Topic: I need clarifications on this please. - page 2. (Read 419 times)

If you want to ask a forum member about something, send him a DM. This is a forum, not a social media platform, so the "mention a user via the @ symbol" feature doesn't exist.
The other cryptocurrencies(the popular altcoins) aren't completely useless, they are serving the same purpose as Bitcoin, but they aren't better than Bitcoin. The shitcoins and shit-tokens are completely useless. Their only purpose is to be used by their developers to steal money from the investors via pump and dump schemes.
The altcoin prices are simply following the BTC price, but their market volatility can be higher than Bitcoin's volatility. This increases the level of risk, but it can also increase the potential profits.

Everyone has their own way of posting mostly they contribute most to the area they find interest at so it is to other posters, if you look at the technical board such as wallet discussion and more you would find people that contributes most in that area, people like charles-Tim, hosseinimr93 and many more that contribute much in those areas.

About development you can see PowerGlove active over there and he puts more efforts to program things to help the forum. When talks about Data analysis you would see loyceV and few other people, they puts more efforts in that area monitoring the movement of every post, merits, and other activities. When they talks you would see they are professional in that area..

If you talks about investigation then we have lovesmayfamilis and some other people active over that section and they does it in a professional way

If you check almost everyone profiles you would find the area they are personally good at, no doubt that JJG is one of the respected poster over here due to his vast knowledge in bitcoin and I have joined in his discussion and it was great for me, but most times i find it hard reading his lengthy text.

However, if you must know there are other currencies good for investment but most times people put interest in bitcoin because it's more understandable due to some historical data and it could be easily understood than other coin. No doubt that we have other currencies such as Ethereum, BNB, Matic and some few of them, but to say it's very hard to be predicted or speculates because they are highly volatile even more than bitcoin.

Then if you talks about quick investment, other coin such as memecoin are mostly referred as shitcoin and none would be ready to invest their hand earned money in such and woke the next day to see their investment turned zero dollars which they won't be happy either. So it's  understandable to put your money in place where you would have a cool sleeping moment than just keep pondering over your investment safe or not.

So he doesn't like putting that impression into other coin and can't give people advice to invest. Again, if  you had been around here for years and witnessed the incident in most of the altcoin known as shitcoin you would learn to put your investment into bitcoin except you had just accepted to waste your resource without even thinking about he it goes.

Yea, for your first question, in my own opinion, I would say yes, their are other good crypto asset aside Bitcoin, but due to how shitty most of this alt and meme coin has become, it's now what most of these developers used in milking most investors of their hard earned money, so it's because of that, it's much more better to focus more of your resources on Bitcoin that you are very much sure that will be worth it in the future.
Secondly, in the world of cryptocurrency, their is no substitute to Bitcoin, no other crypto asset gives you security and that guarantee to always rally back to a better height if their is a dip in the market, unlike alt and shit coin that falls more than they rise.

Then talking about your last question, no bro, all other cryptocurrency aren't useless, some are just created for gambling purpose, and that is what most people have failed to understand, that it's why most people makes money out of it and majority loses money when invested in it, so using the word useless is actually not appropriate,  because even a bad egg can be useful, it can be used as a bad example to someone that is being advice to take the right path.

Simply, invest according to your understanding, you should not invest based on anyone's advice, including the advice of experts.
I think you can research bitcoin and admit that it is the most reliable and investable digital currency. I also believe that you will find the answer to altcoin when you take the time to research without having to ask anyone.

Don't feel bad if other people have different investment views than you, because everyone has different views and mindsets about everything in life and investing is no exception.

Life is ours and we should take responsibility for it instead of caring about what others say, because even if you do what they say, they don't guarantee you anything.

this question is supposed to go straight to his DM since you're interested in getting his personal opinion on why he has remained totally interested in Bitcoin and not in any other asset. but as someone that has engaged in discussion where he's shared his insight on why it's best to invest only in Bitcoin and not diversify even into another coin, i feel I can share some insights in this matter. Firstly, Bitcoin is the first decentralized currency that have been in existence way longer than all the other altcoins that has ever existed. As a matter of fact, those altcoin even gained relevant because of Bitcoin and when you're looking from the angle of what has given holders a good amount of returns most expecially for the early investors, Bitcoin stands tall as the most reliable crypto.

In most of his post and suggestions, he's stood firm that it's not even appropriate for Bitcoin to be referred to as one of the cryptocurrency and if you look at it, he also has a point because some newbies have mistaken Bitcoin, altcoin and even meme coin to be of the same quality which has led some to HODL some shit coin with the hope that it will give similar returns like Bitcoin but end up loosing thier investment. Others have also lost interest in all crypto because of the experience they had with one they held that didn't give them the expected returns. Though Bitcoin is volatile just like all crypto, the level of consistency it has witnessed at several instances when it experienced some level of correction and still came back strong with time makes it the best digital asset to consider while making an investment plan. It's not like some altcoins don't do well at all and can't do well at all in the future, they certainly can but it's for now almost impossible to see one that has the potential of outperforming Bitcoin or even coming close to it in all area of consideration which stands Bitcoin out from every other digital asset.

