Bitcoin vs Altcoin environment

[cryptoaddictchie]

This is a good topic for purpose of debate as I've noticed that some users keeps saying altcoins are scam( probably some but don't considered it all cause its not) . So I Invited those whose btc maxi and altcoin maxi here to step up and voice out your opinion here with the purpose of healthy discussion.

I myself get familiar with bitcoin first, but as I advance my experience on blockchain I started to see that altcoins are also have pros and cons. There are scams out there but for me we can't say all those majors or potential coins are scam especially if they are becoming a profitable one for others who know and responsibly using their basic knowledge for use case and profit case.


If you are pro Bitcoin but still you do one of the following below then what is your sentiment on altcoins:

- Used centralized market to cash out your fund converting to usdt/usdc then to fiat.

-Using staking benefits on 3rd party app or centralized platform.

-Using gambling site with altcoin choices aside from bitcoin.

-Joining launchpads, ico, ieo, ido and any form of fund raising money

-Trading your btc to stablecoins or altcoins.

-Registered on cex market like binance, ftx, kucoin, Okex, and Huobi.

-Have axie infinity nfts  and some metaverse gaming projects.

If you are fudding altcoins but you do any of the above then what are you hypocrite?

Am I the only who cares to defend that not all altcoins are scam? I'm betting not. Btw I'm also uses btc so you can technically called me btc maxi. user

[Poker Player]

In my case I think I can be called Bitcoin maxi, since I don't use alts and I don't do any of the things you have listed. Although I did use some in the past but it's been a while since I only buy, earn and spend Bitcoin. 

Anyway, I'm sure some of what we call shitcoins will stay with us and have a use in society, no matter how centralized they are. The fiat money we use is also centralized and some people will even kill for it.

[jackg]

I think the altcoins being scams is just something a few bitcoin enthusiasts have (and it's probably not many of them either).

Bitcoin is the most proven fully decentralised and secure cryptocurrency but a lot of the other coins do serve a purpose in their own way.

I've met people that are very interested in other coins too (a few who exclusively like ethereum for example). Most altcoins are kinda experimental though too (so is bitcoin to an extent, but a lot of people have heard about bitcoin so its name carries value) but it does mean that you'd be taking quite a lot of risk trying to hold altcoins imo for a long time if you intend to just come back to your portfolio at a later date.

[Darker45]

Am I the only who cares to defend that not all altcoins are scam? I'm betting not. Btw I'm also uses btc so you can technically called me btc maxi.

In my case I think I can be called Bitcoin maxi, since I don't use alts and I don't do any of the things you have listed. Although I did use some in the past but it's been a while since I only buy, earn and spend Bitcoin. 

You guys may call yourselves BTC maxi but the real BTC maxi will surely not accept you in their fold.

Maximalists are those who take the extreme side of things. Bitcoin maximalists, therefore, are obviously those who only accept Bitcoin. They do not tolerate altcoins. It's Bitcoin or nothing. Theirs are close minds. They don't compromise.

And I guess we could consider those who are calling themselves Bitcoin maxis and yet use USDT, make the most of NFT opportunities, and so on as hypocrites.

[boyptc]

Btw I'm also uses btc so you can technically called me btc maxi.

AFAIK, someone who's been called bitcoin maximalist doesn't use any other crypto.

It's a good discussion to bring up someone's idea about being a bitcoin maximalists and as well as someone who sees some potential in altcoins. It's not a matter to me whether someone's a bitcoin maximalists or not.

The thing is, people can no longer ignore the potential of some altcoins that are also making rounds in the market. And that's why people are quick in jumping into different altcoins for their potential, what I don't like is the meme coins these days. Not hating dogecoin but it's that developers have took advantage of it to mislead people especially the newbies.

But we can't also deny that there are too many scams in most areas like in NFTs, rug pulls are everywhere.

[cryptoaddictchie]

In my case I think I can be called Bitcoin maxi, since I don't use alts and I don't do any of the things you have listed. Although I did use some in the past but it's been a while since I only buy, earn and spend Bitcoin.  

Then you are a true bitcoin maxi. Thumbs up for that. Provided that you have used some alts in the past means something isn't it.

Bitcoin is the most proven fully decentralised and secure cryptocurrency but a lot of the other coins do serve a purpose in their own way.

Yes 100% agreed. If those other altcoins served purpose means they are meant to exist and not to be called a scam one. They have been made to improve others lack of features like scaling and other blockchain usage.

