A huge majority of cryptocurrencies are scams, but not all are scams. A cryptocurrency dropping in price(or going to zero) doesn't automatically mean it's a scam — it can also mean that it simply just failed. Just like how a lot of businesses, companies, and projects(startups) can fail.
It might be true that there are genuine and reliable cryptocurrencies but how can they be identified. Are there some indicators that might prove that they are not fraudulent or scams? The sudden failure and disappearance of some of these coins are very fearful and discouraging. And from all indications, there are no cryptocurrencies that have the same attribute as bitcoin. That's why I have always discouraged people from investing in other coins. 
Topic: Why Bitcoin is the only crypto you should BUY - page 14. (Read 2694 times)
We are really seeing more and more reason why centralised systems is never an option for the present society because of the high rate at which coins fail due to diverse reasons and not just coins alone but also top exchanges . Bitcoin remains the ultimate choice for the sake of peace, guarantee and long term profit but with Tether anything can happen because its centralised it should be treated the same way altcoins are which is with extreme caution because nothing is safe in a centralised system not even the system itself.
You seem to have started great, but ended up with a complete U-turn. All's well that ends well but since you ended up terribly opposing yourself, I guess you need to do some unlearning.
If you hate coins that have companies managing them, then you should hate Tether. If you hate all other cryptocurrencies because they are all scam, then you should perhaps hate Tether more. At least with some crypto projects, their developers and issuers are not actively intervening and controlling their coins.
Anyway, first and foremost, Tether's USDT is not 1:1 backed by USD reserves as claimed. USDT's circulating supply is around 66 billion but they don't have $66 billion to back it. So, much of the USDT that are circulating in the market right now are minted out of thin air.
And speaking of FTX, the issuer of the token FTT that nosedived after the former figured into severe financial mismanagement, Tether once again showed why you should hate it during the FTX fiasco. Following FTX's bankruptcy, Tether froze $46 million of USDT owned by FTX. Not only is Tether controlling other people's money in their token, they also did it upon the request of law enforcement authorities.
If you hate coins that have companies managing them, then you should hate Tether. If you hate all other cryptocurrencies because they are all scam, then you should perhaps hate Tether more. At least with some crypto projects, their developers and issuers are not actively intervening and controlling their coins.
Anyway, first and foremost, Tether's USDT is not 1:1 backed by USD reserves as claimed. USDT's circulating supply is around 66 billion but they don't have $66 billion to back it. So, much of the USDT that are circulating in the market right now are minted out of thin air.
And speaking of FTX, the issuer of the token FTT that nosedived after the former figured into severe financial mismanagement, Tether once again showed why you should hate it during the FTX fiasco. Following FTX's bankruptcy, Tether froze $46 million of USDT owned by FTX. Not only is Tether controlling other people's money in their token, they also did it upon the request of law enforcement authorities.
A huge majority of cryptocurrencies are scams, but not all are scams. A cryptocurrency dropping in price(or going to zero) doesn't automatically mean it's a scam — it can also mean that it simply just failed. Just like how a lot of businesses, companies, and projects(startups) can fail.
Bitcoin is the only true decentralized crypto currency without an owner or a CEO. Every other crypto is either premined, got a CEO or both. Eth is premined and has Vitalik, LTC has Charlee etc..: Bitcoin is premined too but those coins never moved and satoshi is missing for years. That makes btc the safest option out there. Every other crypto is only trying to be fake bitcoins.
Is anyone else seeing an alt account here with a post designed to try to earn merit?
Yeah I don't know why the OP first talks about Bitcoin and then shoehorns Tether in. I agree that Bitcoin is essentially different from the others, but precisely Tether which is a stablecoin that raises many flags is not understood. In my case I only have Bitcoin and I do not see bad to have a small percentage of some alt, as I believe that in the future the Bitcoin will coexist with them, but the question is which ones will survive.
You have your own point of view and I respect that. I agree on what you said about Bitcoin but seriously? Tether? BUSD and USDC is way more better than tether. These two stablecoins had their regular audit and have been certified to have 1:1 reserved while tether is somehow on the gray part area when the reserve fund is discussed.
Yeah I don't know why the OP first talks about Bitcoin and then shoehorns Tether in. I agree that Bitcoin is essentially different from the others, but precisely Tether which is a stablecoin that raises many flags is not understood. In my case I only have Bitcoin and I do not see bad to have a small percentage of some alt, as I believe that in the future the Bitcoin will coexist with them, but the question is which ones will survive.
