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Topic: Say no to maximalism (Read 2496 times)

franky1

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Quote from: Abiky on September 27, 2024, 07:01:02 PM

Although BTC's market dominance is shrinking,
...
I'd expect BTC to remain the largest crypto by market cap forever.

anyone can create an altcoin with a 1billioncoin premine
sell 0.00001 for $10 and yep boom.. it ost them $10 to make a $100trillion market cap..

just remember market caps are meaningless things to care about.
market caps are not measured by any reserve stores or user numbers.. its just a crap math of coins in circ * current price.. and its easy to manipulate a market cap by just selling one coin/token at X price

Abiky

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Quote from: legiteum on September 26, 2024, 09:08:50 PM

People choose BTC because BTC was first. Everything else is pretty irrelevant compared to that. There are thousands of examples of products in the world that people choose--and continue to choose--merely because the product was the first one the masses of people had heard of. First mover advantage is an enormous benefit that has kept products going long after competitors made far better products.

Bitcoin's market share of digital currency market cap continues to shrink, even as Bitcoin itself continues to grow in value. Very soon, BTC will be in the minority of the total crypto market--it's about 55/45 now. When that happens, I suspect this will be a psychological barrier for a lot of investors, who will start to see that the serious growth in the market is going to come from digital currencies that are not called "Bitcoin".

Although BTC's market dominance is shrinking, no other cryptocurrency can outmatch its level of resiliency, security, and reliability. I'd expect BTC to remain the largest crypto by market cap forever. That said, altcoins provide an exciting venture for those who missed the Bitcoin train. Many coins have shiny-new features that simply can't be ignored. Whereas Bitcoin fails to provide privacy and low fees, other coins excel at this. For instance, Monero is the best coin when it comes to achieving true financial privacy and anonymity. Coins like Solana and XRP are good for blazing-fast and low cost payments (however, they fail terribly at privacy).

The crypto industry will only grow larger in the future. Some people will choose only Bitcoin for obvious reasons. But the majority will "stick" with altcoins because of their lower entry barrier and versatility. Who cares? As long as projects work together to make crypto/Blockchain tech a better place, nothing else matters.

franky1

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Quote from: Wind_FURY on September 19, 2024, 04:56:05 AM

BUT that doesn't change what the technical side of Bitcoin makes out of it. - A censorship-resistant, self-sovereign asset that could weaken political strongholds.

you might want to check out the developers moderation policies.. not so "censorship-resistant", but atleast you admit you see them as "sovereigns" (kings) for you to idolise

i personally am a bitcoin maximalist, but i can be a realist too and call out its central points of failure. i dont idolise the devs as gods, i idolise bitcoin not the governance structure of it

legiteum

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Quote from: Abiky on September 26, 2024, 07:58:32 PM

It's this reason why some people choose BTC on top of everything else.

Abiky

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Quote from: Wind_FURY on September 19, 2024, 04:56:05 AM

My personal opinion about "those people"? It's absolutely OK. Bitcoin is permissionless, they can buy it/own it and use it the way they like/prefer. It could be their investment, their collectible, their commodity, their currency, it could also be used as payment for fees to purchase/inscribe/mint/etch their dick pics and fart sounds.

BUT that doesn't change what the technical side of Bitcoin makes out of it. - A censorship-resistant, self-sovereign asset that could weaken political strongholds.

Of course not. The whole point was to "beat the middleman". There's no other cryptocurrency as "good as Bitcoin" in this regard. Especially when 99% of them are centralized. It's this reason why some people choose BTC on top of everything else. For each, their own cryptocurrency of choice. Just don't go crazy spending all of your life savings into crypto. The volatility brings a high risk of loss if you're not careful.

