Say no to maximalism

[Fivestar4everMVP]

Great thread with really useful information and advice, all that the op said is one I completely agree with, atleast, for the years I've spent on this forum, I've come across several posts on this board which made me personally question my personal decisions of sometimes choosing to share or diversify my fund into other crypto assets alongside bitcoin, some people make one feel that Bitcoin is the only crypto asset to invest money in, and that any other crypto asset outside of bitcoin is a shitcoin, and amazingly, (in terms of profit) I've watched some of this so called shitcoin turn their early investors into millionaires, even when and while bitcoin is struggling to break out of a resistance.

Bitcoin, as good as the project is, which I believe we all appreciate, is still not perfect 👌 in everything, and like I will always say, bitcoin alone can not serve the entire cryptocurrency community we have today, the network will likely become unusable due to slow and high transaction fees, which is as a result of scalability issues.
So, Altcoins are always a major part of this Ecosystem and also have contributed greatly in the success of bitcoin itself.

[franky1]

bitcoin doesnt force anyone to just use bitcoin, people are free to choose any currency they like.. and they CHOOSE to like, support and be loyal to bitcoin based on its merits.. however when altnet cultists try to force people to not support bitcoin, not be loyal, thats where the altnet cultists go wrong and become hypocrits

blackhat supports features and bugs added purely to make bitcoin more of a headache and congested. he only idolises getting people to abandon bitcoin
in short he is part of a shameful group of people that want to recruit people over to sub-par networks

[Wind_FURY]

Maximalism is merely the reaction of many people in the community who became smart enough to understand that 99% of the projects, coins/"cryptocurrencies", and tokens being sold to you are scams - that's a FACT.

The rest of the people who became more Bitcoin-focused/maximalists are those who were actual victims of those scams. Plus many people who currently claim that they are more "open-minded" about shitcoins will be victims again and will return to Bitcoin.

¯\_(ツ)_/¯

[Learn Bitcoin]

Maximalism is the mindset that your project is the only valid one. This approach leads to a refusal to consider new information. It is dogmatic and somewhat intellectually limiting, in my opinion. And I have encountered it several times in this forum.

Bitcoin maximalists tend to dismiss the perspectives of those outside Bitcoin. While I respect the economic tenets of Bitcoin, such as digital scarcity, the superiority complex should not overshadow technical discussions. Bitcoin is not inherently superior to other cryptocurrencies like Monero or Litecoin; it simply has its own trade-offs.

To be honest, I was kind of like this. I don't know why, but I couldn't trust any other cryptocurrency because I invested in some shitcoin in 2020 or 2021, and all of them became zero after a couple of months. I have invested in those coins because of the success of Shiba Inu. I thought, why not try my luck on some other shit coins which may give me 100x after a couple of months. But then my mind changed, and I thought Bitcoin was the only thing I could trust.

But the reality is, I started hunting for airdrops lately and to be honest, I did not know about most of ETH layer two solutions and the usage of most coins/tokens which has some potential. Not only that, a couple of news projects came on the market and some of them are successful now. Whatever you said, I guess JJG disagree with you 

[Marvell1]

Whatever you said, I guess JJG disagree with you 

Everyone knows JJG is a bitcoin maximalist and says no to the rest of the market including ETH. I don't remember all their names but I'm pretty sure our forum has the highest concentration of bitcoin maximalists and that's part of what makes the forum unique.

It can be said that life is colorful and it is very normal for each person to have different thoughts. I personally am not a bitcoin maximalist but I don't see any problem with maximalists because they have their reasons. But I hope everyone should respect each other's choices, not impose their thoughts on others or try to attack them just because they don't think like us.

[bitmover]

I am saying what is very simple.

I now have a signature payment on this site and on altcoinstalks.

My mine is done ✔️ I wanted some income.

I have received multiple payments for the two signatures.

both campaigns have paid me in ltc a few times . why btc fees were too damn high.

now picture if ltc and doge did not exist what would they have done to pay me when the mempool was clogged.

Trump has nothing to Do with this.

Fee spike lasted for just a few weeks in a 13year range. Basically irrelevant...

I think you are ignoring your own experience to defend an idea.

