of excellent performance.
Although he still believes altcoins are shitcoins, Jimmy Song referred to XRP, among others, as coins which has fared better since their debut in the market.
Also, the Bitcoin entrepreneur and educator classified the 14 cryptographic projects he selected into two – “coins that fell from grace” and “ coins that have fared better.”
Coins that have fared better
Song considered likes of Dash, Litecoin, Stellar and Ethereum has being great in the market since their creation, grouping them along with XRP as coins that have fared better.
Of a truth, the like of XRP, Ethereum, Litecoin and other mentioned by Song are all performing excellently when compared with others in the market.
Coins that fell from grace
Also, Song classed Namecoin, Freicoin, Peercoin, Novacoin, Feathercoin, Mastercoin (now Omni), Maidsafecoin, Factom, Nxt, and Bitshares as cryptocurrencies that fell from grace, a description which traders sometime refer to as “pump and dump”.
Jimmy Song concluded: “Lesson: shitcoins need a lot of marketing to survive”.
Economic Reality Will Defend Bitcoin Ultimately
Jimmy Song, the author of the book Programming Bitcoin, in another tweet described how maximalists (individuals and organizations) stand up against altcoins in defense of Bitcoin needless, adding that Bitcoin is worthy of tackling the challenges ahead of it alone.
“Economic reality will provide plenty of defense for Bitcoin in due time,” Song stated.
Nobody needs you to defend Bitcoin.
Bitcoin will defend itself, or more accurately, economic reality will provide plenty of defense for Bitcoin in due time.
— Jimmy Song (송재준) (@jimmysong) October 16, 2019
Previously, the digital currency entrepreneur said the fiat economy is not formidable enough to compete with Bitcoin because it’s built on long term debt.
Fiat economy is built almost entirely on long term debt. When it collapses, it will collapse very suddenly.
Bitcoin users, affected, but much better off.
— Jimmy Song (송재준) (@jimmysong) October 15, 2019
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.