Bitcoin Forum

The "next" Bitcoin Myth

Whenever people realize bitcoin is here to stay it seems many start searching for some mythical next bitcoin.

Sometimes resorting to shilling shitcoins that should be illegal in some cases, to pretend have any value.

https://pbs.twimg.com/media/D01JR-UWsAAcpJQ.png:medium




Trading Shit-Coins to Waste Time (and Money)

This creates a bit of a problem in crypto currency. Many of us understand bitcoin and that it isn't like a startup tech company that can somehow be disrupted.  

There are Economic, Cryptographic, Game Theory, Governance, Psychological and Network Effect properties that WILL NEVER be replicated or modified to create decentralized digital money the world adopts like bitcoin.

To kill time between the $10 million bitcoin (https://medium.com/@lucidfunds/the-long-and-winding-road-to-10-million-bitcoin-4b1c83d26e5d) and where we are now, trading shit-coins has become a common gambling game.

Many people waste precious bitcoin trying to earn even more bitcoin on low-value crypto that nobody values.

https://pbs.twimg.com/media/D0bmns-WsAAPL_I.png:small



Warning to BTC Newbies

This is a fools errand that plays out the same continually throughout history.

New assets and markets open up, everyone jumps in to make "major gains" and lose their money time and time again.

All while precious assets like gold, or digital gold that bitcoin has become, just sit there storing value and securely transferring it without the need for 3rd parties.

https://pbs.twimg.com/media/D0XnrwyWoAIbnf5.png:small


Anyone new to bitcoin, please think twice before placing value on "new coins" that are merely pumped and dumped by the bitcoin traders looking to make even more bitcoin off the newbies. It's a tough new internet trading market out there. It could take another 20 years for proper valuations of crypto and Bitcoin's continued dominance in it to be known to the entire world.

No reason to waste your time and precious bitcoin on Alt-coins when you can troll shitcoiners with memes to remind them how dumb they are daily.

We have to stay busy and productive somehow before Fiats are pegged to Bitcoin!

Agree, i feel like when people get into other cryptocurrencies, such as altcoins, it’s only to hedge against bitcoin. The arguments as well are not very solid. “Bitcoin may have some failing, that Alt-coin won’’t" or “..this currency might have some future utility that’s definitely better than Bictoin”. These actually sound like “I’m afraid to invest so i’ll spread my assets around in 30 other places” type of arguments. I, personally feel like bitcoin has proven to be effective and secure. It has existed 8 years without failure and literally has the most entrepreneurs creating companies around it out of all cryptocurrencies.

I actually just don't stress about it. When you know bitcoin's the future, you know.

I agree with it somehow. Bitcoin should be the only one and the true cryptocurrency. Most altcoins are shit and don't deserve anything. To be honest, I just ignore them and focus more on the real thing that would really change the world, which is Bitcoin. Stay away from scam coins which is called shitcoins. But of course, there are some good altcoins to consider because they help Bitcoin grow,  for example advertisement or something. Take note, altcoins do have some good effects on Bitcoin. For me, altcoins kind of help reduces transaction fees from exchange to exchange or exchange to a wallet.

Well, investing in shitcoins is definitely bad, but I really don't see a problem with trading shitcoins. Also, why is it a waste of time? If you can make more money off it to increase your bitcoin holdings, then what's the problem with it? Trading doesn't automatically mean taking part in pump and dumps.

Agreed. At some point of the time I feel is the altcoins used for market manipulation nothing more than that.

There are two ways of looking into it:

• If I see at the market as a trader then it is just the numbers, PnL etc.,
• If I look at the coins with there use case then there are few like TRX, ETH which have there own moto like ETH for DApps, TRX for decentralised gaming, content etc.,

It depends on us how we look at it and also how we are using it. There are many ICO and new coins getting launched with high promotion just to create a scam, I am not referring to those coins here.

After long time some entertaining reading. I like the way you used your imagination to represent your thoughts graphically. The First two image are really entertaining and erotic. Good sense of humour.

= See how the tron lady reacting
= The sex vs rape thoughts
= Coinbase fucking their customers

All really good.

To answer your original concern: It's the greedy people who mislead the innocent people to fill their dirty pocket.

