Topic: It is only Bitcoin and nothing else - page 6. (Read 1571 times)

Since everyone is looking for greener pastures, I've noticed that people who get involved with bitcoin never want to learn despite what is happening throughout the market. However, once they have a negative experience, they will try other options to see which one will benefit them.  And those who will learn will discover that danger is a part of life, which is what motivates individuals to act in certain ways because they think they might be lucky. That is much better than saving some money. And you're absolutely right about individuals seeking financial freedom.

I guess it has always been bitcoin ever since, but since we are born greedy and would want to diversify our coins as much as possible, then we resort into investing some altcoins hoping that it could also generate decent profits for us. But only few of them survived and the rest have turned into shitcoins. One thing that we only realized now when we suffered consistent losses. However, as long as we prioritize bitcoin and allocate bigger funds on it, I guess we are still not at loss.

You have a good point here. Why will a Bitcoin maximalist even show any support for altcoins? Not gonna lie, I've been seeing a lot of Bitcoin maximalist drag down a lot of post that involves altcoin, their comments are full of terms like "scam" and "fraud". I get that they are not a fan of altcoins but that doesn't mean everyone thinks the same as them, there are individuals who legitimately have good investment experience with altcoins.

For Alts market hype is Bitcoin price. See top Alts like Ethereum, there is not a single instance where we saw Ethereum going up despite the fact Bitcoin is down. To me there is no existence of crypto market without Bitcoin and that's why I think there is no point in diversifying your crypto portfolio. The diversification may work well in other trading markets like stock or forex but not here. I have this opinion after investing and losing heavily in alts. Just my few Satoshis. 

What is certain is that we have to invest in something we like and that is our prerogative.

Well, when someone will believe in bitcoin technology is after they buy some BTC even though at this time serious institutional investment is not really happening yet but the more people buy the stronger bitcoin will be and quickly go away from the current situation.

Altcoins also rely on market hype. When Bitcoin rises, all altcoins will automatically follow the upward movement. We have often seen in the market that altcoins do not completely stand alone, so I say that altcoins are more sensitive to how market sentiment occurs.

diversifying on altcoins? That's not a good way 'this is my own opinion' altcoins always fall uncontrollably so I don't have altcoins in my portfolio anymore, currently only bitcoin is the best just like your belief in bitcoin so far, if you see altcoin profits are bigger then bitcoin will be able to surpass more than altcoins.

I know you are a bitcoin maximalist and I believe you would also support bitcoin even if it is not an investment and does not bring you profit. So it's not too confusing that you consider all altcoins to be shitcoins and scams no matter what anyone says. That's the toughest stance I've seen from bitcoin maximalists on this forum. But as investors like us, we are looking for profits when we see any opportunity. Then calling all altcoins a scam is not entirely accurate because it still brings us profit.

I'm also not saying I believe in altcoins in the long run or believe it will change the world, what I'm trying to emphasize is the profits we can make from it.

As for a project that can change the world financial system, there is only bitcoin because Satoshi's purpose of creating bitcoin is to replace the current centralized financial system with a more fair and transparent decentralized system. Satoshi did not create bitcoin to be an investment like altcoin projects do, which is the difference with bitcoin.

Bitcoin is a good investment people should try and altcoins are favourable sometimes and that is the reason why most investors do invest in them. As long as they already know when Bitcoin is dropping furiously, it is not advised to invest in an althcoin because as Bitcoin is dropping fast those althcoins prices reduces multiple time compared to Bitcoin and altcoins does not increase in a skyrocket way. When Bitcoin is decreasing and it pauses, it is good to invest in that period.

I became emotional when reading this thread. Because the OP mentioned the PumaPay token, and sadly, I lost a lot on this shit token. At the beginning of my trading journey, I started with Bittrex, and somehow I invested in PumaPay.. But later, I realised they seemed to be scammers. I invested 1.5 bitcoins, and eventually I gave up by selling all the shit for 150 dollars after a long holding. So yes, it's quite dangerous to invest in any altcoin. We may lose our portfolio that way. The safest investment is Bitcoin for me now. I learned from my past mistakes. There are a lot of dead and delisted tokens on Coinmarketcap. Though they raised millions, they never delivered anything and didn't focus on investors. They ignore their responsibility and enjoy our funds.