If people were making runes in ltc chain the fees would also have skyrocketed, just like they did in ethereun (which used to be almost free). There are no ordinals or runes in ltc because that chain is basically irrelevant now

Ltc fees are cheap because nobody uses it. Network is not congested.

Just my 2 cc in this.

As someone who uses btc nearly daily for p2p transactions  for the last 7 years I am can say that btc is perfectly suited for p2p

I even prefer to receive in btc than ltc or doge because those coins lose value against btc very quickly.. their performance is much worse

[philipma1957]

LTC is being used more than BTC as a currency at the moment and yet its price is still failing against btc.

BTC lost its use case for micro transactions aka coffee purchases.

thats why both ltc and doge are good for small payments.

who wants to pay 1000 worth of a coin only to see it triple in price.

doge with its constantly decreasing inflation year by year. is ideal for small transactions. and it can do 10x the volume that btc can do.

doge inflation rates are.

year 1 100%
year 2. 50%
year 11 10%
year 21  5%
year 26. 4%
year 51  2%
year 101 1%

this goes on forever or at least til the end of the internet.

this is a perfect method of small sends of a value that does not drop quickly like fiat and on the other hand it does not increase in value like btc.


to deny that this is not superior to btc for small p2p is ridiculous.

yet people will come to the thread and argue that btc is better.

[BlackHatCoiner]

Maximalism is merely the reaction of many people in the community who became smart enough to understand that 99% of the projects, coins/"cryptocurrencies", and tokens being sold to you are scams - that's a FACT.

It's a fact that the vast majority of altcoins are useless get-rich-quick schemes, but not all of them fall into this category. Some simply have different trade-offs, such as MimbleWimble in Litecoin or ringCT, ring signatures, and stealth addresses in Monero. Other trade-offs exist in Zcash, Grin and Bitcoin Cash. And I'm not claiming that they're more or less useful than Bitcoin. I'm simply saying we should recognize the situation for what it is: healthy competition among currencies, with each one satisfying different needs.

[Casdinyard]

Maximalism is the mindset that your project is the only valid one. This approach leads to a refusal to consider new information. It is dogmatic and somewhat intellectually limiting, in my opinion. And I have encountered it several times in this forum.

Bitcoin maximalists tend to dismiss the perspectives of those outside Bitcoin. While I respect the economic tenets of Bitcoin, such as digital scarcity, the superiority complex should not overshadow technical discussions. Bitcoin is not inherently superior to other cryptocurrencies like Monero or Litecoin; it simply has its own trade-offs.

However, there's more to consider. Bitcoin embodies the free-market ideals envisioned by Austrian economists, who would likely support a market of competing currencies. To me, that means Bitcoin embraces this variety of cryptocurrencies. Being a Bitcoin maximalist is actually contrary to the spirit of Bitcoin, because it involves unwavering support for Bitcoin, when you should be skeptical and rigorous in examining its potential weaknesses. We move forward in life by addressing our flaws, not by celebrating our achievements. As Charles Darwin said,

It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.

Don't be myopic and dogmatic. Say no to maximalism.

This is something that I've been trying to say for a while now, glad that more and more people are agreeing with me on this. There's no definitive "best cryptocurrency out there" every single one of those that has solid support and feature caters to those who think they are something worthwhile investing, and nobody should clown anyone about investing or not investing in a particular coin. I see this all the time with bitcoin maximalists too, people who thinks everyone should just dump their coins to the sewer and buy more bitcoin, not thinking that if that would happen the whole industry will collapse in on itself like a dying star.

I think we should all be more accepting and open when it comes to investing cryptocurrencies, to me, everyone on top of the hot charts even if it's a memecoin, deserves praise and support regardless if you're into that kind of thing or not. Let's not be maximalists here people.

[legiteum]

This is something that I've been trying to say for a while now, glad that more and more people are agreeing with me on this. There's no definitive "best cryptocurrency out there" every single one of those that has solid support and feature caters to those who think they are something worthwhile investing, and nobody should clown anyone about investing or not investing in a particular coin. I see this all the time with bitcoin maximalists too, people who thinks everyone should just dump their coins to the sewer and buy more bitcoin, not thinking that if that would happen the whole industry will collapse in on itself like a dying star.