I kind of disagree. Don't get me wrong, Bitcoin is still king, but the race to being the "next Bitcoin" could bring about something worthwhile. Competition drives progress after all. The problem is that some alts are marketed that way just to make money lol.

Alt trading is risky, yeah, and more people have probably racked up losses from it than earnings, but if you can play the market, why not? I personally don't think that people should be supporting shitcoins at all but I have no problems with people who do; Bitcoin is all about financial freedom after all.

This post could be relevant somewhere back in 2017-2018 when cryptocurrencies had a huge amount of new users attracted by insane and fast income. Now most of these people either lost their money and disappointed in cryptocurrencies or finally realized how all those things work.
Anyway, there is no such big amount of new coins.

I agree, the competition is good.

There were already some nice inovations such as ethereum.

And any good idea made by an Altcoin can benefit bitcoin itself, as Bitcoin code can be improved by that idea also

Obviously, shitcoins don't give us any outcome and it's a waste of time. Expecting something which doesn't happen is the reality of investing in shitcoins, I am good with Bitcoin and I believe in this because it's a real competitor in the market and it will boom very soon.

I don't think people actually look for "next" bitcoin, it is rather the creator of those shitcoins that brainwash the sheep that are following them into thinking their useless shitcoin is a replacement for bitcoin so that they can pump it for a while and fill their pockets with their money before they move on to better things.

not knowing what they are doing is a waste of time, otherwise there is a big market of shitcoins that are getting pumped, if people stop having illusions about these shitcoins they can actually benefit from the idiocy of others  ;)

I agree with you, the market is flooded daily with millions of shit Altcoins that have no purpose except making rich developers & platforms. Especially when we talk about stable coins built on false promises.

I disagree with you in describing that all Altcoins are worthless, there are a few coins "number counting using fingers" can be considered good because it is impossible to get a perfect system 100%.

For anybody in search of the next Bitcoin is a total waste of time. Newbie investors get trapped sometime by searching for the next Bitcoin because of the confusions caused or cause by those scammers shitcoins creators, they brainwash them to forget the true Bitcoin and start to run after the next Bitcoin (Altcoins = Shitcoins). Though, lessons have been learned and past mistakes are now bygones, the true identity of the true Bitcoin has been revealed to all!!!!!!

You just say that and provide no arguments. How do you know? Someone who bought Eth very early could be rich now and would have not 'totally wasted their time'.

Also the early bitcoin investors were wasting their precious dollars trying to earn even more dollars on this low-value crypto stuff that nobody had heard of.

Other examples are also foundable in this matter. It is obvious there are a lot of people who get rich during last ATH price around crypto magazines.

What's done by beginners usually caused by more likely to be poisoned by his mind by various solutions and innovations that accompany altcoin especially to get instant benefits. Even they aren't shy to promote, that what they are doing is right and will benefit 000% X.

In the future there must be cooperation between bitcoin users, to create harmonization of the development of bitcoin and several regulations that can be prepared to become a reference. Because, this era of cryptonization (the emergence of new crypto) has made many bitcoin users disappear and not a few of them are turning to altcoin. If only they could realize it well, the presence of altcoin into the crypto market's actually a medium that can kill bitcoin on an ongoing basis.

Understandable, but OP,  not all altcoins are shitcoins. We never can tell what might happen in the nearest future. There is still a possibility of Bitcoin to get beaten as the 'most used or invested' coin but not as the 'first coin' cause it will still remain as that.
 A new coin might emerge or it may even be among the listed altcoins that we have. And many people might be selling altcoins or shitcoins because they probably got them through airdrop or don't want to touch their Bitcoin so they experiment with them.

Those were the one who are into the cryptocurrency network long back itself. Also what they did is the right thing, because missing it has led to a much longer time travel to reach the ath achieved by each and every coin in the market. As if now the confidence level among users have decreased and soon with cryptocurrency market growth confidence level over bitcoin's growth too will increase.

it is logical to trade with coins like litecoin ethereum except bitcoin but I don't trust shitcoins much, for example I buy 8 bitcoin Amp Synero coin, now the value is only 0.1 bitcoin. so it makes more sense to trade with reliable coins.

Do you know what Ether DOES?

https://www.ethereum.org/ether



Is that MONEY? Do you have any reason to believe that is anything close to global decentralized internet money?

That fact this needs to even be stated, shows the level of intelligence among posters in this space.

