#13: Exodus towards altchains is real
This is a short note to self. Just as I predicted a few months ago, both Terra and Fantom have doubled in price over the past month or so. The exodus of users away from ETH and towards altchains is real, and it’s fueled by the following:
Gas prices too high.
New retail entrants don’t believe they can 100x on ETH or BTC anymore, and they want to become rich.
It you can’t transact and you can’t become wealthy then Ethereum is not a great deal. Being an incumbent actually hurts you in this space. Another case in point: Binance’s price is below ATH even though the number of wallets is growing fast. Part of the explanation is that new money is seeing itself as too late to the game and is not interested in just reimbursing the old holders.
The easiest way to succeed in crypto right now is to explore all the altchains out there, find those with good teams, sound technology, and an ecosystem about to grow, and buy the coin. After that, all the details of who’s building what on top of the chain is not that relevant, as long as stuff is being built and as long as capital is flowing in.