Topic: It is only Bitcoin and nothing else - page 2. (Read 1498 times)

If you consider Bitcoin and other altcoins individually, your perception of Bitcoin's position will change. I won't deny that altcoins don't have value because when a major altcoins admits to scam, the effect is temporarily reflected in bitcoin itself. This does not mean that altcoins can cause any losses to Bitcoin in the long run. Altcoins which I also consider a gambling coin exist today but may questionable in the future.

I can't make my fortune by holding a good altcoins because if they are suspicious then SEC or other agencies bring allegation or can be hacked, my dreams can be shattered. I don't want to let my dreams be influenced by others. Bitcoin is the only and fully decentralized one which I can trust.

As Bitcoin price has fallen, most of the altcoins have reached a risky position. You many know that how many altcoins have died in the market in 2022. How many altcoins have lost about 95 to 99.99 percent of their value? A survey of this will show you the reality. I have a question for you that I can assure you at some point Bitcoin will surpass its ATH but is that possible for altcoins?

If that's what you think, how can you explain, the top 10 altcoins in the market which some have even billions of dollars in trading volume.
https://coinmarketcap.com/

If you think they are just for speculation, I don't think they're different from Bitcoin. To see the bigger picture, look at the dominance; Bitcoin currently has 48.8% dominance in the overall market, and the rest is just controlled by altcoins. Imagine if those altcoins were taken out; panic would surely happen, and I don't think Bitcoin would stay at the current price.

Also, when a huge exchange is hacked, how come it affects the value of Bitcoin? So that only states that the market does not revolve around Bitcoin alone; legitimate altcoins are also linked to Bitcoin in terms of market sentiment.



It reached its ATH due to speculation, hype, and the like, because if it were organic, the price would not have dumped significantly after the bull run.
Just take the last bull run as an example: Bitcoin hit an ATH of $66k. Now, what is the current price?

that's the risk of investing in a new project. Many people recommend getting all the information from the team so that if something like this happens, investors can try to find out who is responsible for it. However, if you want a risk-free investment in crypto, the only options are bitcoin, and perhaps popular altcoins. For new projects, it's best to use money that doesn't change your life for the worse when you lose it.

Bitcoin is still in a state of upheaval right now due to price fluctuations. Well, it's interesting what you said and I think what you said is like a key zone that helps determine whether support or reject when users start their crypto journey because all markets basically consists of human behavior and All markets have memory because it returns to us ourselves deciding whether or not it is worth holding BTC.

The question is, what demand do altcoins create that will help or have a positive impact on bitcoin? Other than being used for speculation, or frankly for gambling, I don't see any use cases from altcoins. Therefore, it cannot be said that Altcoins create demand that drives the market, they only push people who like to get rich quickly to rush into the market to gamble rather than invest.

I think bitcoin reached ATH due to the impact of halving, supply and demand in the market. Altcoins had no role in helping bitcoin reach its all-time high because the entire altcoin market was waiting for bitcoin to grow so they could increase in price.

When we talk about the government, there are good governments and bad governments, so you are lucky if you are living in a country where the government is not corrupt, as they will certainly put the interest of the people first since that's their main purpose for being in the position.

It doesn't sound like 'I am from the government, and I am here to help,' not completely at all, as the government is just here to create laws to regulate the market. Without regulation, the market would be in big chaos. I'd like to cite an example: when the market is in a bull run, usually FOMO happens, not only in Bitcoin but also in altcoins. The best example is in 2017, as I experienced it personally and benefited from it overall. So I know that there are also people who lost a lot of money during that time because they invested in a scam project.

So my question is, without the government regulating the market, where would these people go to recover what they lost, or at least put the scammers in jail if recovery is not possible anymore?


Yes, that's the reality. Not all would, because not all investigate the reasons why they lose in the first place. The lack of education would always result in misleading potential investors. Without regulators, they can still continue promoting their projects that offer too-good-to-be-true returns. And since these uneducated people are still vulnerable, they might fall into the trap again, leaving the market with a bad reputation, with the majority of investors probably just playing some kind of gambling games.



Of course, you are right that Bitcoin does not need altcoins, but what I would like to emphasize is that if we want to witness fast progress in the market, altcoins should be created as they can also create demand. It would result in a vice versa situation where both would benefit each other.

And for the record, I when I say altcoins, I am not referring to shitcoins, because even without shitcoins bull run would still happen, shitcoins are just riding the hype.

