An alt has the veneer of scarcity within its own system. But that mirage evaporates when it is viewed outside its border.

If an alt then lacks scarcity outside of its own confines, its only value stems from two sources: its use case as a speculative vehicle and the minimum amount necessary to be held at any one time to achieve its demanded utilization.

Remember this chart if anyone dares tell you there is scarcity in alts; ~7,500 alts are listed on CMC alone (more than 2x the count from 1 year ago), with 2x+ that number unlisted and floating in the ether.

One alt threatens the scarcity of BTC. Many alts only ossify it.

When you stop and think about the fact that owning a basket of alts has performed the same from a pure return perspective as holding BTC while exposing yourself to orders of magnitude more risk, you may be compelled to rethink your investment strategy.

I think about this tweet sometimes. I find it to be true over a long enough horizon and especially compelling for non-traders/market timers. https://twitter.com/alexanderliegl/status/1094352801134604288?s=20