I actually disagree with his dislike of alts. They don't detract from Bitcoins "rarity" as they are traded primarily for - Bitcoin.
While clearly a genius, to me he isn't seeing the forest for the trees.
Thats a refreshing comment.
You might be right - the world currently supports multiple fiat currencies without one undermining the other. I think that what he´s maybe missing is the extent to which one currency can be considered a "reserve" over all the others while still not necessarily being the most highly valued.
In other words, all the alts are currently priced in BTC which means that by growing our holdings in ALT we are basically just growing our BTC implicitly.
I don´t think you can necessarily predict these things - just have to let it all play out.
Agreed. There will be a reckoning past the demented pump every coin stage where I believe btc will be invested more wisely (I may be being hopeful.)
The alt market is a testing ground of new ideas (what do people actually want to use BTC technology for?) as well as providing a volatile playground for traders.
In effect it provides a market to establish worth of a set of characteristics (technical, social, transactional, etc.) priced in BTC.
It also gives people who believe in BTC something to do with them while BTC finds its stable price point/growth rate.
Those with good fundamentals and actual utility will survive and thrive (I believe DRK to be one of these.)
RC4 means utility is realised. I believe we'll see a bump in price and beyond that adoption will be the catalyst for further growth. And anonymity without limits is a huge advantage in our favour.