Topic: Best arguments to make your friends understand that altcoins are not good - page 3. (Read 1180 times)

No altcoin is intended to compete with bitcoin, all of them acknowledge bitcoin's dominance. But when it comes to returns and what are the most profitable investments today, bitcoin cannot outperform some altcoins. Bitcoin has become the largest and safest currency on the market but that also makes it less profitable than before. So investing mainly in bitcoin will keep us safe but it would be wrong to say that we will get maximum profit by investing in bitcoin only. During the bull season, the performance of many altcoins will be better than bitcoin so it is not bad to take advantage of the opportunity and invest in altcoins at this time. So I would neither deny nor oppose investing part of our capital in altcoins.

BTC is indeed a main part of many portfolios as of now because its principles are still upheld and are in high regard. Big alts also have much potential during the bull run and the upcoming alt season, however, - it still wouldn't compare in terms of the stability of your investment in BTC.

There's no Alcoins that can compete with Bitcoin and no matter how people try to do that they can never find a reason because Bitcoin will always prove them wrong, I don't think there is an argument about Alcoins and Bitcoin, Bitcoin has shown how value it is and it has to attract many people to the extent of some people don't see Alcoins like a good investment, investing in Alcoins is not a bad idea but people prefer Bitcoin than Investing in a coin that they don't know how is going to be at the end.

Out of 100% of Alcoins only 30% are legit, the remaining are not good enough to be trusted, and even the ones that are legit are not good enough to compete with Bitcoin, every year we see how Bitcoin improves and how the investors keep investing because they trust Bitcoin, I don't people doubt Bitcoin anymore because they have seen how good and how it makes people become a successful person in life, I don't know the future but for me, Bitcoin will always be ahead of any coins.

People choose BTC for different reasons, and each of them can find something for themselves.
I do agree that people choose and view things differently, but if they learn about the market and the situation on it overall - they won't find a better and more reliable path than BTC. Period.

There were many concerns before to convince anyone to get involved in crypto but indirectly now people are starting to understand that bitcoin will be a solution.
If asked why bitcoin is a much better choice then the answer is simple because bitcoin is a hedge, this is easier to convince because it is based on historical analysis available.
But it comes back to each person whether they understand the level of risk because if not it will be difficult to explain.
There are many sources available in the media to find articles discussing bitcoin and it depends on a person's taste and reading interest.
I think it is not entirely the responsibility to provide education about bitcoin but for those who feel confident about bitcoin will definitely look for trusted sources to study.

There needs to be knowledge to recognize trusted sources that must be possessed by everyone so that they can more easily understand bitcoin.
Other people are only able to provide a picture of the scan but belief depends very much on each individual.

The problem with the "cost of production" theory is that it doesn't really take into account the possibility of sharp difficulty drops. Bitcoin has experienced this only on a limited scale due to the long term uptrend, but altcoins haven't cared so much about their production cost. There were PoW altcoins like Feathercoin (FTC) which were quite valuable some years ago but have almost died.

FTC's ATH was at $1.29. I estimate this has lead to difficulty ramp up back then and the production cost should have been at least $0,20 or $0,30, even if the mining profit was very high in the altcoin scene back then. But in 2023 FTC's price momentaneously tumbled down to 0.0007$. Now it got pumped to 0.009 but it is still several orders of magnitude below their production cost in 2014.

In the case of Bitcoin you could say that there's somewhat more "stability" due to an established mining industry, which invests a lot of capital into their infrastructure. However, this can never guarantee the cost of production can't decrease drastically.

The only valid conclusion I think one can relate to the cost of production is: If the mining business invests more capital into mining facilities, increasing the cost of production, then we can conclude that they have studied the potential of Bitcoin's market and price for the next 2-4 years to come. Thus, a difficulty increase above the hardware update rate (Moore's Law), taking into account the halvings, can be seen as an indicator a group with a lot of information about the market has a positive opinion on market conditions.

Can this be an argument against Proof-of-stake altcoins like Ethereum? Maybe if you word it differently: In the case of PoS altcoins, there is no group investing external resources into the mining process, in contrast to Bitcoin and other PoW altcoins. So there is less information about what the market thinks about the coming years' price evolution, which can lead to more pronounced crashes and panic drops.