Altcoins will come and go, but BTC will survive no matter what. As long as it stays decentralized and censorship-resistant, there should be nothing to worry about. Maximalism or not, expect the crypto industry to carry on as usual. Cheesy

Wind_FURY

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Quote from: Abiky on September 18, 2024, 11:39:38 AM

If BTC and most other altcoins make you profit, why bother in getting to know more about their underlying mechanics? Those who actually care about decentralization, are only a handful of people (the minority). Expect Bitcoin maximalism to be relevant for the remainder of Bitcoin's existence. Cheesy

Abiky

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Quote from: Wind_FURY on September 17, 2024, 08:26:56 AM

There's nothing wrong with "investing" in a token/altcoin/shitcoin if you truly accept it within yourself that the way those projects are built behind them are probably not sustainable/profitable enough to maintain the value of those coins/tokens. Or the profitability of the protocol/project might not entirely depend on the coin/token.

BUT in the technical side of things, everything else is a shitcoin compared to Bitcoin. It's simply the truth. Although there might be one or two good altcoins/blockchains that may continue to exist for decades with Bitcoin.

Not the technical side, but rather the way most alternative blockchains are organized. Around 90% of them are centralized. On a technical level, altcoins have superior features than Bitcoin. But what use does that have if they're prone to outages, vulnerabilities, and whatnot? A Blockchain network must be secure and reliable enough to be used for day-to-day payments. It's why Bitcoin is and will always be the best cryptocurrency in the world.

Nothing comes as close to BTC in terms of decentralization and censorship-resistance. Even the world's second-largest cryptocurrency by market cap (ETH) has been struggling to beat the "King". Vitalik and team got too greedy, and now they've forgotten about Ethereum's true principles of decentralization. It's nothing but a centralized "shitcoin" now. Same as Solana, Binance Chain, and XRP. Most noobs won't give a damn about this as long as they get convenience in return. It's all about making money these days.

If BTC and most other altcoins make you profit, why bother in getting to know more about their underlying mechanics? Those who actually care about decentralization, are only a handful of people (the minority). Expect Bitcoin maximalism to be relevant for the remainder of Bitcoin's existence. Cheesy

Smartprofit

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In my opinion, Bitcoin maximalism is more of a blessing than a curse.
If we talk about a trading strategy, what trader will find enough motivation to hold the first cryptocurrency (if he is not a Bitcoin maximalist)?
In general, an irrational concept is not always a bad concept. The cryptocurrency market is also irrational. The human brain is the brain of a higher primate. The brain of a higher primate, in principle, is not capable of making the right conclusions when it comes to truly complex systems. In general, the most important thing in life is not to be right (this is generally impossible). The most important thing in life is to do the right thing.
Bitcoin is a universal value and a global decentralized protocol for transferring value in virtual space. It is a deflationary asset in a world of inflationary assets. Buying Bitcoin and being a Bitcoin maximalist is the right decision, in my opinion.

Wind_FURY

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Quote from: m2017 on September 17, 2024, 09:53:18 AM

Quote from: DeathAngel on September 17, 2024, 05:08:34 AM

I find that a large majority of people who dislike Bitcoin maximalism are people who got into Bitcoin for example, after 2017.

I am one of those. With the caveat that not after 2017, but during 2017. And one more thing. I wouldn't say that I don't like BTC-maximalism, but I would say that I like BTC-rationalism. I want to say that I am not against one thing, but a supporter of something else, that is, if an alternative option gives more advantages, then it is more rational to use it, and not hate it just because you are a supporter of the main option.

If there was truly an alternative that actually improved upon Bitcoin that would be scalable without sacrifices to decentralization, then I would definitely invest in that coin. But name one "altcoin" that technically is an actual improvement and better than Bitcoin. I'm sure many users will post their coins, but everything posted will be debatable because none of them could actually scale out.

Quote from: DeathAngel on September 17, 2024, 05:08:34 AM

It seems to be people that have a low amount of Bitcoin, maybe less than one Bitcoin & they try to convince themselves that shitcoins are good & will moon. It seems part of human psychology, a monkey brain situation that 1,000,000,000 random shitcoin is better than the $ equivalent in Bitcoin. Kinda like 100 nuts are better than 5 nuts even if the 100 nuts are rotting & the 5 nuts are ripe & healthy.

This phenomenon exists, but it is difficult to determine which "nut is rotten and which is ripe" until you try it yourself. There is also a mental trap of choosing in favor of a larger number (whole) shitcoins than a smaller number (parts) of bitcoin. This is an illusory hope of increasing the price of all sorts of tokens, like doge or shiba, to hundreds and thousands of dollars, which is basically impossible with this garbage.

