Topic: Should altcoins be blamed? - page 5. (Read 837 times)

Well, yes... a lot of people bought into the hype of some of these shitcoins and they burn their fingers. Every Alt coin investor are hoping to experience the rag to riches story that some early investors in Bitcoin experienced, when they bought bitcoins for a few cents and then the price went up to $60 000+ .....but sadly that seldom happens with any of these shitcoins.  

The major problem are people's greed..... and their thinking that each of these shitcoins are a get rich quick opportunity.   So, when these shitcoins fail up to their expectations, they blame the coin... and not their own stupidity and greed.  

Ignorance should be blamed for this misconception. It is always necessary to do extensive research on anything before investing in it. Most of them are attracted to these altcoins because of the profits and they fail to read about what they are investing in. Some have argued that if Bitcoin was the only cryptocurrency people wouldn't have suffered so much losses due to scams. This might be correct but the crypto space is not regulated so any developer can just come up with any shitcoins and promote it for people to Invest in. So there is always a need to do research and learn.

Some of these altcoin developers should also be blamed for giving the crypto industry a bad reputation. They sometimes deceive investors to invest in some scam projects and when these investors lose funds it will be generally perceived that the entire sector is fake. If these investors know more, they will never relate or connect Bitcoin to any altcoins because Bitcoin is the only King.

In as much as altcoins ruined their perspective of crypto, I think they're to blame for the loss they incurred. They were not forced to buy those altcoins. Some were persuaded and some didn't even need much convincing, and because they lacked understanding, they just dived head-first into it.
It's never advisable to invest in what you have no idea about. Some lost so much in Bitcoin and they left, do you also blame Bitcoin for that?
Crypto was preached to many of these people as the Messiah. A get-rich-quick scheme and that is where their failures started.

Despite how much I trust Bitcoin I don't just advise people to invest in Bitcoin, I try to make sure they understand what Bitcoin is. It doesn't mean they need to have all the technical knowledge of Bitcoin (even I don't have all the technical knowledge of Bitcoin) but they should understand how it works, what it is, and what it represents.

I don't know that its right to say altcoins directly can be blamed. I'd say it is more accurate to blame the fact that the average person doesn't have a clue about the difference between Bitcoin and Crypto, and they think getting random altcoins could be like buying Bitcoin back when it was cheap, but of course they are buying trash and so unless they got lucky they will ultimately lose money from buying altcoins.

It's an education issue. Everyone needs to be aware that Bitcoin and Crypto are two completely different things. That Bitcoin is money and that Crypto are a bunch of random tokens and startup apps with no promise of long term growth and are highly risky and whose main purpose is to trade in a high risk short term manner. That way the people who are looking to actually invest and grow their money would know to stick just to Bitcoin (and perhaps Ethereum too if they want), while the people just wanting to throw a bit of money at a lotto ticket and hope to get lucky can pick one of the thousands of altcoins to throw away some money at and play that game.

Anyway, the hate directed toward Bitcoin due to lack of education on the topic is much much larger than just people who have lost money on altcoins (or on Bitcoin) in the past.

There are also the people who hear Bitcoin uses a lot of energy and don't understand why or how that works so they just think its bad. There are the people who think Bitcoin's price appreciation is too good to be true so they hate it for going up so much and missing out on it and so they think it must be some sort of scam that will eventually end. There are people who don't understand what money is and think its just something the government makes and since Bitcoin isn't that they think Bitcoin must be some sort of fake money that is worthless. There are people who are just traditional investors and are so stuck in the mindset of traditional investments they can't even comprehend why Bitcoin is more valuable than stocks because they don't understand how to process the value of something if it doesn't fall strictly into the categories of traditional finance. Lots of reasons, all due to lack of information and misinformation about Bitcoin. The problems altcoins causes is only a little part of that, but it does kinda drag the optics of bitcoin down because people don't know any better than to associate Crypto with Bitcoin.

A lot of the reasons are just pushback due to just how successful bitcoin is. People simply don't understand how or why this new kind of money is so valuable so they just assume it isn't, which means they assume it's a bubble, and that it must ultimately crash to nothing. And that's got nothing to do with anything altcoins are doing. It's just a lack of understanding what Bitcoin is.

