It's time to reject the top 10 cryptocurrencies and demand better. In my opinion, which I imagine is what you're here for, all of these currencies are terrible. They're so bad, and I'll walk you through everything I don't like about every one of them right now. This excludes stablecoins, because we deserve better than what is being offered, and in my experience, if you settle for less, you end up getting what you settle for.
To me, Internet Computer Protocol is the first currency that actually blows me away. To even find it, you have to scroll all the way down to number 29. Everything above it, in my view, is overhyped, over-speculated, and oversold. If you're holding any of these, this will be important for you to hear, because before I went all in on Internet Computer, I looked. I tried to find everybody who didn't like ICP so I could hear why they didn't like it.
Where I've been most wrong in my own crypto research comes down to two things. First, finding something like Bitcoin early and being impatient and exiting, which is what happens when you look at the price all the time. Second, getting into things too easily. How many of you have bought a coin after watching just one video about it? Then you're stuck in confirmation bias. Many of these coins, I'd bet you didn't research enough before you bought them. That's the unfortunate truth, and sometimes you need to hear some criticism so you can question your position and maybe reposition.
Why I think Bitcoin has lost its way
Let's start with Bitcoin. In my opinion, Bitcoin has fallen apart. When it was at $170, it was cool. But at $105,000, the hype right now feels insane. Two years ago we were talking about all the problems funding Bitcoin, like its energy usage, and that hasn't changed. To me, Bitcoin is massively wasteful and not worth it when there are better things available like ICP today.
Most of the Bitcoin is held by third parties now, by exchanges, ETFs, and large entities holding it on behalf of other people. Look at MicroStrategy. They're using a whole pile of public money to buy themselves Bitcoin, and they're holding huge quantities of it. But what can you actually do with it? In my experience, the real utility of Bitcoin is poor. You can't practically pay with it at the grocery store. It has become, to me, the biggest meme coin at this point.
People say the mining is decentralized. I don't believe the mining is decentralized at all. Foundry USA could collaborate with anybody else and do whatever they wanted to the mining. That's a technical fact. Look at how much of the mining is controlled by Foundry USA, and then throw in an AntPool or F2Pool or some of the other largest pools. The fact is, in my view, Bitcoin mining has no meaningful decentralization today. And the whole process is massively wasteful, millions and millions of times less efficient compared to Internet Computer Protocol.
Ethereum, gas fees, and centralized staking
Ethereum was cool in 2016 when it was under $10. But have you actually used Ethereum? In my experience it's painful. You have to pop out and sign all these transactions, and the gas fees are disgusting, worse than using a credit card unless you're sending a lot of money. All these coins on Ethereum, to me, are junk. They don't have much of anything on the blockchain itself; all the real stuff is hosted back on centralized tech. The staking is, in my opinion, disgustingly centralized with Ethereum. Come on, there's better stuff than this. Ethereum has also lost so much to its competitors recently, and it hasn't even been keeping up with Bitcoin very well.
XRP and investing in centralization
XRP. I just made a video called "Critical XRP Information You Need to Know." XRP finally hit a new all-time high, and it's only been eight years since the last one. This, to me, is probably the worst dumpster fire of the bunch. Ripple still has a hundred billion dollars they can dump on all your heads, so in my view the price will never consistently appreciate long term. Everybody hyped up on this is talking about investing in basically centralization. All the hype is that the banks are going to use it. If you want to invest in banks, buy bank stocks. Buying XRP to invest in what the banking system might do in the future, which it hasn't done in the last several years, makes little sense to me. The XRP hypers years ago were saying the same things they say today, and it still hasn't happened.
People aren't even using the ledger. The amount of growth on XRP is abysmal, and in my opinion the blockchain tech is garbage. When you've got something like ICP, where you can actually do all these transactions and host all these apps on chain, XRP feels irrelevant to me. ETH and Bitcoin feel irrelevant too.