It's not the only one, but it's probably the best one among all that can be held for long term.

True but depends on the level of growth from when one buys and till when they sell their assets back. Buying during the peak and panic selling during the bear market wouldn't give the same output though it can be long-term logically.

Financial markets such as the cryptocurrency market require an investor to do thorough research and analysis before making any investment. If you go all guns blazing in trying to create great wealth through newly launched coins and tokens, you will probably face the consequences.

That's not true. There are several other cryptocurrencies that can also be pretty profitable apart from Bitcoin, though the trust level differs between Bitcoin and them, they are not all completely useless.

We definitely can't say that all altcoins are shitcoins. But almost all of us know that Bitcoin price or its potential bullish movement is mainly influenced by various factors including overall economic conditions, investor intentions and regulatory bodies etc. We often say that Bitcoin is the leader in the crypto space. It controls the entire market as a al in all. Altcoins depend on Bitcoin, but Bitcoin does not depend on any altcoin. Moreover, the idea of altcoins came after the establishment of Bitcoin. So we can naturally say that Bitcoin does not need to rely on altcoins.

There is no doubt that Bitcoin can return to all-time highs, but it is hard to say that altcoins will not succumb to scams in the long run. We know that bitcoin price performance is often influenced by complex issues where altcoins play role from the over all market situation. To be a market, there must be a variety of products, otherwise it cannot be called a market. There is a need for altcoins in that sense, but Bitcoin does not need or depend on altcoin.

That's bullshit.

It sound's like you are saying, "I am from the government and I am here to help."

Affinity scams are likely going to continue, and I am not totally opposed to ideas of regulatory clarity, but blanket assertions about a need for government intervention can become quite problematic, if you have noticed the way governmental regulations like to overdo things and then to frequently engage in various kinds of oppressive behaviors rather than really trying to help or to empower people.

I am not even anti-government, but I am anti-blanket statements.



Some of those are free market dynamics in which some people do end up learning when they lose money, but not everyone learns from losing money.


Now you are pumping the idea that shitcoins are needed.  Great.

King daddy does not need altcoins, but altcoins need king daddy.  How about we say it like that?  King daddy cannot get rid of altcoins.  Altcoins and a variety of attacks and affinity scams are going to continue to exist, so hopefully you are not getting too distracted into thinking that the mere fact that they are going to exist means that we need to speak nicely about them.  People do a lot of dumb things and people are scammed into shitty, inferior and sometimes completely worthless projects.  I doubt that we want regulations to completely save people from themselves, but surely frequently scammers are already engaging in fraudulent kinds of behaviors, and if they are not then there might be some value in just letting people learn for themselves if they are investing and/or buying inferior and/or worthless pump and dump crap.   

Identifying a promising altcoin is not an easy matter, the majority of altcoin developers are only looking for profit, they do not have long-term development plans such as use cases and also listing on trusted exchanges, there are even some cases where the developers withdraw their token liquidity and change it to other crypto assets  then fled and left investors with false hope.  Bitcoin is a decentralized asset, there is no manipulation involved, only trusted Bitcoin.

There are some investors who make these mistakes without knowing about any coin and there are some investors who get extra greedy and invest in such projects. There are different types of coins in the market but not all coins are investable. If you invest in some coins you will definitely lose that money. It is wiser to try to make relatively little money by investing in bitcoin than to lose all your money in the hope of extra profit. Most of the ALT coins in the market have no reliability, these coins can disappear from the market at any time, so it is never right to risk your money so much. We should invest in those coins that are not likely to get scammed.

You can't blame all that on altcoins or shitcoins. The market was pretty much unregulated before, so the hype was high, and it was easy to manipulate by people who had the power to do so. I believe the lack of regulation is the main problem, which is why the rate of scams was very alarming in the past. But now, look at the altcoins; we have many that have already become worthless because people have learned from their mistakes and are more educated now.

Bitcoin alone can't sustain the market. In order for the market to grow, there should be a demand that will be created, and without altcoins, the success in the long run might be slow.

Do you think Bitcoin will reach its all-time high without altcoins?

100% agreed, even I myself never knew the  concept of shit coins until I joined the forum, I once thought all coins are thesame not knowing that they have a supreme king. As they said, knowledge is power . Thanks to knowing it now and avoiding such errors is a sure thing. I remembered a time when someone advice me to buy a shit coins, I gave us much hope and we were like, something great will come from it, however, the token fell and yet to raise since all this year's.