And I guess we could consider those who are calling themselves Bitcoin maxis and yet use USDT, make the most of NFT opportunities, and so on as hypocrites.

Yes, ops sorry for the last statement maybe I should change that to bitcoin user instead of maxi. I've seen some who truly advocate btc in their such way. What I hate are those guys calling them bitcoin maxi, yet using usdt or any altcoin yet calling them out scam. Truly a hypocrite.

The thing is, people can no longer ignore the potential of some altcoins that are also making rounds in the market. And that's why people are quick in jumping into different altcoins for their potential.

Thats what I'm talking about. Some here who don't uses altcoins have some guts to generalise all altcoin are scam as if they uses it. There are some and that's a fact but generalising it, of course some would disagree including me and I'm sure some other guys here too.

[Accardo]

One reason I don't look into altcoins is the fact that most of them got forked out of bitcoin, So, the price of bitcoin affects every other coin in the market. But, recently, I have looked at some benefits and rewards people get from liquidity mining pools through alt coins and the profits looks good. I don't know if it's another means of earning as trading is not my thing. But cryptocurrency traders drive joy in buying different alt coins and I can't say for sure that I know why it's so. As for me, I receive any coin that has value in price and then swap back to bitcoin.   

[bitmover]

I've met people that are very interested in other coins too (a few who exclusively like ethereum for example). Most altcoins are kinda experimental though too (so is bitcoin to an extent, but a lot of people have heard about bitcoin so its name carries value) but it does mean that you'd be taking quite a lot of risk trying to hold altcoins imo for a long time if you intend to just come back to your portfolio at a later date.

I like etherem as well and I have some.
However,  nobody really  knows what will eth be in the future.

I saw an interview with antonopoulos recently,  where he was talking about it.

What will eth be? Ico, nft, defi, tokens? Everything is changing too fast and the goals are not clear. Now meta shows up, will eth be part of it?

“The future of Ethereum, of course, is much more uncertain than that of Bitcoin. Because Ethereum’s use cases is so much more open, because it’s a programmable blockchain with so many different possibilities, you tend to get whiplash if you tried to pay attention to what’s the current model of what Ethereum is pursuing right now. Is it ICOs, like it was in 2017? Is it tokens, like it was shortly before and shortly after? Is it decentralized finance, which it’s been doing for the last 2 and 1/2, three years? Is it non-fungible tokens? The simple answer is all of the above, and whatever sticks. And that can be disorienting, confusing, and very much look like a scattershot approach to innovation.”

https://dailyhodl.com/2021/03/02/ethereums-future-is-far-more-uncertain-than-bitcoins-says-andreas-antonopoulos/


Bitcoin goals are much more clear are objective,  since its creation: to become a global decentralized currency. Period.

I think it is worth to invest in altcoins,  as cryptocurrency might be a huge part of our future. And bitcoin won't be alone. But bitcoin is by far may main bet and investment

[ShowOff]

I love bitcoin and I love altcoin too. For different needs when bitcoin transaction fees increase then some low fee altcoin will be an option for me to use. I wouldn't say I'm one of those people who hate altcoin, actually I have quite a few altcoin in my portfolio till now.

I'm trying to find some reasons why people tend to think of altcoin as shitcoin, it's simply that they don't have any real use cases in different countries. Centralization is another reason why they have started to ignore it as a means of payment, but some of them may still use it as an attempt to make a profit. Neutrality without being hypocritical about altcoin is what I have done so far to make a profit especially on investing and trading.

[RapTarX]

It's really something you have to have experience with. Just sharing something from someone I know. That guy started 2017 with 15ish BTC. After a few months, he invested in a few altcoins. He was definitely up and was in profit in terms of $$$ even at the time of 2017 & 2018 bullrun but he was not anymore able to recover his 15ish BTC. Can you imagine? At the end of the day, he was a loser in terms of BTC. Shouldn't they call it a scam? I guess that's the point. Altcoins are there with their benefits but they are also here to steal your Bitcoin (some maxi already said that, I can't remember who it was).

[SquirrelJulietGarden]

Altcoins have use cases are good enough and if they can keep their use cases alive, keep their communities exist, they will survive in crypto market. They might not have big pumps, big growths but survive is a great success already.

Pumps or short term price rises are not indicators for success of a project. Long survived use cases are better ones to prove that a project achieves something.

In short term, bad altcoin projects can try to build up some use cases for their coins, tokens but after few months and in the end, they end with no active use cases, dead communities and project finishes its lifespan with death.