Go back every cycle and look at the top coins in CoinMarketCap.

👀

m2017

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Quote from: DeathAngel on September 17, 2024, 05:08:34 AM

I find that a large majority of people who dislike Bitcoin maximalism are people who got into Bitcoin for example, after 2017.

Quote from: DeathAngel on September 17, 2024, 05:08:34 AM

Wind_FURY

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Quote from: Kamustapo on August 21, 2024, 07:35:38 AM

"Bitcoin maximalists tend to dismiss the perspectives of those outside Bitcoin."

This sentence alone serves a valuable impact to say to any maximalist out there. Most them tend to overshadow other alternative coins out there, sometimes they could be very stubborn and do not care about people's capability in investing money are all different.

If we don't have secure job, it rather hard to invest in Bitcoin since most them expecting some returns in a quite short time, therefor there are other alternatice coins beside BTC, eventho most of them are quite more speculative than Bitcoin.

DeathAngel

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I find that a large majority of people who dislike Bitcoin maximalism are people who got into Bitcoin for example, after 2017. It seems to be people that have a low amount of Bitcoin, maybe less than one Bitcoin & they try to convince themselves that shitcoins are good & will moon. It seems part of human psychology, a monkey brain situation that 1,000,000,000 random shitcoin is better than the $ equivalent in Bitcoin. Kinda like 100 nuts are better than 5 nuts even if the 100 nuts are rotting & the 5 nuts are ripe & healthy. Obviously we are all perfectly within our rights to buy what we want but just an observation of mine that the most vocal anti maximalism guys are low coiners. I have some shitcoins but very low amount. The very vast majority of my net worth is in Bitcoin. Everything else is a gamble in my opinion.

Abiky

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Quote from: Ever-young on September 14, 2024, 01:34:21 PM

And who are the scammers that you are referring to? Not all altcoins are scams, because the majority of those coins are major scams, but that does not mean that we can refer to them all as total scams.

We should still create room and study other rising projects and existing ones that provide reliable service.

It shouldn't just be all about bitcoin; bitcoin is superior, no doubt, but we should always check out others if everyone has been a maximalist on existing payment options that existed before Bitcon who could have discovered the features of bitcoin.

"Meme" coins are usually a "gold mine" for scammers. The majority are them are just pure cash grabs. Legitimate projects are those who bring real use cases to the world. They provide innovation compared to the rest of the pack. Bitcoin is the most "trusted" cryptocurrency because it's the one project that started it all. But that doesn't mean it's free from scams. Scammers can use the cryptocurrency to fool others for their own benefit.

I understand why maximalists prefer BTC above anything else. It's because there's no other project that is as decentralized and censorship-resistant as BTC. But I'd say, buying and holding a few prominent alts alongside BTC never hurts. Just as long as you avoid investing more than what you can't afford to lose. It's a "free" market (as in liberty). So people decide whenever to support BTC or alts (or a combination of both) based on their needs. I'd expect Bitcoin to withstand the test of time as long as it stays true to its principles of decentralization.

o48o

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Quote from: mirakal on September 15, 2024, 05:59:09 PM

Quote from: Dr.Bitcoin_Strange on September 14, 2024, 10:56:12 AM

Quote from: B1-66ER on September 13, 2024, 07:10:20 AM

Embrace being a maximalist and keep the scammers at bay.

It's not every project that is a scam tho, some project are still legit and even if they will experience any challenge that can cause them to fail just like Luna did, before that will happen, you have already taken your profit. Although, you can stay a maximalist if you can not bear the risk that is attached to investing in other projects.

If you intend to be a maximalist, most probably your mindset and intentions are just limited, which I think is not suitable if you chose bitcoin as your investment. Bitcoin is always unpredictable, it could surge high and drop to its bottom before we knew it.So if you'll only stick to it and is not open for other investments, you might be in trouble and become depressed in the future. If you can't bear the risks associated with bitcoin, then just diversify and avoid being a maximalist.