I also think that mass adoption of Bitcoin could become a reality if there weren't so many people opposing Bitcoin to continue to get better from year to year. Holding Bitcoin for the long term has become a pretty good option to achieve quite a bit of profit and this has also been done by many people after people have seen the development of Bitcoin's value from year to year so that there are no longer any doubts that come to many people at this time.

Paying attention to the history of Bitcoin's development can sometimes also give us encouragement to continue holding Bitcoin for the long term, because everyone can see how those who gain profits through Bitcoin after believing in Bitcoin and holding it for a long time. Likewise, those who regret not wanting to own Bitcoin when they had the opportunity to buy it before the price became higher in the market.

Easier said than done.  Unless you have a lot of confidence in your various other investments (so I guess I am speaking towards diversification.. but not into shitcoins), it can be quite difficult to see your investment go up 50x or more, and sure I am not even claiming my own to currently be up more than 27x, since I like to use $1k as my average cost per BTC... .. and so you can imagine  that at some point there's gotta be some shaving off, and figuring out how to deal with the volatility without screwing things up.. ....

So let's say for example, in 2003-2013, you had an annual income of that increased from $10k per year and by 2013, it had gotten to $30k per year, and so through those years you had been investing around 10% of your income into various kinds of investments, and so by the time 10 years passed, your investment portfolio had gotten to about $40k.. which would be around $20k invested and the other $20k came from price appreciating, so you got around a doubling of the amount that you put into it over those 10 years. 

Let's say around 2013, you decided to invest into bitcoin, and since you had already built a decent traditional investment portfolio that was 130% your annual income, you thought that you were in a position to be more aggressive to build up your BTC portfolio, so you spent around 3-4 years building up your BTC portfolio, and so maybe by the end of 2016, you made several mistakes yet you still had been able to accumulate 20 BTC  for around $10k, so that would be $500 each, and also maybe it would have been around 20% of your total investment portfolio, with the assumption that maybe your investment portfolio might have still grown from $40k to $50k..

So maybe at that point you start to believe that you had been sufficiently aggressive to accumulate some BTC in light of your overall situation.. so at that point, you start to moderate your BTC investment, so that you are equally distributing your value between your traditional investment portfolio and BTC.. so out of your 10% investment allowance you are further dividing that into various categories so that you have traditional investments and BTC in an attempt to maintain something like a 10%-20% allocation to bitcoin  and 80% to 90% goes to your other traditional investment assets.

At that point in late 2016, we should be able to appreciate what ended up happening with bitcoin.. Bitcoin had already been starting to go up quite a bit between early 2016 to late 2016 from $300-ish to $800-ish, but if we are presuming that you made some mistakes with your BTC, so your average cost of BTC is still $500 per BTC, but by the time 2017 plays out, you still were seeing around 40x price appreciation on your bitcoin and even with the correction back down to $3k in 2018, you were still up 6-8x at the lowest points of the BTC price, but there still could have been times that you could have been scared out of your continuing to hold BTC.. and maybe even questioning if you should buy more or not or even questioning if you should sell some.. but still right now with our current $27k-ish prices, you would be around 54x in profits.

I am not even saying that any of it is easy because even if we assume that your regular investment portfolio had doubled again from $50k to $100k, your BTC allocation still would end up taking up a disproportionate amount of your total investment.. which would be around $540k or more if you had maybe continued to accumulate BTC, but if you had not chosen to accumulate more BTC you still would have had ended up flippening your other investments with bitcoin going from being around 1/5 the size of your overall portfolio, and then it becomes around 5x of your total holdings.. depending upon how you had chosen to manage all lf that..and surely if your regular job ends sup still being around $30k or maybe even $40k per year, you might start to consider that you are starting to get quite close to fuck you status, and maybe even you might have been tempted into selling some of your BTC when they were higher value because you had though that for sure at some point you had gotten passed entry level fuck you status, which really should be considered to be around 20x to 30x of your annual income (needs) so if you had been living on $40k, then $800k to $1.2 million would be getting you into entry-level fuck you status.. which largely just means that you should be able to quit your job and live off of the proceeds (or the passive income of your investment portfolio).

There are a lot of ways to screw up however, you are balancing the situation and also how you are valuing the various assets that you hold. and part of the reason that I prefer to value my BTC holdings based on bottom values (such as the 200-week moving average) rather than top values has to do with some of the concerns about either cashing out too early and not knowing where to put your value so it holds value or just not being able to account for the volatility of BTC going from $69k down to $15,479 and then coming back up to our current price of $27k-ish.