If you do really just that tend to look at on the top #100 in the market then you cant say that altcoins are scams or shit, and pretty sure that this is the reason on why your friends are really that wanting or really that liking to deal up with altcoins on which they've seen that they can make profits more than on what they can make it with Bitcoin.
If you dont like to have some argument or worrying about some good approach towards your friends then just let them be on the things that they do like and just mind with your own business because we do have our own preferences when it comes into this aspect on which means that on the time that we do see something better then we do normally be sticking with it.

Choosing in between Bitcoin and altcoins then why wont be having that both? You cant blame them on why they would be wanting on dealing up with altcoins on which even if we do speak about meme coins then there are investors or people that will be wanting it up to have that fast profits for them to make money on which they cant be able to do so when dealing up with Bitcoin. Its their own personal choice on putting up more focus on altcoins and just let them be on what they do wanted to deal up with.

the supply difference is included in the cost measure. as the cost measure is about electric used per hour so is calculating a coin supply per hour and then broken down to per unit cost

also when on the market the market price is not determined by the total supply nor full amount of units in circulation. because if you ever look at market orders, the market orders that adjust the price are minuscule compared to total projected supply or coins in circulation. so the market price is not subject to supply difference of a coins total supply or circulation total

....
also when it comes to market price, the market price is a separate number to that of the underlying cost(value) and yes the market price is speculative.
so lets dig into that economic theory.
if ethereum for instance has more coins in circulation and also has a higher future projected total supply... then economics would say that is should not be at such high premium compared to cost as bitcoin.. yet as said ethereum is at 70x its cost where as bitcoin is at 1.6x
this again shows that ethereum is bubbling at a extreme premium


indefinitely? to keep the price up? projected chart?

no.. how the rest of the world see's it is a S curve, where we are at the beginning
         _
       /
     /
    |
    l
_/

where orange is just the beginning

also lets say the tip of the S curve settles to the $1m-$10m spread window
the mining costs would only need to STAY(KEEP) at $1m not indefinitely exponentially grow to 'keep' bitcoin above $1m

its also worth knowing
we are no longer in the 2010-2011 age of a 1000x low to high ($0.03->$30)
we are no longer in the 2012-2013 age of a 200x low to high ($6->$1200)
we are no longer in the 2016-2017 age of a 50x low to high ($400->$20000)
we are no longer in the 2020-2021 age of a 15x low to high ($4.7k->$70k)

so if bitcoin stabilises at a 10x speculation window of low to high, it is still investable to play the lows and highs
so dont expect the energy requirement to be exponentially growing, but instead getting more stable
especially as hardware gets more efficient

the hashes per second can continue to grow due to efficiency of asics even if the cost keeps to the same amount
..
the main point is not that the base cost has to escalate exponentially.
its that the base cost is not $0
its that the base cost is not multitudes of spread between value-premium

in short
ethereum and other coins have a false/loose roof that can collapse down to the ground far more easily than bitcoin

The knowledge and metrics still decide the most about where to go on the market - OP's friend can invest both in BTC and alts, but we all know what would be more stable in perspective and if the people in question know much about BTC and how it behaves during different cycles.
So I agree with what you said in the end - BTC still should be a top priority.

Agreed!
Never saw that book, but I will definitely give it a try just to know what made Sailor make up his mind in the end and be the BTC maxi he is seen as now.
In short - you need just to dig that hole of knowledge yourself and do the conclusions about it.

Most people these days don't understand what they're investing in and are only in it for the profit. I say that to people who believe in Altcoins, that Altcoins are not comparable to Bitcoin, and the risk of you investing in them is greater than Bitcoin. I don't need to convince them and I don't have anything to do with what they do, I'm simply making an important point to them because I've seen how the Bitcoin market is and how it can reach $100K USD now. Whether they believe that or not is their business, my time is too valuable to open a debate if they don't believe that.

Many smart investors are using this strategy and they accumulate more bitcoins than anyone else but some people don't realize this and criticize those who invest in altcoins.



I really don't see what benefit they would get from trying to impose their thinking on others or win any arguments because the purpose of investment profit, nothing else. Some people have such big egos that they forget what their mission and purpose is when they participate in the financial market.
Me too, if I had to choose between right and profits, I would choose profits because in our society, the one with the most money is respected and is always right.

Thank you for the compliment and I agree with your reply too. Holding all portfolio in Bitcoin alone is not necessarily a bad idea but there are more opportunities.

