Topic: Say no to maximalism - page 5. (Read 2496 times)

If we had to give investment advice to others, I think bitcoin should be the only cryptocurrency mentioned because investing in it would be the safest for them. Investing in altcoins should only be done by people with knowledge and experience in the market as investing in altcoins is more risky even with top altcoins like ETH or Solana.

To be fair, the existence of altcoins is necessary because bitcoin cannot build a market on its own. In addition, if we want to develop, we need competition, monopoly is never a good thing.

We often criticize traditional investors for being too stubborn and not open-minded when it comes to bitcoin, but many bitcoin maximalists have similar thoughts when it comes to ignoring newer technologies than bitcoin. Ignoring new technologies will not help bitcoin dominate forever or help us survive, we should adapt if we do not want to become obsolete like stubborn traditional investors.

This is why you can only introduce so much of cryptocurrency to someone.

When they ask you which one is the best and which one should you invest in the answer should always be it depends on what you need. Diversification should be more encouraged. It will allow you to discover many more tech innovations and advancements that are not yet implemented in bitcoin.

Bitcoin might be the most valuable but it doesn’t make the other cryptocurrency useless already.

The fact is you could, but do you actually need to use a decentralized, censorship-resistant cryptocurrency for a mere coffee-transaction? Plus there's the consideration of like the 10,000 Bitcoin pizza, your $1.00 coffee might become worth more than $100.00 of units in Bitcoin that you paid for. I believe for financial transactions, Bitcoin should be saved to be used for more important things, like when you have no other option to send or receive value digitally because of censorship, sanctions and bans. The best examples I could post right now are the Canadian trucker's adoption of Bitcoin for donations, the Dark Markets, Ransomware payments, or any situation that gives you no other choice but Bitcoin.

If talking about technology, altcoin investors have never denied anything from bitcoin, they all admit that bitcoin is the king of the market and no one will be able to replace it. But not everyone joins this market because of technology, I believe up to 90% of people come here for profit. Therefore, there is nothing wrong when they choose altcoins because clearly altcoins have a chance to bring many times better profits than bitcoin. Each person's purpose is different, so the choice will also be different.

Also, I don't believe that there will be more and more bitcoin maximalists because as I said, people's goal is profit rather than concern for technology or privacy.

Bitcoin is plain and simple. It doesn't have any of those fancy tokens, premines, ICOs, NFTs or any of that unwanted get-rich-quick schemes that you will find in other coins such as Ethereum.

And it's a testament to the usefulness of coins like Bitcoin, Ethereum, LTC and monero that these are the only four coins that people are talking about in the context of actually using cryptocurrency (i.e. not money-making).

The rest have a very bad stench on them to the general public, reeking of get-rich-quick schemes I mentioned above

Just because "you can't pay for your coffee in Bitcoin" doesn't mean that work isn't being put in to fix that.

You can support Bitcoin without opposing all other coins.

Unfortunately, there are way too many people who end up with a lot of issues and because of that we are going to end up with results that will not be profitable all that easily and this is why we are going to end up with a result that will not be steady, it will keep being volatile and there is nothing that we can do right now we should be considering the situation as sensitive.

If we keep on making money this way then we are going to see a lot of people make wild investments during this period we should be considering just making investments into things that makes sense and not really push us further, if we can do that then we are going to make that much more profit but if we are not careful then we are going to lose a lot more money. Just keep it at bitcoin or other stuff, otherwise it is not going to be that easy to handle, we are talking about strong coins and if you do that then you will be fine but if you invest into these memes then you won't.

If you ever posted anything related to altcoins in the WO thread, I believe JJG never missed to criticize you because of that. I am not complaining about that because the WO thread is for Bitcoin speculation, and if you post something about other coins/tokens, that will be off-topic there. But, honestly, I don't know why everyone attacks someone when someone posts about altcoins.

I never managed to understand what is the reason. I thought it was because of the forum rules. Probably, those people did not know about off-topic rules. Another thing is that whoever writes posts about Altcoins in the WO thread is either a merit farmer or doesn't know that it is frowned upon by the WO thread gangs.

Yes, sometimes they treat altcoin investors a bit too much and I have seen it a few times but like I said, everyone's opinion is different. If we don't want to argue with them, we can just ignore them, that's it. Arguing about who is right and who is wrong will not make us or them better, and don't forget what our goal is when entering this market. We are here to make a profit, not to prove right or wrong, and arguing is not profitable. Therefore, I choose to ignore it if I feel the debate is not having good results.
In addition in investing, the results will be the best answer, so we should use the results to talk, not argue endlessly.

I really love this synopsis and the Darwin quote at the end. I do think a lot of folks on here are Bitcoin maxis but then again there are a lot that aren’t too. Certainly there are pros and cons to each currency and the crypto currency market has a place for everyone. I do think Bitcoin will always have the majority market dominance though.

There's a reason why some people choose to be a "Bitcoin Maximalist". Around 99% of altcoins are nothing but centralized. Even when many of them have "superior features", none of them can outmatch the level of security/reliability of the original cryptocurrency (BTC). I don't identify myself as a "Bitcoin Maximalist", simply because I enjoy using Litecoin, Dogecoin, and Monero. But I always steer clear from centralized "shitcoins" that bring no value to the crypto industry. They're usually driven by hype. Solana, XRP, and the likes are one of them.