I've been in the space for many years and I've learned a few things that I'd like to share with you:
90% of altcoins don't do anything. They're made to make their devs money and that's it.
Out of that 10% legit coins most will fail and die because projects fail, get hacked, devs argue, teams break, some fail to gain traction, some choose a wrong promotion...
Think about it before you buy an altcoin. Most are scams and a few legit ones can fail, get delisted or crash because of manipulation.
Every few years there's a new big thing in crypto. ICO, NFT, Exchange tokens... All of these are shit. They're wash traded, pumped and dumped, they're worth as much as the company invests in them to make it look like they're valuable. When dust settles you can't even wipe your ass with your picture of an ape or a crypto punk. You bought something that nobody wants to buy from you, like that tweet of Jack Dorsey.
Every year an exchange gets hacked and every year a number of crypto businesses go bankrupt. The only constant is bitcoin. It is here and it's going to be here next year.
If you own it, you own it. There's no company, no CEO, nobody to tell you what to do, so do what's good for you, do what you feel is right.
90% of altcoins don't do anything. They're made to make their devs money and that's it.
Out of that 10% legit coins most will fail and die because projects fail, get hacked, devs argue, teams break, some fail to gain traction, some choose a wrong promotion...
Think about it before you buy an altcoin. Most are scams and a few legit ones can fail, get delisted or crash because of manipulation.
Every few years there's a new big thing in crypto. ICO, NFT, Exchange tokens... All of these are shit. They're wash traded, pumped and dumped, they're worth as much as the company invests in them to make it look like they're valuable. When dust settles you can't even wipe your ass with your picture of an ape or a crypto punk. You bought something that nobody wants to buy from you, like that tweet of Jack Dorsey.
Every year an exchange gets hacked and every year a number of crypto businesses go bankrupt. The only constant is bitcoin. It is here and it's going to be here next year.
If you own it, you own it. There's no company, no CEO, nobody to tell you what to do, so do what's good for you, do what you feel is right.
It have got proven track record and has served as the base for the rest of the cryptocurrencies available in the market. This is the prime reason. Apart from this, its proof of Stake operation which makes it the best. The issue being discussed is the centralised vs decentralised. The prime focus of the innovator was decentralisation. When the same is took towards centralized working we experience problems like what we experienced with FTX.
Many disagree but Ive always thought proof of stake is more then worth the exploration and time to develop for the greater good of crypto. As we've found out there is a giant amount of risk and loss thats occured with all these 'ideas' and quite a bit of fraud also but is it still worth it.
Its a given from an open source standard that people will innovate however they like and then its the free market which decides a price; I will agree with OP but only to argue the price of secondary blockchains should probably be far less otherwise let people do as they will. Last thing we need to do is argue in favor of big government and regulation which throttles the freedom of people to invent and innovate.
Its a given from an open source standard that people will innovate however they like and then its the free market which decides a price; I will agree with OP but only to argue the price of secondary blockchains should probably be far less otherwise let people do as they will. Last thing we need to do is argue in favor of big government and regulation which throttles the freedom of people to invent and innovate.
Because we know that satoshi does not depend on a company to reinforce bitcoin.
This is the common issue today because of FTX and that's true that satoshi made bitcoin to be completely different and independent. As bitcoin isn't depending on any company or exchange for which is most native tokens are made like that. They've became a stock type of distribution to its investors just like the common stock market and shares but bitcoin isn't like that. It's dependency is one its own network - miners, supply and demand. 
The idea from your content as a question " why Bitcoin is the Only cryptocurrency to buy" reacting to it, it's understandable that Bitcoin is not the cryptocurrency you can buy, if someone is giving you with such information, i think it's wrong, because we have other coin's that's equivalent to Bitcoin during long stays for investment, i believe that cryptocurrency is their general name and Bitcoin is a particular coin and ethereum is another substance of coins, investment of cryptocurrency is of their own choice.
The way I see it, all bullshit token and coin abandons are done for this one reason; they only have one purpose which I will explain better...
We saw Luna and FTT are made for a reason which is to support those companies themselves, the day these companies drop their token or their currency will drop too.