It is very clear if you learn to read and digest information before posting that you could understand the difference but make no effort at all.



It needs to have the Economic, Cryptographic, Game Theory, Governance, Psychological and Network Effect properties that WILL NEVER be replicated or modified to create decentralized digital money the world adopts like bitcoin.

LESS POSTING / MORE READING

99% of the world population does not own or believe in bitcoin or crypto currencies.

That is at least partially due to the confusion created in the ICO and New Coin space that currently exists. People who wrote off "crypto" as being anything legitimate won't come back or will NEED people to remember that this stuff isn't known or easily understood by people.

There needs to be reasons for people to come in and value bitcoin beyond speculation... until many more alt-coins close up and go away nobody should assume that mass adoption of bitcoin will be soon.

I also consider bitcoin to be the only valuable coin. Hardly any coin can replace it. It is bitcoin that will be the first coin to be widely used.

This is true , nowadays the investors had diversify their investment into too many shitcoin, the aim of the investors are looking for profit, but without they realise their action is going to weaken the bitcoin, and the developers also don't want to miss the train to make profit, now we are flooded with tons of no value alt coins and tainted reputation, if we can focus and have the same mindset for bitcoin, then btc could progress better and the adoption could become faster

I didn't say anything about that. I only said that if you invested in this particular 'shitcoin' early you would not have wasted your time.


Said the op after ranting

You seemed to want the arguments repeated regarding Economic, Cryptographic, Game Theory, Governance, Psychological and Network Effect properties that other "coins" dont have. Now is not the time to be speculating on new coins. That's the only point... its not hard.

We still have billions of people that dont plan to try understanding this stuff because it's wrapped in a get rich quick scheme.

He already generalizes it that's why he do proclaim overall that investing or making yourself involved to shitcoins is bad without even recognizing the advantage on having an alternative
ways to earn Bitcoin more.
If you do just trade smartly and secure profits within even on slight move then you are still good.

we all join here because we all want to earn a profit  . so leave them if that what they want with thier capital , its thier life not yours  . better if we can foccus on our own business .



so what if they will invest on those sh*t coins  ? yes they can earn a profit but the risk is also big and not all times they can earn  .  they did also loose  . while you that invest on bitcoin and other legit coins are still contiuing to earn a good profit with lesser risks  .  and besides not all are going for sh*t coins because majority of crypto enthusiasts are also wise and knowledgeable person  .  so dont worry meyt bitcoin value wont be affected that much .

There is a new industry now surrounding ICO, Alt-coin, Airdrops, Bounties etc etc just like Mining, Wallets, Exchanges have entire industries around them in different countries.

The difference is there are actual scammers creating business only around "New Coins" that are just going to rob new people to the space. We see it time and time again, so from our point - let's just wait 10 years and see which coins last...

There will probably be 5 of the top 10 altcoins still in the top of market cap. There is no way to tell which 5 will live and which will die though...

that is how they get you, by pumping their shitcoin the most and showing big profits that makes you think their coin is good just because it has given a huge profit. but when you actually study the project itself regardless of its price you can see how actually "shitty" it is.
besides if profit is the only thing that matters to you then there has been lots of other shitcoins that have given much bigger profit that ETH! i know of a dead shitcoin that got pumped nearly 1 million percent and with your logic that shitcoin should also be considered a good coin.

why do you hate altcoins so much? whats your problem with altcoins, after all bitcoin was also an altcoin created into a world environment that already had currencies.

Bitcoin isnt perfect, neither to help humans, nor to run a successful global economy, and neither as a tech interface, its also trash in that regard

bitcoin is a pure instrument for its issuers and miners to enrich themselves. AND introduce the blockchain encription technology. (which is the only good part about bitcoin)

i dont belive it will last.

The Wannabe Bitcoin Alt coins will always be out there, because everyone wants to replicate the "early day" profits that people had with Bitcoin. <They want to get in early at $1 a coin and sell at a ATH of $20 000+ >

The problem with that is the following :

~ Bitcoin had almost no competitors when it was launched. <Now we have 1000s of shitcoins, competing for your capital investment>
~ Bitcoin's inventor is 100% anonymous. <Nobody can take Satoshi to court and sue people for damages>
~ Bitcoin will always be the first coin. <Remember your first sexual experience?>
~ Bitcoin has the network affect.

