Topic: Best arguments to make your friends understand that altcoins are not good - page 4. (Read 1140 times)

The reason it's like that is because some persons believe that they can make more profit from altcoins after they invest just a small amount and allow the token to experience a huge price pump. So, even if one tries to convince them, they might not listen unless they had to experience the truth themselves. I was once having the conviction that while I was investing in so many altcoins I could luckily have a huge profit from pumps but it didn't happen and now I am into Bitcoin alone.

The most convincing way to show people that altcoins are not good compared to Bitcoin is by highlighting Bitcoin’s importance and proven market history. Showing them nothing will never expects to beat their doubts, but if you lay down the evidence, that certainly changes their perspective. And having the right explanation is key to influencing their beliefs. But if they feel your argument lacks substance, it never makes you win.

That is why you need to prepare thoroughly before speaking to them, anticipate their questions, and be ready with answers to back up your claims. Otherwise, they will say that you are lying.

I understand what you are saying, but imho that argument would backfire.

Starting from the fact that you didn't include the supply difference, but compared the mining cost to one full coin against one full coin, which isn't a relevant comparison. That would instantly give a feeling that you are purposely misleading people, even though i am sure that was a small accident in accuracy.

Also what people would basically hear in that is: "So you are saying that bitcoin is wasting 1000x more energy resources? For the same job eth is doing by being so much more energy efficient? And that need for those energy resources would need to rise indefinitely if we want to keep the price up?"

Then it would come to future and sustainability of that rise and energy, because at some point, if bitcoin keeps existing, there will be need for some radical energy reforms. And those alone would drop the cost of mining. That is if mining and trading just isn't banned. Even if you can't ban it on protocol level, with the upcoming new AML laws it wouldn't be impossible to make trading of it useless, because you would need to provide source of the money.

Your argument is like saying, that you should invest in oil, because oil is finite and people pay for gas. And because oil is finite, gas prices will keep rising, ignoring the fact that people hate when gas prices are up and are constantly looking for more green and cheaper options.

To summarize my point: BTC holder sees this as price projection chart:



How do you think rest of the world sees it?

the most basic lesson is of course economic. and when learning it people become better investors of even good assets

so here it is
no matter the investment product, always look for the underlying cost of production of the asset and find the cheapest most efficient cost on the planet of creating/acquiring it.

for instance bitcoin has a mining cost thats averaging $60k/btc at the most efficient mining pool on planet
then compare that to ethereum which calculating the validators cpu total cost is only $50 per eth

so when ethereum is marketed at $3.8k but base value is just $50, it shows ethereum is speculating at a 70x+(bad value price)
where as bitcoin is marketed at $100k but base value is $60k, it shows bitcoin is speculating at just 1.66x(good value price)

things like gold still has a mining cost of just $1k but marketed at $2.6k so gold is speculating at 2.6x

many altcoins dont have any real underlying cost value for its mining/minting/creation cost. so end up having outrageous market premium prices that just feel like a scam in of themselves

..
this economics lesson is good because you then can gauge where a market price sits compared to its store of value underlying bottom
for instance when bitcoin was hitting $75k after the halving the mining cost was still $50k this was too 1.5x so still good value
before the halving the underlying value was $25k and the market price was $25k-$50k so 1-2x

this makes bitcoin a good store of value and not speculating at atrocious prices,
yes we will experience a ATH period in 2025 which will raise the x-factor for a couple months, but then it will correct back down to a suitable level again by 2026-2027

This is a simple and highly effective strategy, with this strategy we will be safe because the majority of assets are bitcoins and we also have the opportunity to get bigger profits from small investments in altcoins.

Holding 100% bitcoin is not necessarily a bad idea but it is not perfect either because we will miss out on many great profit opportunities from altcoins. Many people are too conservative and stubborn when they don't want to invest in altcoins but they also try to prevent others from investing in altcoins. That not only makes them but also makes others lose out on greater opportunities. They forget that we are here to make profit, not to prove right or wrong.

Hackers Drain $1.48 Billion from Crypto in 2024, Led by DeFi Exploits

DeFi: Still a Magnet for Malicious Activity

https://hackread.com/hackers-drain-billions-crypto-2024-led-defi-exploits/

Another year, another few billion dollars of value stolen from altcoin wallets and networks.
These are incidents that were reported and confirmed this year. The true number could be significantly higher.

BNB chain lead the way this year with the highest losses, seconded by ethereum.

Another reason I don't touch altcoins, they are much less secure than bitcoin.
Over the last 10+ years, the losses from hacks and exploits has been in the tens of billions.

I was telling some of my close friends that you should invest in Bitcoin, if you invest in Bitcoin, the risk will be much less than other altcoins and if you hold it for a long time, you will get huge returns, but from there are one person listened to me, but the rest did not listen to me, they invested with other altcoins, now they themselves understood the difference. Also, I also did the same in the first situation, I did not invest with Bitcoin and went with altcoins, I understood it myself and after understanding the difference, I chose Bitcoin as the best.

You won't see much facts to back your argument because while most altcoins are shit, crypto doesn't always have to be a zero-sum game. That is, the statement: "if it's not bitcoin, then it's 99% a scam." is not true

Most of these altcoins have changed people's life just as bitcoin did and they would continue to do so whether you agree with them or not.

However, what makes a lot of sense (and I've seen a lot of bitcoin Maximalists do) is to recommend keeping a bitcoin portfolio alongside an altcoin one but Bitcoin has to be the #1 asset and have the most weight.