It goes further then being just an investment when you are maximalist. Price doesn't matter really, because being a maximalist often means that you lose all objectivity and instead of seeing any problems in the tech that you are fan of, you project that by focusing on problems of other coins. Which isn't really productive.

I see it as simliar to hero worship phase in a childhood development, and it might as well could be. Maximalists need something they can always rely on and never question if their "champion" (coin), is doing ok or not. Because it can only be doing ok. There are no faults, or downsides in it. Until they finally admit that they were scammed, and then they need a new champion to worship.

Dr.Bitcoin_Strange

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Quote from: Huppercase on September 15, 2024, 04:32:26 PM

However, I think there is nothing bad if you risk little. If you have had the opportunity to accumulate Bitcoin, the love and passion to see Bitcoin grow shouldn't stop one from looking at other opportunities. There are many alcoins that have printed life changing profits that you can take and still invest the money back into Bitcoin and you will be getting rich and richer in Bitcoin, that's what a smart maximalist should do and not hate every ideas.

How ever, I also agree with you that it's not totally a bad idea to risk a little. Take for example, there were investors that bought BNB and ETH for not more than $5 during their early days and if those investors held their coins till date, it would have been a very big profit for them too.

There are some genuine project developers who also have plans to create a good successful project that they can develop and go to the moon and if we are lucky enough to catch those kind of project during their early stage and risk some money on the coin or token, that will be a huge profit in the future. Despite that am not investing into alt coins, am not completely against it.

fredericktaylor

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Every person's point of view will be different, it is normal that my point of view will be the same, the person who will be against me will have the same point of view and somehow we can't think about anything without profit, it is a key part of our point of view because
From my point of view I love Bitcoin as much as any other coin but from the point of view I have made more profit from other Alta Coins than Bitcoin, I favor Alta Coin more, despite the high risk.This doesn't mean you should invest in other altcoins instead of Bitcoin, that's your own personal matter and your perspective.

Zlantann

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Quote from: Dr.Bitcoin_Strange on September 15, 2024, 06:51:36 AM

It's not their fault, yeah, but when you are a maximalist, you can miss out other opportunities that could have earned you thousands or millionaire of dollars. There are lots of scams with the altcoin market but there are also some opportunities with a few tokens, but if you are not ready to risk it, better you only accumulate Bitcoin.

The challenge is how will you be able to identify projects that are genuine in the altcoin market. Some of them that have failed looked promising but the majority of them end up becoming worthless, and just a few become profitable. Some people don't like these altcoin's complexities, so they decide to focus only on Bitcoin. Don't just look at only the money people have made investing in altcoins, others have lost fortunes because they put their money in some of these failed projects. Just as you said, if you are not willing to take the risk associated with altcoin, Bitcoin is the easiest and safest crypto investment.

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I’ve always thought that people should be diversified in whatever manner they are comfortable with. I don’t see crypto as an exception to that rule. Especially in technology, where trying new things and seeing what is possible is important. That being said, Bitcoin is number one and there is no second best.

mirakal

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Quote from: Dr.Bitcoin_Strange on September 14, 2024, 10:56:12 AM

Quote from: B1-66ER on September 13, 2024, 07:10:20 AM

Embrace being a maximalist and keep the scammers at bay.

Huppercase

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Quote from: Dr.Bitcoin_Strange on September 15, 2024, 06:51:36 AM

I think the failure of Altcoins is the reason why many of them has refused to accept them, right From ICO time there has never been any successful altcoins that has good reputation like Bitcoin, only ethereum come close but I always have issues with the maximum supply since nothing has been said about that supply but look at Bitcoin, it's just 21 maximum supply, no team, no foundation, no treasury, no ventures and all sort of seed rounds yets it's doing better.

However, I think there is nothing bad if you risk little. If you have had the opportunity to accumulate Bitcoin, the love and passion to see Bitcoin grow shouldn't stop one from looking at other opportunities. There are many alcoins that have printed life changing profits that you can take and still invest the money back into Bitcoin and you will be getting rich and richer in Bitcoin, that's what a smart maximalist should do and not hate every ideas.