Yes.. and of course, our previous ATH is likely in a pass through range rather than any kind of an end-goal.. .. and even if you might have some end goal in mind of $100k or $200k or $500k or some other number, you still have to figure out how are you going to manage your BTC holdings in such a way that you are NOT losing too many BTC by trying to get out and then back in and then maybe even ending up not playing those kinds of strategies very well.

With all the experiences you have shared, of course it is in accordance with what I said before, where holding BTC for a long period of time promises greater profits. Because it is based on several interesting things regarding the future development of Bitcoin, be it mass adoption or lots of positive news that can make Bitcoin prices rise significantly.

Even the history of previous years is always the center of our attention so that we don't repeat the same mistake of selling BTC and lamenting regrets when BTC touched $69k. In the coming years, we don't know how developments will occur, but historically we are in an era of quite good development and this will continue from year to year.

With what you said, WillyAp, I believe that you have not really read the Bitcoin white paper or that you have not also read a lot of content about Bitcoin. If you read the Bitcoin white paper, you will see where Satoshi describes Bitcoin as:


Bitcoin transactions require some network confirmation before they can be successfully approved, and those Bitcoin miners who validate the transactions on the Bitcoin network always validate the transaction with regards to fee. If you pay a higher fee, you will likely have your transaction approved so fast because,before you sign a Bitcoin transaction, there are already thousands of waiting transactions to be validated, but if you want yours to be very fast, you can increase your fee.

Everything has procedures, both on a decentralized network like Bitcoin and on a centralized system like Banks. Sometimes too, banks do experience delays in transactions, but for Bitcoin transactions, if you are using a good Bitcoin wallet, like an Electrum wallet, you can even spend your Bitcoin while it just has one network confirmation.

Some weeks ago, one of my customers made a payment to me using Bitcoin, and it did not take even five minutes before the bitcoin arrived in my wallet, although he increased the fee to $2.


That's your opinion, right? But everyone is not as you said, as you can see One Month of Accepting Bitcoin for Payment.

Also, despite bitcoin being a digital currency, it's also an asset because it appreciates in value over time, so it's not a mistake if people decide to buy and hold bitcoin. It's not even greedy, like you said.

Bitcoin is undoubtedly the king in the crypto space. I'd like to share my thoughts on investing.

Having been in the financial markets for approximately 10 years now, I've experienced my fair share of ups and downs. It's important to acknowledge that downturns can be quite painful, but they often bring much-needed clarity to one's life. I can confidently say that I've learned valuable lessons from these experiences.

As a result, I've adopted a more deliberate approach to investing. I no longer rush into investments solely to make substantial profits. Instead, I prefer to thoroughly investigate the company, asset, or whatever captures my interest.

Please note that I'm not offering financial advice; I'm simply sharing my perspective. I have a preference for cryptocurrencies with strong foundations. For instance, I consider whether they address critical issues like global warming or if their blockchain technology is environmentally friendly. Additionally, I assess whether these cryptocurrencies have the potential for broader adoption by other companies, examining their partnerships and contractual agreements.

Personally, I'm not particularly drawn to meme coins or NFTs at the moment. In my view, they lack intrinsic value, which is why I choose not to invest in them. I tend to focus my attention on cryptocurrencies like BTC, ETH, BNB, Chainlink, Solana, among others (I'm not promoting these cryptocurrencies, but rather explaining why they catch my eye).

Investing and trading are inherently probabilistic endeavors, and success hinges on patience and diligent research.

Many people believe investing in Bitcoin is simple and doesn't require knowledge of it because they believe it merely involves only buying and selling. Not only we do invest in Bitcoin for financial gain, but also in order to profit from it in the future. If you adopt this mindset, you would undoubtedly concur that knowledge is essential. Even those of us who have a solid understanding of Bitcoin's concept and how it works could still experience losses on our investments, so this is something to keep in mind.


Yes, Ethereum is second only to Bitcoin. Their blockchain has already undergone an enormous amount of progress, and this process is continues to be happening. But regardless of how well-established this coin is, it will undoubtedly follow when there is an abrupt decline in the price of Bitcoin.

Bitcoin is a payments system by its genesis. The original paper is called "Bitcoin: a peer to peer electronic cash system". Lightning is a layer upon the chain of Bitcoin. It is connected to Bitcoin and can't live without Bitcoin. It requires proper bitcoin transactions to open and close channels.