Do you really think people care much about article, all those don't really matter to the guy that want to make money from crypto, only the intelligent ones does. How do you even convince them if not by return on investment, take a look at fetch AI, that coin has gotten a lot of liquidity and pump even the people that came late made money from the coin while Bitcoin has only did 135% so far this year in Year to date return on investment.

By technology, there is no any coin that beat Bitcoin, by value no altcoin comes close but you see return on profits, altcoins does it most because they are less saturated and highly volatile due to their market cap, you can't do such with Bitcoin and no matter how you try to convince people not to buy alcoins, they have been brainwashed by exchanges how good altcoins are for new people. Some airdrops are the reason why newbies think altcoins are better than Bitcoin, free money.

Some people will not really listen to you when it comes to bitcoin majority are blinded by what they will
Get and they always feel they are doing the right thing when they already know the truth that there is nothing that can or replace bitcoin and no matter how profitable thay altcoin is why not just invest in bitcoin to put your funds in a safer hands.

Altcoin is not a safe hand at all because during some market saga some coins moght not be able to actually withstand it and no matter how bad the market is bitcoin is always there to support so imagine them depending on bitcoin and people are somewhere else trying to invest in other coins so better consideration than altcoin but we know how people are they do things according to there will.

We have to be mindful of what ever decision we make when it comes to the market some critical decisions have to be made we know how enticing it is to want to invest in altcoin but when that individual is not interested in the advice given they should let them be.

I don't see the big problem, usually there is an altseason so there is a good possibility that some altcoins will outperform bitcoin. Not all altcoins are scams, and let's not mix altcoins with memecoins or actual shitcoins, there are many different coins out there because I don't think that we can say BNB or Link are the same as Pepe and Shiba, no?
Of course there is a bigger risk investing in altcoins but sometimes it pays off. Again, nothing wrong with taking some bets.

No matter the evidence they are going to present to show that altcoin is better than bitcoin, it will not going to change the people mind because many people have tried altcoins investment that made them to vow that they will not spend such funds on altcoins because they couldn't earn what they want to earn from altcoins, there is no how you will buy bitcoin in the bear season and hold for four years which you will definitely going to earn good income from bitcoin because bitcoin price use to increase high to help holders to double their income, you can point at this current bitcoin ATH that surprised those that said it will not going to touch $100k this year.

They actually don't need to do that since if people doesn't like to listen for sure they always have reasons to counter everything what we say to them. Instead of proving something and engage on nonsense discussion better for them to mind their own business. Because its waste of energy especially if he know those people he trying to talk about bitcoin is close minded individual.

So focus on your own investment and just pay attention with what they do if his friend ask for advice on what's best thing to do regarding on what they want to ask. Forcing them to follow what he like will bring bad result so we should not force anyone to believe us so we will not get any problem with our friends.

There is no denying that bitcoin investment advice is the best advice in the market because it is the safest. But it would be a mistake not to advise and even discourage people from investing in altcoins, one of the markets with the highest profit opportunities.

I know that investing in altcoins is risky, especially new projects, low cap, memes...but if we only invest in top projects like Sol, Ada or XRP...The risk will be somewhat reduced and there is a chance of getting significant profits.

We often criticize traditional investors for being conservative, stubborn, and not accepting new things to make more profits. But looking back, are we any different from them when we stubbornly invest only in bitcoin and ignore many other money-making opportunities?

There are many altcoins that have had remarkable gains and after many years those coins are still performing well. I wouldn’t discourage anyone to disregard altcoins completely. They are free to spend their money however they please and the market will determine if the choices they made were worth it. You can try and point them in a certain direction by educating them about how altcoins are a risky gamble, especially those with lower market caps.

Almost all memecoins are pump and dumps and this is probably the first thing they should be made aware of. You can look up “pump.fun scam” on a search engine and you will get countless results exposing the horrific side of memecoin scams. You can point them to any of these results and they will likely never want to take a risk with memecoin trading.

It's quite unfortunate that people still have to engage in heated arguments just to prove a point and convince people or someone to take a good decision for themselves.There could still be doubts most times but currently, Bitcoin is not something that anyone would tend to miss out and spend almost half of his/her day to justify and ridicule.I'm very sure that the results are Visible and mind-blowing.

The definition of scam isn't only about profit and loss, not all altcoins are rug pulls, but most of them are scam.

Scam in definition, scam how it work, scam mission, etc. Many altcoins aren't work like the utility they offered in their whitepaper, they much more like focus on marketing and don't care with the rest.

Exactly, many people in this generation is still skepticism with Bitcoin, but I'm sure the new generation will open with Bitcoin because they grew up when technology has been massive.

I am more than sure that your friends are interested in altcoins because of their "imaginary" profitability. Greed pushes them in this direction. But this greed only leads to losses, not to quick enrichment. Look at bitcoin - you won't get multiple profits here, but this profit is stable.

To do this, need to conduct research and collect statistics. On the same site coinmarketcap you can see charts of how altcoins fell in price and never recovered, to complete oblivion.

Is it possible to make an automated collection of information from coinmarketcap (this is essentially a ready-made statistical database) for all altcoins for subsequent analysis and structuring of information?

If the friend or a group is stubborn - no need to push them into doing something with BTC, or make them believe in it.
It should be their desire from themselves - or they won't dig into it and know more about in the perspective.

It is difficult to convince them about 99% are scams if they don't want to open their minds. That happens to many people out there so you don't have to bother makes yourself busy with arguing with them. It is better you be their listener and see what they will say so you will know how good they are in crypto.

If you keep arguing with them with your argument, that will waste your time. They will be like that even if you show evidence that Bitcoin will remain the superior option. They need to see the reality by knowing many projects turn into scams so they can think what they need to do.