OP, good post.. I enjoyed the images.  ;D

Bitcoin Funded EVERY Altcoin that exists today. How about 95% if the Alt-coins start showing some value?

Bitcoin started the whole "cryptocurrency hype" that alts leach off of to take peoples bitcoin. It was never an altcoin though.

I completely agree with you. All through human endeavors every new innovations is always being faced with several allegations in other to stop it from seeing the light of the day especially when the set of people involved are powerful and threatened by such innovation. Just like the time when cars were just being produced commercially there were all sorts of campaigns from the train owners but eventually they had to succumb to the way things are going. All these happening to bitcoin is a testament that it is really here to stay.

Well if you're fortunate enough to be in and out at the right time, any coin would turn out to be profitable. And i doubt that many of us here are really looking beyond a coin's real potential. It's all about making money which, as you said, can be taken advantage of by devs through pumping and dumping. I'd prefer to be open but wary about any coins.

Well there is a difference between trading shitcoins and trading altcoins. Investing in coins that increases your portfolio isn't a bad thing.
We can definitely invest in 'Altcoins' rather than shitcoins to increase the portfolio value of our investments.

Good post by the way. Also, it creates an awareness for the newbies. Unfortunately I didn't get such posts in the beginning days of my crypto trading.
If only I had knew about pump and dumps earlier, I would have saved a few coins.

..yeah,,i definitely agree to that..if most of the people will focus purely on Bitcoin investment then many will surely benefit to the success of it..nowadays,,many altcoins appears and most of them are shitcoins invented by scammers to steal money to its investors which causes stress and depression to its victims..before doing anything,always remember that scammers spread anywhere,,don't give your trust to everyone except yourself..because you cannot blame them if there is something bad happen to you..don't waste your time and money on a altcoin that has no potential to give you a success..just stay and believe in the power of bitcoin..I'm pretty sure you will gain success in the future if you invest in Bitcoin..

Actually, there is a great difference between those who got rich through Bitcoin and Ethereum which is unarguable but that doesn't make it Bitcoin because it make them rich, or does it? What is the price of Ethereum today compare to Bitcoin? Never said that searching for the next possible Altcoin to invest is a total waste of time, right? what i said is, those still looking for the next Bitcoin are just wasting their precious time for nothing. "ETHEREUM IS NOT BITCOIN NOR THE NEXT BITCOIN BUT ORDINARY ALTCOIN" 

Not only bitcoin is the only valuable coin in the market. Try to look to another top solid cryptocurrencies which they potential just like bitcoin. Even we see that bitcoin is widely used some other cryptocurrencies are now started to accepted in some countries. I think there are many valuable coins in market.

Monday Bump

https://pbs.twimg.com/media/D0rUd3XWkAAMiqQ.jpg:large

Centralized Currency like the British Pound, really don't Store Value well at all...

I do believe that some of the top 10 altcoins in cmc has a place in the world like eos, ada and neo. The real shitcoins are those other altcoins that are now 1000-2000 in existence which are offering the same service, with the same system but with just different names.

I think that the pump&dump altcoin era is close to it's end.Nowadays it's kinda pointless to create a brand new altcoin,because there's no way to gain some competitive advantage over all the other altcoins.Meanwhile all the altcoins in existence have nothing to offer exept a higher price volatility,so crypto trading turns into gambling.
There will always be "stupid money" and get rich quick schemes,the noobs will learn their lessons by trial and error.

jeah damit newbies, only value bitcoin give a damn about the others, make us the bitcoin whales as rich as possible.

be our bitch.

Maybe the platform upon which they function are the same, but this doesn't mean that the top coins in the cmc and rest of the altcoins were the same. There are more ico based assets, but there is quite a small number of coins. Among these coins very few goes as a scam. Taking the same into consideration it is good to go with those coins.

I have made more losses trading and bagging shitcoins than I ever made in my entire invest life. Shitcoin will always be shitcoin, they have no other plan other than to make their investors commit suicide, one will always think he can Lambo through shitty coins, until he realizes he is been moving round cycles and he has been scammed.

you kind of have a point but not quite. mostly because these "top" coins in CMC are mostly the same breed of useless coins but they were more familiar with the market and had a lot more money to manipulate it and advertise it and a lot more to pump and keep the coin on top. but that doesn't make them any better than the shitcoins at the bottom of the list in CMC

People like shitcoins because they are cheap and well marketed. It's easy to fall for a fancy website with flashing lights. People need to see through them and research properly before investing.