That's why for me bitcoin is perfection because this previous one is multipurpose and its foundation is to avoid intermediaries there are no companies managing it, we will not be able to match satoshi due to the price drop(thats a clever move for him to stay behind the scenes).
Because we know that satoshi does not depend on a company to reinforce bitcoin.
And with this I finish all the currencies are a scam(meaning that the price can disappear) for me, personally the legit ones they are btc and tether.
What do you think?
To some degree, I agree with your statement. With the current atate of the industry it may seem as if bitcoin is the only crypto that is trustworthy enough to HODL. I would just like to point out that ij your attempt to stray from including centralized exchange coins like BUSD, you chose Tether which is inarguably the sketchiest of all currently active stablecoins out there. At least with BUSD, there is a guaranteed 1:1 reserve which is not confirmed for Tether. Then again at the end of the day, altcoins are there to prove themselves to us, if they couldn't do that, it's best to just spot-trade them and not hold for too long. We saw Luna and FTT are made for a reason which is to support those companies themselves, the day these companies drop their token or their currency will drop too.
That's why for me bitcoin is perfection because this previous one is multipurpose and its foundation is to avoid intermediaries there are no companies managing it, we will not be able to match satoshi due to the price drop(thats a clever move for him to stay behind the scenes).
Because we know that satoshi does not depend on a company to reinforce bitcoin.
And with this I finish all the currencies are a scam(meaning that the price can disappear) for me, personally the legit ones they are btc and tether.
What do you think?
And with this I finish all the currencies are a scam(meaning that the price can disappear) for me, personally the legit ones they are btc and tether.
Tether is also centralized just as the thing you've said about all other currencies are a scam. It's pegged to dollar and there have been questionable issues were it has been involved of.Thus, if you have a Tether, you probably have heard of it when they've frozen those funds that have came from hacked funds. It's not all about the hack funds but their ability to freeze anyone's Tether on addresses.
Because we know that satoshi does not depend on a company to reinforce bitcoin.
And with this I finish all the currencies are a scam(meaning that the price can disappear) for me, personally the legit ones they are btc and tether.
What do you think?
There’s a lot of influencers are not promoting hard wallet and any wallet that you have the control with your money, this is because of many issues with exchange and even with Binance is not safe anymore. And with this I finish all the currencies are a scam(meaning that the price can disappear) for me, personally the legit ones they are btc and tether.
What do you think?
Having Bitcoin in your wallet is good, its cheap and its getting cheaper you might want to wait for another down trend before buying, timing is the key to have a good profit in the future. Buy more Bitcoin, and buy some good altcoins too it can help you make more profit.
There is the sense in what he say and making remark to Luna and now that FTZ exchange got crashed. Most exchanges have there own coin and now it is clear that it is for promoting them in the market, if anything happen to the exchange then everything will go wrong too. It is more important to hodl bitcoin, it has the independence and out of control of manipulation.
There is no doubt about this, Bitcoin proves to be the best option especially during bear market.Since there’s a lot of issues with the exchange token, many don’t want to hold it anymore and with the recent FTX issue, it is advisable to buy stable coins for instead of buying any token. Though I don’t advise to hold only Bitcoin, there are good altcoins that you can also add on your wallet.
There is the sense in what he say and making remark to Luna and now that FTZ exchange got crashed. Most exchanges have there own coin and now it is clear that it is for promoting them in the market, if anything happen to the exchange then everything will go wrong too. It is more important to hodl bitcoin, it has the independence and out of control of manipulation.
In my opinion, BTC is the lung of all Altcoins. as long as BTC is still alive, there will be many new ideas and ideas in the world of cryptography.
No wonder you hate Altcoins because this year there was an incident that disappointed all cryptocurrency users.
Precisely, in my opinion, the problems that occur are positive things that must be learned for every CEX and DEX to improve security in storing user funds in the future.
There is a saying that the more you are hurt, the stronger you are. the sentence states that tests or trials will make us stronger. Likewise, CEX and DEX will continue to improve their quality because problems that exist in their environment or those that approach them directly such as the collapse of Luna and FTT will make other parties more thorough and prioritize the safety and comfort of their users.