Ethereum used to be great back then, but the switch to PoS "killed it". It joined the ranks of other centralized "shitcoins". The more centralized the industry becomes, the more people will become Bitcoin maximalists. Perhaps, BTC will take over the world in the future? Only time will tell.

Interesting stuff. I'm certainly taking notes on these ideas for our project! Our goal is to provide a safe, fair, scalable platform for memecoins

Unfortunately even in this case the token issuers can be dishonest and achieve the same result. If there is an ICO, they can simply sell meme tokens to themselves. At least if the payment is anonymous -- or if the KYC is done by the issuers themselves.

The only way to prevent this really is to distribute the coin via mining or validation (like Doge) from the start or via PoS. If mining is not an option, premine a relatively small part and then distributing the rest via PoS is a possibility, although in this case of course the founders will likely participate in the PoS as well.

Or the whole distribution is done via an IEO or another centralized platform with KYC. However, there are many reasons such distributions are also not really ideal. I'd still prefer Doge's model.

Edit: A little addition to the article about memecoins as "hedge" for Bitcoin. I think the big problem with this method is that you still have to know in which memecoins to invest, so it should be always a gamble. For example, in the last few months dogwifhat was the big star of the memecoins, but just in the last dip all the way down to 49-50k it performed even worse than Bitcoin. I guess like the authors of the study (they chose those listed in the memecoins category on Coinmarketcap) you could try to create a basket of memecoins, but it would be still quite "gamble-y".

Maximalism is not the same as rationalism.

And in technical terms, it is even inferior to other cryptocurrencies. It is inferior to the same Monero in privacy or to the conditional Solana in speed and cheapness of transactions.

There are no ideal financial instruments, when interacting with which you should take into account their "weak points" in order to protect yourself from trouble. For example, like Ross Ulbricht, who overestimated the technical capabilities of bitcoin.

Natural selection is inherent not only to the animal world, but also to the digital one.

"Say no to maximalism." - Say Yes to rationalism.

Being a maximalist will deprived us of more opportunities for learning new things and getting new ideas, because we may think that all we are having is the only way forward as well as the best, when there are new projects and developments happening every day in which some are taking advantage of to earn and make a living, while we are still in wait ion the same focus and approach we have been using over time without yielding us adequate result as we needed, we have to be open in some certain aspect that could involve learning and knowing more about what we do and  not that we have to focus on one direction only, some may term this a being able to have the ability to diversify and develop accurate thinking as well.

Well if one doesn't have big capital, it worth to consider taking risks with meme coins at the beginning, and for the ones with chunky capital Bitcoin is a good way to protect and multiply their money pretty safe imho

Seems you are speaking to me directly because ever since I had so many lose in most of the unprofitable altcoins that I invested on, I just dislike to invest in altcoins because I believe it requires someone to luckily invest in the right altcoins and also sell at the right time when they would not have to regret why they sold so early or late and also why they didn't sell earlier. It can be so dynamic most of the time but I know I will still go back to trying luck with some altcoins with time.

I don't like to discourage anyone from investing in any asset of their choice  but I can only offer some opinion for a newbie who is not yet knowledgeable enough in the crypto space.

There are solutions to each of these issues, in particular the token being pre-mined, and the number of tokens outstanding thus being well-known to the buyers. Even better, an entire platform dedicated to low-end memecoins that are easy for consumers to understand and have well-defined rules that apply the same way for every coin on the platform such that users only have to learn the rules once for potentially thousands of different coins--and a platform dedicated to keeping things fair and fraud-free for users (sorta like how eBay is in the business of making things fair for buyers and sellers).




Very interesting article. Thanks for sharing. I would love for these authors to update their findings after Haypenny gets further along since I think it can change the trajectory of things when adoption can be much broader and trading velocity can be much higher. In other words, the current platforms for memecoins still isn't great (fraud, clunky, not well known), and it will get way easier in the future, and a lot safer--meaning people can/will put a lot more money into them in the future, and the risk premium will be much lower (the systemic risk premium that is, not the risk on the meme itself).

Although true, but when the time is right and as I already posted - out of necessity, they will be built and developed in Bitcoin in one form or another.


Privacy features could be implemented through an off-chain layer or a sidechain, not necessarily on-chain. And with Bitcoin's network effects and wider general adoption, I'm very VERY confident that it will have more users than Monero.

Thanks for this post. I do agree with you, we can't just put a blindfold with BTC written over it and say that it's the greatest thing we have. Of course, it's great, but sometimes people miss it or just straight-up avoid other opportunities or innovations that come from change and progress.

When risk management can be applied then losses are a way that can be minimized.
Of course there is no guarantee that losses can be made in full percentage, but from what I have seen investing in bitcoin has the ability to avoid the risk of loss if one does not panic and can stay calm even though the market is experiencing a severe correction.

Bitcoin always has a recovery moment and vice versa with corrections so we can conclude that calm and patience are the keys.
Patience and calm can be achieved if one understands how to run the right investment and has good knowledge.

Differentiate gambling from investing, I agree they are two different things.
When you gamble the odds of winning are not visible, although sometimes we can make analysis to support it.
There are always exceptions and this is where maturity of thought is needed before someone decides which one to conquer.