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Author Topic: This is why I am so frustrated with bitcoin  (Read 9230 times)
sixtyonefourfive
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June 30, 2019, 04:50:57 AM
 #1

It has become clearly evident that bitcoin will dominate the world as the global number 1 cryptocurrency, that's is OK with me.
BUT...
what I am finding really frustrating is all the retail, and institutional money that will only ever flow into bitcoin and will never, ever touch any altcoins.
Sure bitcoin is the master, the supreme, the original crypto, but for gods sake, its now the only cryptocurrency.
Surely out of the 2000+ altcoins, some of these will be almost as powerful as bitcoin.

The altcoins have been smashed of late, purely by the greed of bitcoin, sucking up the global fiat money.

Every altcoin has been sold off and money shoveled into bitcoin.  WHEN IS THE PAIN GOING TO STOP!

I have lost so much money on my altcoin HST decision token, purely based on the greed of bitcoin.

Please as an altcoin investor, please stop hurting us, this is so damn cruel.
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June 30, 2019, 05:22:38 AM
Merited by LoyceV (6), Carlton Banks (4), malevolent (4), gmaxwell (1), nutildah (1), AGD (1), morvillz7z (1), hisuka (1)
 #2

Please as an altcoin investor, please stop hurting us, this is so damn cruel.
As an altcoin investor, it is your own greed that is hurting you, not anyone else's. Consider: out of these 2000+ altcoins, how many are substantially innovative in any way, or are sufficiently superior to Bitcoin to overcome its first-mover advantage? Since the brutally honest answer appears to be "none", why would you think "investing" in these coins is a good idea that will lead anywhere but ruin? Ethereum tokens are an especially sad case, being failed projects built inside of another failed project, like a Matryoshka doll of failure.

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June 30, 2019, 05:32:40 AM
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Quote
I have lost so much money on my altcoin HST decision token, purely based on the greed of bitcoin.

Please as an altcoin investor, please stop hurting us, this is so damn cruel.

This is so dumb I can't stop laughing.A trader,who is whining at the "unfair" and "cruel" markets. Grin
Dude,just stop trading that do something better with your time and money.I can see from your statements that crypto trading is not your thing.Just stop going it.


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sixtyonefourfive
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June 30, 2019, 05:36:29 AM
 #4

I certainly was not greedy in my choice of altcoin, it got smashed as bitcoin rose, its just my bad luck.  The simple fact is that bitcoin needs the altcoin market as much as the altcoin market needs bitcoin.  Many people trade altcoins and make significant profits which they then buy more bitcoins and vice-versa.

So to state that over 2000+ coins are worthless when comparing to bitcoin is just outrageous.
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June 30, 2019, 05:39:17 AM
 #5

Dude, if you can't stop being too emotional then you should quit trading.

Market is where people make money, you can't expect anyone to be happy. One man profits == one man loss, vice versa.

Bitcoin dominance is too great atm, which is why alts got crushed easily. But when it goes sideway, most of the time, alts will rally like hell.

Use your brain and do your own strategy.
sixtyonefourfive
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June 30, 2019, 05:50:22 AM
 #6

Bitcoin dominance is so high right now, its single-handedly destroyed 2000+ altcoins with millions of investors in serious pain, have some compassion please!
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June 30, 2019, 06:13:00 AM
Merited by o_e_l_e_o (2)
 #7

I certainly was not greedy in my choice of altcoin,
Then pray tell, what did motivate your choice of altcoin? What amazing unique feature or point of technological superiority made you decide that HST was a more viable investment than Bitcoin?

The simple fact is that bitcoin needs the altcoin market as much as the altcoin market needs bitcoin.  Many people trade altcoins and make significant profits which they then buy more bitcoins and vice-versa.
That is exactly the sort of greed-driven circular logic that got you into this mess. Bitcoin doesn't need markets. Bitcoin needs merchant adoption. Which, unlike altcoins, it already has, albeit to a limited degree. Can you buy a beer with your altcoin? More importantly for long-term investors, do you really believe you will ever be able to buy a beer with your altcoin? If not, why do you believe it has any real value other than to sell to a greater fool?

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June 30, 2019, 06:31:37 AM
 #8

Well if the altcoins are not doing well then why are you frustrated with Bitcoin ?

Shouldn't you be frustrated with altcoins ??

It's not Bitcoin's fault , if they are specifically now able to grab that much audience and their investment strategy isn't pleasing to the people who are from cryptocurrency world then you know they need to change that , they need to improve it and then only will they be able to make it to the top.

It's not Bitcoin's fault.

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June 30, 2019, 06:36:58 AM
 #9

It has become clearly evident that bitcoin will dominate the world as the global number 1 cryptocurrency, that's is OK with me.
You already know that it will dominate the market. Why did you not balanced your portfolio by taking some bitcoin into it?

I have lost so much money on my altcoin HST decision token, purely based on the greed of bitcoin.
You really sounded that you took all your money and put it all on HST. Don't blame bitcoin if investors made the wise decision to invest in it rather than your token.

I certainly was not greedy in my choice of altcoin, it got smashed as bitcoin rose,
If it has strong fundamentals, it will recover from this slump. Your panicking tells us otherwise.



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June 30, 2019, 07:14:18 AM
 #10

Mate, it's not Bitcoin's fault that it is more trusted than all the altcoins combined. Bitcoin's value is but a result of how much people trust it, buying it more than any other crypto. Plus, it is very elementary for every crypto enthusiast to have some BTC and not just focus on a single altcoin which may be reliable but not even found on the top 100.
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June 30, 2019, 08:14:13 AM
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The fact still remains that almost all altcoins were smashed in the recent bitcoin run over the past month as investors sold altcoins to buy more bitcoin, then bitcoin crashed back down and the altcoins suffered a further smashing, so in effect altcoins got smashed twice in a month and have not recovered.  This is why I blame bitcoin for a massive smashing!
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June 30, 2019, 08:21:51 AM
 #12

What kind of flawed logic is that op? It simply does not make any sense whatsoever. You probably invested in altcoins in order to acquire big returns quickly when compared to investing in BTC which takes a lot longer.