It's vital. Dogecoin does not need to have great technology but its communities, use cases contribute to make it as one of best altcoins with very long survival time in the market.

[mk4]

I've been seeing a lot of sort of "maxis" here that sometimes advocate for using certain altcoins(like LTC) when transferring funds in a quicker and cheaper manner(e.g. exchange<->exchange transfers). I think there's nothing wrong with it; because despite the likes of LTC being bad and unnecessary, it's just logical to use it at certain(albeit kinda rare) circumstances.

Maximalism is mostly the views/opinions; not necessarily that they're 100% banning themselves from using other coins when it makes things faster/cheaper for them sometimes. And I'm pretty sure a lot of maximalists trade altcoins as well, solely to increase their BTC stack.

I think one of the problems is just that a lot of maximalists still think that most of these altcoins are trying to compete against bitcoin, which is definitely not the case. I'm pretty sure every non-noob cryptocurrency enthusiasts knows that bitcoin won it's category already, and most altcoins(that are not straight-up trash like XRP) are pretty much just pseudo-equity(decision voting and revenue share) to certain platforms. No one cares about the likes of BCH/BSV anymore; we're not in 2016-2017. They can call the cryptocurrency space stupid, but it's definitely not as stupid as it was back then.

Am I the only who cares to defend that not all altcoins are scam? I'm betting not. Btw I'm also uses btc so you can technically called me btc maxi. user

It can definitely be misunderstood. The common line from maximalists is "altcoins are scams", giving the impression that altcoins in it's entirety are scams; then when asked about it, they'll be more specific(and more realistic, which I mostly agree with): "99% of altcoins are scams".

[1miau]

If you are fudding altcoins but you do any of the above then what are you hypocrite?

Yes, I like FUDing Altcoins. *

Especially centralized Altcoins, so 99% of all Altcoins are affected. Let's call them Shitcoins.
In my opinion, it's important to have a detailed analysis of an Altcoin and everyone should call out at least the worst Shitcoins.

Especially XRP, BSV and Tron because for my impression, they are the most dishonest ones deceiving holders and Newbies.
Somehow, it's our responsibility to call out Shitcoins.
But if we start categorizing "worst ones" and "less bad ones" it's always an issue because people feel, some even very centralized Shitcoins are more legitimate...

After all, reading a lot also about Altcoins can be very interesting for people to know why Bitcoin has advantages.
Even the most realible PoS coins are still less legitimate because PoS has huge issues.


* and I own some   (to increase my sats)  

[NeuroticFish]

I feel that most of those telling that all altcoins are scams are people who don't care that much about bitcoin either as technology; all they care about is price and profit.
Then yes, since they've got disappointed or potentially disappointed by altcoins, they say a lot of things.

If one has a bit more knowledge or it's at least open minded, he can see that altcoins:
* can be testing ground for various ideas which may or may not get into bitcoin itself
* open new horizons - from smart contracts (with good and bad) to full anonymity or different ways of storing data and sending transactions

Yes, many (most!) altcoins and tokens were made only for quick money. But scams do exist in cryptosphere with and without altcoins / tokens.
Imho the altcoins that only changed the mining algorithm are more or less copycats/shitcoins and kinda doomed (and unfortunately Litecoin may be in this group too).

Unfortunately for the altcoins, their price is extremely dependent to Bitcoin's - because this is how exchanges were made and this is how people's investments go - and this makes them a risky (and often bad) investment. The fact that many were built as scams or became scams (or just deserted) didn't help.


I cannot tell much about DeFi and NFT though. They are imho not mature and not properly thought. Current way of handling NFTs is sub-optimal to say it nicely, leading to potential problems. DeFi had its share of hacks telling by itself that it needs.. something. But I was here in the golden age of ICO, hence this time I chose to stay away. I expect the current excitement over DeFi and NFTs end sooner or later, then we'll see what projects will prevail. I guess that will be few. I hope I'm wrong.

[Falconer]

Apart from bitcoin, altcoin are a great option for increasing profit during a bull market. I don't agree that all altcoin can give us a commensurate profit, but the current list of 10 altcoin can explain that it can give us an advantage. I am not a hypocrite, altcoin have given me a lot of profit where it is able to give me the opportunity to buy bitcoin somewhere.

I agree with the opinion that not all altcoin are scams, but I believe we should do more analysis when we want to invest in altcoin. People believe in the future potential of bitcoin, but many people doubt the future of good altcoin especially the unknown ones.