The crypto market has single rule i.e. whenever Bitcoin is up the alts are up too and whenever Bitcoin is down the alts are down too. You can invest in alts to diversify your portfolio but you will get good return only once Bitcoin goes up. So its up to you whether you want to invest in Bitcoin alone or want to add alts in your portfolio too. To me Bitcoin is sole driver of the crypto market and has the ability to go up on its own. No alt has the capability to go up on its own. 

Ethereum started with 70% of coins premined and pre-assigned to various wallets.

Ethereum has a creator, Vitalik Buterin, meaning it's a security. Not a commodity.

Ethereums supply is infinite, meaning it's no scarce at all.

Ethereum moved to PoS where the most rich has higher authority. We already have this system though. We just call it central banks.

Ethereum is programmable and multiple NFTs and tokens were created and then abandonned, leading people to poverty.

I am not ignorant. I just hate it. But of course we live in "free" economies and everyone is allowed to buy anything they want.

Finally, perhaps the word scam isn't proper. But it is the mother of many scams. That's all.

This is criminal!!
$8 million dollars  was alot of money for any ICO project standards back then and not to have something to show for today is the likely reason why ICOs became unpopular back then as they failed to have these tokens listed on good exchanges with liquidity ,hence the birth of IEOs to protect investors.

Btw, seeing how all these ICOs dropped in value or failed to take off...does this validate/approve the selling of tokens by Bounty hunters the second they had them because  they feared this would happen

There is a reason why people don't invest in shit coins, because disappointed will always happen.
Imagine the money you spent on that coin if it was bitcoin you would have been sharing a different story with us today.
Most times even myself, I'm sometimes tempted to invest in them, because by the time you see there publicity whenever they want to launch it, it's always massive with so much promises of potentially that will be attach to it.
 But then, ETH and litecoin has lived a little bit to the test of time, you can give them some credit, But then none can be compared to Bitcoin of course. But on the other hand, you that want to invest, you should have done your due diligence properly so you don't fall a victim, because your money is involved.

Not just a money game, crypto is also a speculative currency that is utilized by many people who want cheap prices and sell expensive prices.

People will continue to speculate on the price of crypto and have yet to see how widely useful it really is.
Because only a few are doing real adoption.

Government regulations are not free either, with regulations ranging from taxing crypto users and platforms that handle crypto trading.
There are so many criminals in crypto who casually cheat ordinary people without getting any punishment because of unclear crypto regulations.

Your point about saying ETH is a scam is stupid.
If we get x100 to x1000 profit from some scam platform it will not be a problem.

But when we talk about the long term, the real scam platforms will withdraw all the profits if we are not vigilant.
Therefore, choosing the top altcoins with good potential in the future is mandatory.

There is no right and wrong, there is only one who gives advantages and disadvantages.

I get you, it's hard to find someone who is passionate about bitcoin but not for investment and profit these days. If you are truly visionary and pro-bitcoin to be what you say it is, then it is understandable that you hate POS or distrust any altcoin. Meanwhile, I just see it all as an investment to improve my finances, we are not on the same opinion.

No one is wrong and no one is right, we cannot impose our thoughts on others. I really respect you if you are here for the bitcoin revolution to bring freedom to the world. But by the way, as an investor, I'm really pessimistic about a world without banks and authorities.

It's good that at least you realized the importance of Bitcoin and how it is good for you and has the potential to give you a given amount. I did not even realize why people go to invest in shitcoin or altcoin when they have a good option which is bitcoin. Altcoin is much better and also give you some big returns but why do people go towards shitcoin which have little or no value and many time is a scam.

As you shared your experience of investing in shitcoins and how you lost your money. People have to learn from you and not invest in shitcoin. Even if it goes high remember it will give you a loss so for that I also recommend staying away from this and investing only in bitcoin or altcoins which are both reliable and give you a healthy return.