There is no second best.

Everybody has the freedom to invest in any coin they want and don't owe any explanation to anybody. @JayJuanGee prefers to invest in Bitcoin and doesn't want to go into the complex and highly uncertain world of altcoins. It doesn't mean that altcoins are useless, but Bitcoin is his choice, and he can afford to buy Bitcoin.

There are some benefits of using altcoins for the transactions; it is cheaper, and for others, Monero might be more private. And I am sure some core Bitcoin investors also take advantage of these benefits.

Not everyone has time to monitor the hyperdynamic altcoins market, so investing in Bitcoin will be their preference. Some people don't have time to research the viability of altcoins, so they save themselves the stress by investing in a more stable and reliable cryptocurrency.

Why you post this on the public instead of send this on private message? I see that you ask the question to him instead of the community.

It's correct there are no good cryptocurrency for investment except Bitcoin, because most people make money using other coins by trading instead of invest. Invest requite a long time process, not something you wait only for few days, weeks or months.

Most altcoins are useless, they were created to enrich the creators. But there are other good altcoins like Monero, Litecoin, Doge, DAI etc.

What I understand here is that some people are earlier adopters of Bitcoin, some might have bought a huge amount of it when the price was still ridiculously low. Such people are very rich now, they advocate for what has blessed them as faithful and are also satisfied with their current crypto assets in terms of the value they own. Tell me, why go for altcoins again?

Besides, the section to discuss altcoins is different from the main sections of the forum to discuss Bitcoin and I don't think JayJuanGee is interested in that section as Bitcoin faithful. And to many people that Bitcoin has blessed, it is only Bitcoin and outside crypto businesses and investments. These guys are already made, so they don't need altcoins that they widely considered as shitcoin/imitation.

The biggest real use case of altcoins is to help their founders and developers getting rich. While, in contrast, investors or traders who engaged their capital with altcoins, will mainly have loss or bankrupted with scam altcoins.

How many altcoins are there?
A lot, in thousands and the number of hidden altcoins that were created and disappeared within hours, days are more than that.

How many cryptocurrencies (altcoins) failed?
Even they don't die, have yet died, their investors died. Like how many people invested money in Terra Luna, UST stable coin, FTT token can survive if they used all money for investment in these altcoins.

How many Bitcoin forks are there?
Perhaps they did not update these figures because I believe more Bitcoin forks died recent years than only 31 forks.

What do you think yourself? Do you think there is any use cases for the altcoins in the real world?

For example these days they keep creating new tokes every day. Do you know any use cases for any of the in the real world?
Obviously not. They are only created so that people can "gamble". Basically people who buy these useless tokens are making a bet on their future price that it can get pumped so they can make a profit.

Look at the life-span of 70% of the cryptocurrencies that are created. It is very short. Some of them die in matter of days, some can survive longer. That is because they are useless.
Some of the create artificial use case based on the market. Like ethereum. The only use case it has is to allow people to create more useless tokens! It has no real world utility.

Now, are they good investments? That is a different question. They are definitely not solid investments. As I said you'd be gambling on their price. But they can be profitable, there is no denying that. So if you are OK with taking high risks like that, then it can be a "good investment". Although it is wiser to just stick to Bitcoin that has true potential because of its real utility as a payment system that is used in the real world.

Rich people prefer to invest their money on less volatile asset because they are less risky. Altcoins are more volatile while some can lead to huge loss of money or total loss of money. Altcoins moves in bitcoin price direction which can also be a discouragement for some people as they know that bitcoin is like the king among cryptocurrencies. Most altcoins are not getting to their all-time high which is another disadvantage.

The person you mentioned is someone who is so much into bitcoin; he is a holder and has studied how it works and talks out of experience. It's not that there are no other good cryptocurrencies out there, but if you are to give advice to anyone concerning any currency, your advice should be based on what you believe based on your knowledge and personal experience and not what you feel in order for you to give accurate information.

As your name implies, you are supposed to know much about other crypto as the son to the blockchain himself, not withstanding if JJJ is only sharing information and advice limited to bitcoin only.
 
If you have other currencies that you would like to discuss, you can either create a thread about them or you can search for existing threads about them and ask your question, and you will definitely get good feedback.

 No offense @JayJuanGee, you're a very good teacher, infact one of the best posters I've come across since I joined the forum, and I'm really learning lots from you, I admire how you post and I wonder how you got much time to post bulky stuffs on a regular not until I went through your profile to see you're a reputable high ranking member of the forum who has vast knowledge about Cryptocurrency (especialy Bitcoin) in particular.
 I'm fully aware that Bitcoin is the most superior digital currency and one of the best if not the best for crypto investment but I noticed you mostly talk about Bitcoin and not other cryptocurrencies, I've seen you advise people concerning investments on Bitcoin but not other cryptos and based on that I got some questions, frst off, is it that there are no other good Cryptocurrencies for investment asides Bitcoin? Secondly, are other Cryptocurrencies useless, if not why were they created?