Jimmy Song Killing the Hopes and Dreams of S***coin Bagholders - WBD174
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 6 December 2019
⏱️ 78 minutes
🧾️ Download transcript
Summary
Location: Austin Date: Friday, 23rd Nov Project: Jimmy Song Consulting Role: Bitcoin Educator, Developer and Entrepreneur
Bitcoiners regularly criticise altcoins; so much so that the term "shitcoin" has become synonymous with anything which isn't Bitcoin. From the centralised nature of these projects to premines, often Bitcoiner will identify altcoins as a poor investment with some going as far as calling everything that isn't Bitcoin a scam.
Why are these projects still able to raise $millions in funding and why are investors so divided in their opinions? Are Bitcoiners right that Bitcoin is the only use for a blockchain or are they just toxic and close-minded? Are multicoiners right that this is a new wave in decentralised technology or holding a bias due to their bag holding?
How are inexperienced investors meant to navigate this minefield?
There are nearly 5000 cryptocurrencies with many claiming to have the superior-tech to Bitcoin; whether that's faster block times or cheaper transactions, Turing complete smart-contracts or environmentally friendly consensus mechanisms. But at what cost? The key trade-off with blockchain technology is decentralisation, where Bitcoin outperforms every other cryptocurrency in the market on almost every measure.
So if decentralisation is key and Bitcoin is king, why do altcoins continue to attract investors despite apparent risks? Is it all down to marketing and the centralised foundations, creators and businesses and are they all doomed to fail?
In this interview, I talk to Jimmy Song; Bitcoin educator, developer and author. Following his recent article "On Altcoin Valuation", we discuss why altcoins are a poor investment, the misuse of blockchain and why shitcoins rely on marketing to grow.
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Transcript
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| 0:00.0 | Welcome to the What Bit |
| 0:02.0 | Podcast. |
| 0:05.0 | Hello there from Bedford, the Bitcoin Capital of the World. |
| 0:10.0 | How are you all? |
| 0:11.0 | Are you having a good week? |
| 0:12.0 | Are you looking forward to the |
| 0:13.3 | weekend welcome to the what Bitcoin did podcast which is brought to you by |
| 0:16.8 | the mighty cracken the best place to buy sell and trade Bitcoin I'm your host |
| 0:21.2 | Peter McCormack and today I've got an interview with Jimmy's song but before that I've got a message from my show sponsors and as ever do make sure you check them out it is the sponsors that make it possible for me to do all these interviews. |
| 0:32.8 | So first up, we have the amazing drop bit, |
| 0:35.6 | the best mobile wallet in the space, |
| 0:38.0 | and they have absolutely killed it in 2019. |
| 0:41.8 | Come on, have you downloaded the app yet? Tens of thousands have. Have you? |
| 0:46.2 | Have you tried it out yet? They have crushed it this year. When I first started working |
| 0:51.0 | with them, they were telling me telling me yeah we've got this amazing |
| 0:53.5 | mobile app it's like Vemmover Bitcoin and you can text Bitcoin to each other and since |
| 0:58.6 | then they've added the ability to tweet Bitcoin they've added a very, very cool lightning support. |
| 1:04.0 | They've got Betz32 addresses and they are working on so many cool things for next year. |
| 1:09.1 | Seriously, check it out. Don't be a fucking loser. Download Dropbit and if you want me to |
| 1:14.2 | unlock your lightning wallet then hit me up on Twitter every few days I go through |
| 1:17.6 | them I go through the dams and I send people some sats. It is available for the |
| 1:21.1 | iPhone and Android just head over the drop bit dot app, which is D R-O-P-I-T-A-AP. |
... |
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