Since Bitcoin was one of the first cryptocurrencies ever created, the general concept of all altcoins derives from it, which is why they're also closely correlated. I honestly never bothered with altcoins too much, except one time I used to mine with my PC. I only felt safe with Bitcoin. However, I don't believe that all altcoins are poor; some have a specific purpose while others have characteristics that Bitcoin doesn't cover, such as anonymity (Monero) or Ripple, which was meant to be a payment system using a unique consensus mechanism, the XRP Ledger Consensus Protocol, for consensus and validation. No wonder you hate Altcoins because this year there was an incident that disappointed all cryptocurrency users.
Precisely, in my opinion, the problems that occur are positive things that must be learned for every CEX and DEX to improve security in storing user funds in the future.
There is a saying that the more you are hurt, the stronger you are. the sentence states that tests or trials will make us stronger. Likewise, CEX and DEX will continue to improve their quality because problems that exist in their environment or those that approach them directly such as the collapse of Luna and FTT will make other parties more thorough and prioritize the safety and comfort of their users.
In my opinion, BTC is the lung of all Altcoins. as long as BTC is still alive, there will be many new ideas and ideas in the world of cryptography.
No wonder you hate Altcoins because this year there was an incident that disappointed all cryptocurrency users.
Precisely, in my opinion, the problems that occur are positive things that must be learned for every CEX and DEX to improve security in storing user funds in the future.
There is a saying that the more you are hurt, the stronger you are. the sentence states that tests or trials will make us stronger. Likewise, CEX and DEX will continue to improve their quality because problems that exist in their environment or those that approach them directly such as the collapse of Luna and FTT will make other parties more thorough and prioritize the safety and comfort of their users.
No wonder you hate Altcoins because this year there was an incident that disappointed all cryptocurrency users.
Precisely, in my opinion, the problems that occur are positive things that must be learned for every CEX and DEX to improve security in storing user funds in the future.
There is a saying that the more you are hurt, the stronger you are. the sentence states that tests or trials will make us stronger. Likewise, CEX and DEX will continue to improve their quality because problems that exist in their environment or those that approach them directly such as the collapse of Luna and FTT will make other parties more thorough and prioritize the safety and comfort of their users.
You have your own point of view and I respect that. I agree on what you said about Bitcoin but seriously? Tether? BUSD and USDC is way more better than tether. These two stablecoins had their regular audit and have been certified to have 1:1 reserved while tether is somehow on the gray part area when the reserve fund is discussed.
The problem with altcoins is that majority only think what to buy, they should also include when to sell in order for us to take profit on what OP called scam cryptocurrency. I may say to not get serious about altcoin projects, just buy and sell when profit is seen. Being attached to them will lead us to losses just like what happened to Luna and FTX.
Take advantage of the altcoin volatility and its pump and dump but never think to hodl them unless you are very sure about its future. If there is something we must hodl, it is Bitcoin and nothing more.
The problem with altcoins is that majority only think what to buy, they should also include when to sell in order for us to take profit on what OP called scam cryptocurrency. I may say to not get serious about altcoin projects, just buy and sell when profit is seen. Being attached to them will lead us to losses just like what happened to Luna and FTX.
Take advantage of the altcoin volatility and its pump and dump but never think to hodl them unless you are very sure about its future. If there is something we must hodl, it is Bitcoin and nothing more.
The way I see it, all bullshit token and coin abandons are done for this one reason; they only have one purpose which I will explain better...
We saw Luna and FTT are made for a reason which is to support those companies themselves, the day these companies drop their token or their currency will drop too.
That's why for me bitcoin is perfection because this previous one is multipurpose and its foundation is to avoid intermediaries there are no companies managing it, we will not be able to match satoshi due to the price drop(thats a clever move for him to stay behind the scenes).
Because we know that satoshi does not depend on a company to reinforce bitcoin.
And with this I finish all the currencies are a scam(meaning that the price can disappear) for me, personally the legit ones they are btc and tether.
What do you think?
We saw Luna and FTT are made for a reason which is to support those companies themselves, the day these companies drop their token or their currency will drop too.
That's why for me bitcoin is perfection because this previous one is multipurpose and its foundation is to avoid intermediaries there are no companies managing it, we will not be able to match satoshi due to the price drop(thats a clever move for him to stay behind the scenes).
Because we know that satoshi does not depend on a company to reinforce bitcoin.
And with this I finish all the currencies are a scam(meaning that the price can disappear) for me, personally the legit ones they are btc and tether.
What do you think?
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