[BIT-BENDER]

Well definitely I would say I am Bitcoin maxi on this one, I have real no experience in Alt-coins I have to be honest, but I believe in research so far I have been able to avoid Lossing my capital every since I start to prefer Bitcoin, and I am confident in Bitcoin even if it drops so low today, it has been consistent for more years than I can even research on, but I have heard several sad story from people experiences with alt-coins, I have to learn from people rather than wait to be affected, definitely there are good alt-coins, but some of them has already gone high so it's still safer buying Bitcoin rather than risking same amount on them.

[aoluain]

I'm a Bitcoin maxi and have very little time for Altcoins eventhough I have a very small
amount of Ethereum and Litecoin.

One thing with Alt's is the "When Lambo" following they get and the hype which surrounds
certain projects at a given time. The attention a project gets can eventually evaporate when
a new flavour comes along and the following shifts in the belief that the new project is going
to provide that Lambo, and on it goes.

As regards projects themselves, it seems the space is quite crowded, I'm there is a lot
of duplicity?

Bitcoin is what it is, it doesnt have a competitor.

[PrivacyG]

My gut feeling says only few of 'em speaking truly know the definition of the words they speak.  See the reply previous to mine and you will know what I mean.  Too few know what a Bitcoin maximalist is and most of our Bitcoin Talk users seem to only be calling themselves this way when the conditions are met for a potential merit drop from someone else.

Not all Altcoins are scams.  There are in fact a few notable ones like Monero that still do not get the attention they deserve.

When it comes to Bitcoin maximalists, I perceive them similar to the way Peter Schiff has been perceived by most of us.  He seems or seemed to only appreciate and agree with Gold and Silver investments and was fully against Cryptocurrency investments or usage.  Maximalists will always exist in both of the Bitcoin and Altcoin ends.  To say that everything is a scam in the Altcoins world is indeed wrong.

-
Regards,
PrivacyG

[cryptoaddictchie]

It can definitely be misunderstood. The common line from maximalists is "altcoins are scams", giving the impression that altcoins in it's entirety are scams; then when asked about it, they'll be more specific(and more realistic, which I mostly agree with): "99% of altcoins are scams".

So can you give me that 1% of yours that isn't considered scam. I'm not sure about that, but if youre doing one of the above I've mentioned, then where is your position in this debate. Are you in favor of altcoins or patronize btc but still doing some of these I've mentioned.

* and I own some  (to increase my sats) 

I remembered you promoted avalanche some quite time ago. I'm not sure if you like that or you'll convert that to sat as well.

I expect the current excitement over DeFi and NFTs end sooner or later, then we'll see what projects will prevail. I guess that will be few. I hope I'm wrong.

What if this is just the beginning. I've tried some of these defi products that's work on financial aspect like lending and borrowing and earning or yielding interest which is good that I may not be able to use on btc aside from holding. I believed the next hype is the full blown metaverse.

[pooya87]

Some people are trying to redefine the term "bitcoin maximalist", maybe with good intentions. But the fact is that this term was first created and is currently mostly used as name calling when the altcoin bag holders have no arguments against the flaws others keep pointing out in their shitcoins.

So let's not sugar coat this term.

I've noticed that some users keeps saying altcoins are scam

Majority of altcoins are useless garbage made for pump and dumps, however there are only a handful of decent projects out there which nobody can deny. But since the top altcoins that are talked about the most are in fact shitcoins, it may be the reason why you thought people are calling "all" altcoins scams.

altcoins are also have pros and cons.

You should try not to confuse "pros and cons" with "serious flaws". For example a premined altcoin that is also centralized is seriously flawed, you can't define any pros for this altcoin even if it is being pumped and has given you a lot of profit.
It is like trying to talk about pros of a car such as its comfortable seats while it doesn't have an engine!

they are becoming a profitable one

This is the main problem with cryptocurrency world in general. People are blinded by the profit they make so they ignore the serious flaws. For example almost all of the "most profitable" top ranking altcoins have mutable blockchains (in simple terms it means your transactions can be reversed if the centralized authority saw fit to reverse it), which means these coins should not even be alive let alone be pumped this much.

- Used centralized market to cash out your fund converting to usdt/usdc then to fiat.

Does anyone even do this thing? It sounds silly! If you want to go from bitcoin to fiat then just sell bitcoin to fiat. Why sell it to another centralized altcoin then convert that to fiat by paying twice the fees?!!!

Am I the only who cares to defend that not all altcoins are scam?

No you are not alone, I will defend that not all altcoins are scams but also I defend that majority of them including the top altcoins are shitcoins.