In many cases, yeah. Altcoins have caused quite a few folks to incur losses, mainly due to the shady moves of a handful of developers who lack responsibility. I don't hate to altcoins, but when it comes to weighing the pros and cons between BTC and altcoins, the latter doesn't seem like a solid choice for my investment objectives when compared to BTC. Altcoins often run into issues when their developers opt for scamming investors' funds rather than optimizing their business models.

However, I'm not totally against altcoins. I keep a few in my wallet, and the purchases I make are for towards staying in the latest news in the altcoin space. Sure, you can keep tabs on altcoin news without actually owning it, but for some reason, my motivation isn't as strong if I'm not holding a few altcoins.

Although altcoins cause a lot of bad reputation to the cryptocurrency market as well as affecting the reputation of bitcoin. But if you want to blame altcoins, you should first criticize those who invest in them with endless greed and laziness when they have no knowledge but want to get rich quickly. I mean, if there's no demand, how can there be supply? If people are not greedy and stay away from projects that promise interest rates of up to thousands of percent in a short time, those projects will not exist.

Besides, there are also some people who invested in bitcoin and also lost money and blamed it, but clearly, the fault here is theirs because they were greedy, lazy, refused to learn, and rushed into investing hastily.

There are certainly many people who are disappointed with Bitcoin, but there are also many people who feel the benefits of Bitcoin. It would be better for someone before investing in crypto to learn first about the risks that crypto poses, and if you don't want to take risks, it would be better not to enter the world of crypto. I think many of us here must have experienced losses, but for people who already know the knowledge about crypto, of course they won't give up and will of course learn from experience.

I think for people who invest in altcoins don't blame bitcoin when altcoin prices fall because of course altcoins and bitcoin are different. now we can see that today the price of BTC is starting to rise again after being in a bear market for a long time, while there are still many altcoins whose prices are still low, there are even altcoin prices that have been destroyed until now, and to be honest, I also still have altcoins whose prices are destroyed and at that time I bought it at a price of $6 per coin and now the price has become 0. But I don't mind that and in fact the bitter experience has made me more enthusiastic about correcting my mistakes in the past. I think in this case it comes down to each individual, so knowledge must be prioritized, learning from experience and only money that is ready to be lost is worth using to invest in crypto.

In my opinion, don't blame BTC because in my opinion until now the best crypto is Bitcoin.

A minority did proper research. Others just rode the hype wave hoping it would work out in the end. Sometimes it does, more often than not, it doesn't. New entrants in the market use the positive experiences of others to justify their risky investments, but completely neglecting the mountain of negative experiences, scams, exit scams, etc. It's those people who will later come crying and shouting that bitcoin is a scam.

Is altcoin blame fair? Consider that investments are risky, especially in cryptocurrency. The investor's strategy is key, not the asset. Many engage in crypto for big returns without proper diligence or risk management. Losses result from irresponsibility, not cryptocurrencies.

Bitcoin and altcoins should not be confused. Bitcoin, the pioneer, has unique traits and a larger market. The idea and technology differ greatly from most altcoins. Altcoin volatility can affect views, but Bitcoin's philosophy and long-term promise remain. Thus, altcoin concerns must be distinguished from Bitcoin's fundamentals and resilience.

The aversion to Bitcoin owing to altcoin losses shows a lack of crypto knowledge. Redefining perceptions requires educating potential investors about cryptocurrencies, risk management, and Bitcoin's unique identity.

Given that the majority of countries still restrict bitcoin and all cryptocurrency related activities, there are still those who are still investing, the reason most of them cannot invest, because their government declared it to be illegal in their country. It shouldn't be assumed that they refuse to follow the law, though there are still those who invest their money secretly without the aware of the governments. We need to learn from our mistakes and stop hating cryptocurrency because we tried one of the altcoins and failed. Even the altcoins i believe they know of the risk, they still go with investing, so we can't blame crypto for our failure. Instead, we must take responsibility for our own mistakes.

Since nobody chose the cryptocurrency we invested in, we should be well informed about what we are doing, especially when it comes to financial growth. Therefore, we cannot view bitcoin as being the same as altcoins, we cannot lose money in bitcoin investment except we did not keep our wallet safe. Nothing important comes easily, and we should be aware that when there is no pain, there is no gain.

Why blame altcoins when it is an individual's inability to understand investing in cryptocurrency? When someone doesn't want to invest in Bitcoin either because his investment failed in Altcoins or he heard that many Altcoins are scams, it is his own fault.
If he at least understands cryptocurrency, not just casually investing, he will definitely understand that Bitcoin is different compared to Altcoin, and its potential is much higher.