I am giving some tips to the newbie or the beginners on to how identify the shit coins or scam ones.
>Stay away from the currency that claims to give you high returns.
>If any currency does not show their team or hide information about the project leave it immediately.
>The currency that is new or has a low market cap does not invest in it.
>And yeah that currency who were promoted by a celebrity or some sort of influencer must give you a tough time so always stay from it also.

These are my own points of view some guys do not agree with me but I know everyone has their own views and I respect them if you have any better suggestiin then please go ahead.

You are misleading if you are suggesting that diversification into shitcoins is any kind of a good idea.

diversification for the mere sake of diversification is not a good idea if you don't know what the fuck you are doing.. including that bitcoin is likely a very unique asset, so if you are going to hold other assets that are also correlated to bitcoin's performance, then you are largely just adding more risk onto an already risky investment and you might not be getting any benefit from any of those investments into shitcoins, if that might be what you are suggesting.  

Generally the idea of diversifying would be to invest into categories of assets that are not necessarily correlated, even though a lot of assets end up being correlated to deceptive kinds of irresponsible fiat (and debt) practices, but nontheless, diversification into various traditional asset classes (that would not be keeping all of your eggs in bitcoin and perhaps dollars) would have categories of diversifying into equities, property, commodities, bonds and cash or cash equivalents... so there could be some value that comes from diversifying once you reach a certain threshold of value.. perhaps 20% to 100% of your annual income, and perhaps there would not even be a need to diversify before reaching some level of value that starts to feel like it is getting BIG relative to your situation.. and how to diversify once you reach that threshold value might well be another consideration, but shitcoins surely does not seem like it should play much of any kind of place in the investment portfolio unless it is quite limited (maybe less than 10% of the size of the bitcoin investment) and/or maybe ONLY to go down such a shitcoin path with any kind of size based on a kind of special knowledge that you have that goes beyond merely what a bunch of dumbass shitcoin pumpers (influencers) are telling, including the dumb and misleading ethereum talking points.. which is the mother asshole of shitcoins.. as Saifedean Ammous if famous for saying.


Yes.. ethereum is a scam that has been producing a lot of profits, so far... I am not going to argue about it or whether I am ignorant or not because I don't give that many shits if you want to invest in that smoke and mirror and ever changing nothing burger that merely is composed of a lot of gobbledy-gook convolution.  Good luck if you believe it is any kind of meaningful long term investment that helps you to understand the world - including understanding bitcoin better.. whether you own any bitcoin or not as compared with ethereum.. that's surely is your choice.

Honestly, the entire cryptocurrency industry is just a money- game, they don't offer too much utility or real use cases. Furthermore, cryptocurrency is a new industry that still doesn't have too many regulations and we are still free so don't be too surprised when there are a lot of scams running around us. That is the price we have to pay when we want freedom and need to protect ourselves, don't be too greedy and get scammed and then blame them for cheating.

But not all are scams, anyone who says ETH is a scam is ignorant. If it is a scam and it can bring x100, x1000 profit then I still prefer to let it scam me. We are here to make a profit so if you have an opportunity don't miss it, altcoins have many risks but also many opportunities. We are not here to prove who is right and who is wrong, if we are right but don't get the money then what do we have?

what exactly are you trying to explain?
Opening up the idea that all crypto is a scam?

Ethereum is at the top of the rankings because it does have continuous development not without reason.
But also don't think other cryptos are scams.
See how the top altcoins in the top 100 are doing, I own several of them.

The idea that crypto is a scam is for those who don't fully understand crypto.
which ones are really scams and which ones have the potential to provide benefits.

you can always diversify your portfolio outside of crypto market. tangible assets that you won't go wrong if crypto market fails. like real-estate, jewelries and others. but in this specific market, i can understand why most users are holding btc rather than other alts. as we have seen thru the years, only few alts survive. just like what the OP mentioned, a multi-million dollar project ended up worthless. and they are so many, you would get disappointed if you happen to invest in one of them.