Solana, middlemen, and off-chain hosting
Then there's Solana. To me, Solana feels like, "let's get a bunch of criminals together to take everybody's money, then pay everybody to build on our blockchain, and we'll retain full control over it." They host the infrastructure on centralized cloud. Doesn't that sound exactly opposite to why I got into cryptocurrency? I got into Bitcoin because I thought, cool, we can have a coin where we take out the middleman. In my view, Solana has middlemen on top of middlemen, riding middlemen underneath middlemen. You go to the websites, and they're not hosted on Solana. The apps trading Solana meme coins are all hosted off-chain, which means they can censor your meme coins if they want to. The tech, in my opinion, is garbage. The blockchain is massive, and yet it still holds so little information. How sustainable is that? Is the FTX bankruptcy estate going to dump on all your heads? Probably. To me, it's absolute trash. I bought it under $10 and I sold as soon as I saw how superior ICP's tech is.
BNB and Dogecoin
BNB. This one is something. Your CEO has been doing time in prison, Binance has been fined billions of dollars, and CZ holds roughly half of the entire market cap of this coin. The only positive thing I can say is that it's performed pretty well against Bitcoin compared to the others. But again, this is investing in centralization, and unlike a stock, your token doesn't give you any shares of Binance. It gives you some coins on the Binance Smart Chain. The more these coins, like Solana, ETH, and AVAX, compete with each other, the worse it is for all of them, because if somebody's building on Solana, they're probably not building on Binance. To me, Binance is trending downwards.
Dogecoin is a copy of Litecoin, which is a copy of Bitcoin. If you copy someone else's paper in school, and then I copy yours, do I deserve an A on my paper when all I did was change the name at the top? In my opinion, Dogecoin is junk and has been junk the whole time. I've hated it ever since it came out. I bought it a couple of years ago just so you all would like me, and then I realized what a disgusting decision that was. This is a meme coin from way back when, and I hate meme coins. All the money in Dogecoin could be going into building something useful, building people houses, or giving people running water. To me, investing in meme coins is just throwing your money away to centralized insiders who are taking from you because they're more dishonest, and in some cases smarter or more well-informed, than most of you. Elon Musk has even contributed to getting people ripped off in Dogecoin, and he's the richest person in the world. That's not surprising. How do you think someone gets to be the richest person in the world? I do like some of the things Elon Musk is doing, but pushing Dogecoin is, to me, one of the lower ends of what he's done. That said, it's a free world. Anybody should be able to create their own junk coin and be president of the United States, right?
I know some of you are thinking, "God, Jerry, why are you being so negative?" A lot of times, the most loving thing somebody can do is give you some constructive criticism and question the way you're living your life.
Cardano, Tron, Chainlink, and AVAX
Cardano was hyped to be the big Ethereum competitor years ago. It has clearly lost at this point to Solana and BNB. Have you used Cardano? In my experience it's awful, and to me it's not even worth talking about anymore.
Tron. Justin Sun, in my opinion, comes in and ruins projects like Steem when he buys them. People are just using this to gamble on things that aren't even on chain. There's no way I would buy any Tron. You have to hold a bunch of it just to transact.
Chainlink, to me, is irrelevant technology going forward now that you can build oracles directly on ICP. Even worse, if it were a stock that would be one thing, but in my view this is basically a meme coin where the Chainlink Foundation tries to get people to think it has value. It has no ownership by code, no ownership by stock or law. It's purely, in my opinion, a meme coin, an ERC-20 token that's been bridged over to other platforms.
AVAX is just another basic Ethereum copy, and there are so many Ethereum copies at this point. In my view, Avalanche is clearly losing, its DeFi system is dying, and the insiders are dumping on your heads as much as they can get away with while retail FOMOs in.
We deserve better
We deserve better than all of this. If you want better, go to internetcomputerprotocol.org. They've made what I believe is the most impressive thing I've ever seen in crypto, and I've shared a lot more of my thinking on it across my Money playlist.