For me, yes, the blame falls largely on Altcoin, as well as the central platforms, because they have caused a very bad reputation for Crypto. Ordinary people who do not know the difference between Bitcoin and Altcoin think that all the losses and disasters they hear about in the field of Crypto are because of Bitcoin.

I heard this personally from men of standing in society warning people against working in Bitcoin after the FTX incident. They think that Bitcoin is what caused people to lose their money, even though I tried to convince them that Bitcoin has nothing to do with the issue, but to no avail.

There is no other to blame but the one who invested. It's their fault for investing without enough knowledge.
I have remembered what happened before way back 2021 that there's an immediate increase of crypto investors which I believed that most of them entering crypto because of hype and didn't have enough knowledge. And after a couple of weeks that time, the price went down causes new investors to panic and sold their investment to a loss. What I learnt is that we are the ones who made the action, and we should receive the outcome.

In my opinion, both bitcoin and altcoins are not at fault, the fault lies in our failure to restrain our greed. The funny thing is that many people want to make high profits but also want to be safe, they don't want to suffer losses so they will always blame everything if they do not achieve their greed.
Scam projects will never appear if we know how to control our greed, but unfortunately greed always exists in any of us. Bitcoin, altcoin, gold...all are just tools for us to make money, making or losing money is up to us, don't badmouth or criticize anyone just because of our incompetence or greed.

It is important to take responsibility for our investment decisions rather than pointing fingers at altcoins. Altcoins are simply alternative cryptocurrencies that offer investors different options beyond the popular Bitcoin. While some altcoins may be riskier than others, it is ultimately up to the investor to conduct thorough research and make informed decisions. Instead of blaming altcoins or Bitcoin, it is important to take ownership of our choices and learn from any mistakes made.

If someone blames Bitcoin for their own mistakes, it's their responsibility. Some people just want to blame others for their losses.

There are downsides to everything on the surface of the earth, if there exists no natural downside then there will be human psychological downside from abuse or something.

It is not for nothing that people are always asked to seek knowledge before adventuring into the space with their resources. I mean, who puts money in the dark these days.

Most of those people who have experienced the most are not different from those who haven't and I wouldn't blame them for it but all I can say is that there will be casualties and even more as we progress but that should not be on altcoins but human behaviour.

Partly at least, but it's not as if these people were forced to invest in those altcoins. This world is full of scam. This world is full of misleading ads and fake promotions. The same is true with what you call as the cryptoverse. So, before doing anything else, they should have exerted sufficient effort to make sure they aren't falling to one of those. The responsibility was theirs. Were they greedy? Were they emotional? Were they unreasonable?

To somebody who has failed in altcoins and stayed away from Bitcoin because of that, he/she hasn't learned his/her lessons yet.

I don’t think we should blame altcoins here

Some altcoins have given investors huge profit this is because they did their research and approached altcoins carefully most investors need to know that bitcoin is different from altcoins and that bitcoin is in its another league that no altcoin have reached so far

in everything, there will always be misconceptions by the general public that members of one particular community will think of otherwise the same goes for bitcoin or cryptocurrency there are concepts that the general public might never understand because of the intricacies that only investors will understand this doesn’t mean we should put all the blame on to altcoins

Some people sometimes generalize that crypto is Bitcoin. In fact, many people who experience losses in crypto are those who invest in fake altcoins projects, because of hype and so on. However, because of this, many people in the general public think that these people have lost their money in crypto, namely Bitcoin. For those who don't know and can't differentiate or don't know that crypto isn't just Bitcoin, then it's probably natural for me that when someone tells me about their big losses in crypto, the general person will think Bitcoin. But for people who already understand the existence of Bitcoin and altcoins, but they hate Bitcoin because of their losses in altcoins, this is a stupid thing, meaning that they become stupid because of the losses they experience and they close their eyes to the mistakes they themselves made and blame Bitcoin. It's not fair, but it happens sometimes or even often.

Why should we listen to what others say when we ourselves have discovered and known it? It's very simple: if you are the one who found the treasure, then you believe the person who is not in the place where you found the treasure.

Now, if you have found an altcoin that can really give you good earnings, and you have done research and study, and then you have proven to yourself that the potential is real, there is no reason for you to invest in these altcoins. The only difficult thing is that you invest without doing any research on it.