I think we should all be more accepting and open when it comes to investing cryptocurrencies, to me, everyone on top of the hot charts even if it's a memecoin, deserves praise and support regardless if you're into that kind of thing or not. Let's not be maximalists here people.

I think people should believe, as I do, that the market will be 10x bigger than it is today in ten years. That means the market will grow from $1.5T to... $15T.

In order to get to this level, which would require virtually every developed-world consumer to be involved in memecoins, there will need to be some new thinking, and the old ways aren't always going to work for a lot of those new users. Some in this community will evolve their thinking, and... some won't (although and it's not like Bitcoin is going anywhere, and it will grow too).

The most common issue people have with memecoins is that there has been a lot of failure and fraud in this business. That's a huge problem, but it needs to be challenged head-on. Consumers want safety most of all: they want to be able to invest in a memecoin and not worry about getting ripped off, or the market being manipulated unfairly.

And while Bitcoin and crypto started in the "grey" world of cyberpunks and (sorry) quasi-criminals, average consumers are repelled by this kind of thing. In other words, old-school hard-cores from the community will say, "do your research or you'll get ripped off", but average consumers don't have time for that, and they just want to click on an app and bet on their favorite meme without worrying about fraud. That's going to require a different mindset than the Bitcoin community is used to.

But the first step here is to realize this is not a zero-sum game. The growth of memecoins will increase the adoption of Bitcoin, not shrink it.

[TheUltraElite]

I dont like the "cult" like picture that certain bitcoin users try to promote. I think the message can be found in the OP's text, we should keep our eyes open and be considerate to new developments in cryptocurrencies because this is a developing sector and new things will come up eventually.

But the fact that so many coins have come up and only proven themselves to be vaporware and shitcoins, only shows that bitcoin might be the only coin that is ideal for many years to come.

Still we should not become so limited in our approach. Keeping it to bitcoin is a safe approach, but always be open to discussion.

[d5000]

There are no ordinals or runes in ltc

Ordinals LTC (supports Runes).
OrdinalsLite
Liteverse Marketplace

Should be the reason for the spikes in the numbers of transactions you can see on Bitinfocharts in late 2023 and early 2024. Now on both BTC and LTC the Runes/Ordinals activity has decreased drastically.

Ltc fees are cheap because nobody uses it. Network is not congested.

Second sentence is true, first is not. The number of transactions is stable at about half of Bitcoin's transactions. The current value was 192k txes/day. For a coin which has about 1/100 of Bitcoin's market cap this is quite good. Or is Bitcoin's usage "nobody * 2"?

LTC is also the coin most used at Bitpay.

On the link also you see that LTC's transaction throughput is continuously growing. In it's "perceived" heyday before 2020, much less people were using it. It's quite funny actually, when everybody was talking about "arise chiggun", LTC's chain was quite empty ...

I believe LTC is quite established now even if the price performance was indeed relatively poor last year. Doge too as the "historic and most decentralized memecoin", and XMR of course too (which is performing quite well price-wise lately). And this is quite a good thing. We have three quite different chains which can serve as a "backup" for Bitcoin, even if Bitcoin ran into problems (e.g. due to a critical bug), a recovery is more likely if there are such "backup chains" which can even in theory work, for example, as a Bitcoin sidechain.

I would also not be sad about more decentralized chains competing with these three main decentralized altcoins, but if we go down the rankings on CMC, Coingecko etc., after XMR (and perhaps Kaspa) there is a big "gap", all coins are centralized or semi-centralized until #200 approximately where Dash, Flux, ARRR and Ravencoin reside. (Edit: See also this thread in the altcoin forum where I list all coins I consider "decentralized" in the top #300 approximately and most which are ranked lower.)

[MainIbem]

It's a fact that the vast majority of altcoins are useless get-rich-quick schemes, but not all of them fall into this category. Some simply have different trade-offs, such as MimbleWimble in Litecoin or ringCT, ring signatures, and stealth addresses in Monero. Other trade-offs exist in Zcash, Grin and Bitcoin Cash. And I'm not claiming that they're more or less useful than Bitcoin. I'm simply saying we should recognize the situation for what it is: healthy competition among currencies, with each one satisfying different needs.