This is the mistake many people tend to make. It works minority of the time(2017 bull run), but it fails majority of the time which is why you were aware of the risks involved and you cannot blame BTC for your losses.

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June 30, 2019, 08:31:24 AM
 #13

you cannot blame BTC for your losses.

Yes I will continue to blame BTC for my losses on HST decision token, along with the other 2000+ altcoins that got a double smashing over the past month while BTC skyrocketed.
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June 30, 2019, 08:34:05 AM
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 #14

I would start here - https://www.bbb.org/consumer-complaints/file-a-complaint/get-started

Then here - http://en.kremlin.ru/contacts

And this will probably get the result you're looking for. These guys are the ones making other governments do their bidding even when they're unaware of it. That's true power - https://www.tristandc.com/contacts.php
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June 30, 2019, 09:03:44 AM
 #15

It has become clearly evident that bitcoin will dominate the world as the global number 1 cryptocurrency, that's is OK with me.
BUT...
what I am finding really frustrating is all the retail, and institutional money that will only ever flow into bitcoin and will never, ever touch any altcoins.
Sure bitcoin is the master, the supreme, the original crypto, but for gods sake, its now the only cryptocurrency.
Surely out of the 2000+ altcoins, some of these will be almost as powerful as bitcoin.

The altcoins have been smashed of late, purely by the greed of bitcoin, sucking up the global fiat money.

Every altcoin has been sold off and money shoveled into bitcoin.  WHEN IS THE PAIN GOING TO STOP!

I have lost so much money on my altcoin HST decision token, purely based on the greed of bitcoin.

Please as an altcoin investor, please stop hurting us, this is so damn cruel.

My first question to you is, "Why do we need altcoins?"

Having 2 or 3 altcoins is ok, but certainly not in thousands! We don't need different different altcoins for each separate activities, which are actually making things more complex for us all! Having few altcoins like ETH, EOS or even Steller is ok, but why do we need separate coins for each activities? Majority of these altcoins are trying to solve problems that doesn't even exist and make no sense at all! Only the investments are getting divided!

Seriously, as an old crypto adopter, I seriously believe that we don't need altcoins, Bitcoin is the king and it will remain as the king!

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June 30, 2019, 09:06:12 AM
 #16

I think you lack understanding about bitcoin just because you experience defeat. now all your losses have nothing to do with bitcoin as a destroyer, you just stepped wrong. try repeating your mistakes and do your best so you can not lose money from bitcoin,

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June 30, 2019, 09:29:40 AM
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I think you lack understanding about bitcoin just because you experience defeat. now all your losses have nothing to do with bitcoin as a destroyer, you just stepped wrong. try repeating your mistakes and do your best so you can not lose money from bitcoin,

Well, he is just frustrated alright, And I guess he doesn't really know what he is doing, and you are right he just stepped in the wrong scene if he can not handle the lost, And by just thinking that Altcoins will just do you only nothing but good, And for Bitcoin as well if you don't have a right mindset for this kind of field you will surely burn all your investment,

And for OP don't ever curse bitcoin if you don't know anything about cryptocurrency, Bitcoin is the only coin out there that are producing value for other Cryptocurrency, You can say that all Altcoins is dependent on bitcoin and cannot gain anything without it, And maybe you are investing in all sort of Altcoins, I think you need to read in the forum and ask questions or research the market on what Altcoin is favorable to make investment, And still Bitcoin is a good investment and a clear good decision you can make, You should try it and not just make investment to random Altcoin's that hasn't proven anything in the market.
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June 30, 2019, 09:30:57 AM
 #18

You only have the motivation to multiply your investment quickly without loss, if that's what you want better invest in industry that has a lower level of risk. Your frustration with Bitcoin will not solve any problems instead it will make you more hesitant to execute your profits, there are many ways you can do while the price of altcoins is free fall

The main key to success is in the value of assets that are getting more valuable. Recommended Crypto Trading platform Binance.com
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June 30, 2019, 09:31:40 AM
 #19

Please as an altcoin investor, please stop hurting us, this is so damn cruel.
As an altcoin investor, it is your own greed that is hurting you, not anyone else's. Consider: out of these 2000+ altcoins, how many are substantially innovative in any way, or are sufficiently superior to Bitcoin to overcome its first-mover advantage? Since the brutally honest answer appears to be "none", why would you think "investing" in these coins is a good idea that will lead anywhere but ruin? Ethereum tokens are an especially sad case, being failed projects built inside of another failed project, like a Matryoshka doll of failure.

Mostly agree with your reply but I was rather hopeful for Myriadcoin which as far as I know was the first multi algorithm coin which gave everyone a chance to mine and also went some way to prevent the chance of 50% attacks. It still has a good following so who knows it may take off at some point.
As you stated though coin trading is all about making profit so if you make the wrong choices don't blame the people who made the right choices.
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June 30, 2019, 09:58:15 AM
 #20

Well, the wisest crypto investors always knew this about Bitcoin. Bitcoin is crypto, but crypto is not bitcoin,,, just remember that. Why would investors put serious money into altcoins when merchants countries and banks all see the threat in the shape of bitcoin? When you see exchanges and buy alts, what do you buy it with? Bitcoin of course. Accept crypto? Bitcoin first. You go and accept alt only and see what happens.Smiley

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