Indeed it is not good and wise decision to invest our money blindly we are having profit and making our future so it is really important to gain our information which can satisfy us at the time of fallen price to hold, some are scamming sites who will show you green garden but most of them are scammers don’t fall for them just hold with patience.

You got some valid point and just to add up that coins popularity and being hyped would most like get that high support from the community but not on all cases because if we do
try to look on the current top 10, they are on different platforms which means they have corresponding features that arent present into other ones so i can say that they are not on the same breed.

Thats why we have seen thousands of it and being copycat all over again because money making on this method do actually works.

I disagree with you in this comment. Why? Because i personally believe that only Bitcoin and Ethereum will be widely adopted in the long term. That is something i am personally seeing coming, the only one who could get replaced is Ethereum but it is used a lot when rewarding people who do bounties like Bitcoin and that is one very strong reason why it can definitely stay the same for a long long time.

With the same i mean, second place.

Shitcoins shouldn't be illegal. Making something illegal is restricting people from being able to do what they are made to do: choose! We are sentient beings able to decide for ourselves and mistakes make us who we are. We learn from them and become smarter.

Shitcoin bring balance to the world of cryptocurrencies.

Well for me, do not generalize altcoins. Yes maybe most of it are really "shitcoins" and has no value for us but, there are these altcoins who makes the competition a good competition. It is only on us on when and whom to invest.

I agree, these people like to generalize things which I think is not the right thing to do.

I don't think that other alt-coins are worthless there might be plenty of worthless alts but that doesn't mean that all of the alt-coins are.
Bitcoin also have some flaws that is what alt-coins are trying to fulfill but most of them are just trying to destroy and take over Bitcoin.

Yeah just like online gambling sites. People like to generalize that all gambling sites, they do not have fair play and some say the enjoyment isn't the same in physical gambling. It isn't true. I even know a site (https://vegascasino.io/casino/video-slots/crazy-bananas?utm_source=cccb) that has multiple slots, multiple types of games, fast transaction speeds, good customer care, a fair play, and anything that you wanted on a site. That cancels out the generalization. That is the same in the altcoins, yes some might be trash, but not all, like etherium and other good altcoins, and they aren't falling behind. Maybe one day, we never know, some might overtake bitcoin.

somehow i agree with @BuyBuyBitcoin,

Let me give you a practical example of what is happening in btc niche/bitcoin network.

I'm a computer tech (the term computer tech is NOT only when you have to work with the big companies like google,microsoft ..) is a term used to describe someone who is passionate  & love to his assist audience by resolving technical related-issue. In-other-word's, they make money solving tech-related issue for third-party. This could be inform of service,labor,partnerhip or collaboration.

*We that are in the computer-tech circle  will remain's even when the demand for such service drop vice-versa because of the passion.

Now, back to the thread, most people who jump-into bitcoin because of the profit (boom). will eventually leave when price drop. this is because they have no passion (interest) wihtin the bitcoin network.

So, what happening now is not a surprise to me and few other's. Most of these people who jump into bitcoin because of the transitional boom might have forgotten about their localbitcoin or bitcointalk credential's :o


One LOve & Long live to btc
Btcseo

Thats absolutely right, I better avoid coins that have a small market volume, you can never move freely when they have a weak market,
you will wait a long time for your order to be filled and it's very boring, it's better to buy coins that have large volume

I get your point but I think its not right to say other coins are just shitcoins and just a pump and dump scheme.

We all know bitcoin is on the top of every existing coins today but there's also promising coins that has potential and can be labelled the same as bitcoin when it comes to giving the users convenience by using it and profit as well.

Thats why nowadays its a must to have knowledge in the coins you want to invest in to avoid ending up in shitcoins.

Agreed, just tagging any coin with scam or shitcoin isn't the fair way of calibrating the potential of cryptocurrency. We all know we've got 2000+ cryptocurrencies added to coinmarketcap. From this we can segregate the right one, even several shitcoin have progressed in long run. So, it is about the development, the product behind it as well as the need for it in real world.