A proclaimed derivatives trader and analyst, who goes by the name Tone Vays, has recently taken to Twitter to expound on his crypto viewpoint.
His viewpoint entailed Bitcoin always remaining on the top of the list and being truly decentralized compared to the 100s that have come and gone. While XRP and ETH have been fighting for positions closer to that of BTC, Vays argues that they are both “Horrible Projects”, reports Ethereum World News.
The tweet, which has been split into four subparts, contains arguments relating to BTC’s functionality and features, while showing all the projects that have come and left. He first argues that traders within the crypto sphere:
“Overestimate the legitimacy of useless tokens that make it into the Top 10 (even top 5).”
In order to show how poorly people judged the potential of certain projects, Tone Vays has shown a screen shot of projects that are no longer significant.
In other words, he did this to show that other projects that have easily scored the top 5 to 10 positions in the past, no longer exist. Below is an example of the coins that he dubs “shitcoins” with a comparison of the peak and current ranks provided:
1/4 People in #Crypto continue to overestimate legitimacy of useless tokens that make it into the Top 10 (even top 5). Yes, some horrible projects like $XRP & $ETH has been next to #Bitcoin in Forever but look at what else has made top 5 over the years! [My favorites highlighted] pic.twitter.com/MMZB3l2a7W
— Tone Vays [#UnderstandBit] (@ToneVays) April 23, 2019
Another argument that Vays has made is in relation to Bitcoin’s features and overall functionality. As per the analyst, Bitcoin is:
“Fast enough, anonymous enough, cheap enough. Today its greatest asset is the fact that it is the ONLY Trustless project that exists in the world & that is what gives its Decentralized & Financial Valuation. The OTHERS are STATUS QUO.”
Ethereum World News seems to have backed up the aforementioned claims by arguing that to this day, we still do not know the rightful owner of Bitcoin, which satisfies the notion of “decentralization”.
In addition, it was noted that amidst the several developers who work on Bitcoin’s ecosystem, once again no one can “claim with certainty that they are the brains behind it”. Ultimately, deeming Bitcoin as a “trustless network”.
What are your takes from the cases made by Tone Vays? Do you agree that XRP and ETH are horrible projects? Let us know why or why not in the comments below.