If the goal is to profit oriented, one can even profit off altcoins and funnel the profits to increasing their Bitcoin holdings. That's another beautiful strategy.

Like you said, some people just want to be right so much that they're willing to discourage others. For me, I don't want to be right but I want to make as much money as I can and increase my bitcoin stash. That has always been the goal.

There is no need for much argument actually because after all the difference between kings and ordinary coins is different so when there is already a king, why be in ordinary coins to be used as an investment, especially for the long term.
That has become a thing that ultimately cannot be denied even though in the end there are still many who are in altcoins and there are still some altcoins that are still quite feasible to be used as investments by them but in the end it will not be enough to make or be a weakener for bitcoin because all altcoins will be sourced to bitcoin as a benchmark.

I will not say that altcoins are bad but in the end when talking about investing it is clear that there are priorities that must be considered as choices and when there is already something very good to be invested in why prefer in altcoins that are full of risks.

Just let them do it like they let you invest in Bitcoin, and they choose altcoin investment because they must have knowledge and also understand how to profit from the selected altcoin because not all altcoins are scams or not profitable as long as they choose the right altcoin.

You don't need to bother doing that because they use their own money not yours, and Bitcoin continues to grow and develop and they are just like everyone else and also us who still choose altcoin as an alternative at that time even until now and the most important thing is to have the right coin and also profitable in a certain time or long term other than Bitcoin which is prioritized.

This made me stunned for a moment because I did not only invest in Bitcoin today but I even invested Altcoin in it, therefore I was also quite confused in giving a definite answer, I followed the maximal Bitcoin people and I did not forget the opportunities that I could get In another room, I still believe and believe Bitcoin is the best asset ever in this market history, but Altcoin is an alternative temporary to speak speculation and narrative in seeking profits in this market, so when it is said fraud about Altcoin I also realize it and be aware of That, but when talking about today's profits in a short count and out of Altcoin is something that is one of the choices for traders.
So my personal view Bitcoin became a lingung value and Altcoin became a place for me to trade with a variety of fraud and its opportunities in a matter of months and even minutes in Altcoin both from profits and losses.

So for people who are viewed to seek profit, I will not say Altcoin 99% fraud because I have received a decent profit from projects that are considered OP as fraud.

In talking about this kind of thing and the context of the argument must be clear, whether comparing technology, values, fundamentals or just looking for profits, so that the debate that arises will be clearer, if we talk fundamentally, technology, security, my value will definitely choose bitcoin too, But if the context is looking for profits you can find and get it anywhere even in coins that are only for fun.

Give them to read the Bitcoin standard. Michael Saylor read it and invested $425 million in bitcoin. It has oranged pill probably millions of us. Inside the book it explains why "not altcoins".

In general, I share the same opinion as PrivacyG. Bitcoin is a rabbit hole, and exploring it is a deeply individual journey. You have to take the trip yourself to truly "get it".

You can show them some biggest things about altcoins.

How many altcoins had died with time? A lot.
How many cryptocurrencies failed.

Show them that even top altcoins can die.
https://coinmarketcap.com/historical/

Show tham decreasing values of altcoins in their trading pairs with Bitcoin. If altcoins are good, they must have considerable increases in their trading pairs with BTC. If this pair value decreases, it means if you convert your bitcoin to atlcoins, hold altcoins with time, you lose your bitcoin.

there are different kinds of investors here in the crypto community so it will be inevitable that we come across people who are doing a different kind of investment method than us if some investors found a way to earn money even if it is different from what we think is profitable you can just let them be if they are making profits from altcoins they will never actually listen to you because they are still profiting off of it

so just focusing on bitcoin makes sense because they will see why bitcoin is still the more superior one even if they might find more profit right now with altcoins not everything is about profit and they should know that even if in the end they decide to still go with altcoins

I think now is too early to talk about how altcoin will perform against Bitcoin, I did well with altcoins already and Bitcoin is still having its ride so far, no show for altcoins until Bitcoin is done and dominance start falling.

I was able to turn $60 into $1200 last week with a AI coin, this is just one of the fews that I made a lot of money from, I think it depends on what we all want, Bitcoin is nearer and altcoin is farer, Bitcoin moves first while altcoin is all about patience, although if one invested in Bitcoin they would have made a lot of profits already but it is too early to compare to altcoin.