What you've said is the truth, and the fact that there are numerous pump and dump Alts leave some investors with the mind-set that investing on other Cryptocurrency is a waste of time, well that impression is not quite right given that their are still some very good Alts that doesn't fall under the category of get rich quick schemes, pump and dumps, shitcoins and so forth, for instance ETH, SOL, BNB and lots very good Alts that could still serve for a long-term investment purpose. Bitcoin still remains the best Crypto assets so far, it's given investors a benefit of doubt concerning it's potential of yielding them good profits over time and has done that in several circles, that alone has triggered wide spread of investment on it across the globe but that doesn't mean that diversifying to other assets when an investor has accumulated enough Bitcoin shouldn't be entertained, Bitcoin is not the only crypto asset for investment purposes infact there shouldn't be a debate on that cause there are still very good Alts.

[tottong]

Maximalism is the mindset that your project is the only valid one. This approach leads to a refusal to consider new information. It is dogmatic and somewhat intellectually limiting, in my opinion. And I have encountered it several times in this forum.

Bitcoin maximalists tend to dismiss the perspectives of those outside Bitcoin. While I respect the economic tenets of Bitcoin, such as digital scarcity, the superiority complex should not overshadow technical discussions. Bitcoin is not inherently superior to other cryptocurrencies like Monero or Litecoin; it simply has its own trade-offs.

This relates to everyday life where ego and the mindset of wanting to win alone are still applied by some people.
I don't know if it is included in Maximalism or not, but having a mindset like that is an act against the logic of many people. This tendency will limit the thinking of people who have ideas to develop and the intellect does not function properly.
Regarding the forum, it is relative and may be based on the mindset and how to see the problem from which point of view because the reality that we feel is impossible to please many people. The positive side that I see is that the forum has the freedom to think and we can openly discuss things more rationally.

For the problem of truth, we can test it at the level of knowledge, not only based on references written by others, this is fun for those of us who adhere to the system of freedom.
Except when talking more specifically about techniques because it must be based on the maturity of knowledge so as not to cause mistakes.
When talking about Bitcoin, it is complex, where we will talk about the essence of seeking profit in the investment process and so on, of course it will give rise to many arguments based on the writer and those who read it.

[ThemePen]

I completely agree with you about maximalism and Bitcoin. It is harmful to only believe in one way and not consider other ideas or new information. This goes against innovation and progress. Some Bitcoin fans only see good in Bitcoin and ignore strengths of other cryptocurrencies like Monero and Litecoin. But true support for Bitcoin means seeing its weaknesses and being open to improvement.Being more open minded will help cryptocurrency world move forward. And this way will increase our knowledge too. If we will consider only one so how we will learn or understand other one? That's why I like your Idea.

[kryptqnick]

I love the op's argument about the Austrian school of economics and embracing the free market. I agree that the spirit of financial freedom and decentralization presupposes that there won't be any 'tyranny of Bitcoin', with it being supported and prioritized no matter what.
I still believe that Bitcoin is the best and most reliable crypto, but that doesn't mean we shouldn't hear out alternative opinions and pay attention to major developments.

[Helena Yu]

for instance ETH, SOL, BNB and lots very good Alts that could still serve for a long-term investment purpose.

Nah, BNB is one of shitcoin that most people should be aware of, it's clear BNB has no purpose except encouraging people to use Binance. Once Binance get hacked or bankrupt, BNB will gone. Just like FTX got hacked and now people who invest in FTT are ended up miserable.

But true support for Bitcoin means seeing its weaknesses and being open to improvement.Being more open minded will help cryptocurrency world move forward.

Bitcoin itself is an experimental project, so it's need to adapt and improve from time to time.

[Smack That Ace]

for instance ETH, SOL, BNB and lots very good Alts that could still serve for a long-term investment purpose.

Nah, BNB is one of shitcoin that most people should be aware of, it's clear BNB has no purpose except encouraging people to use Binance. Once Binance get hacked or bankrupt, BNB will gone. Just like FTX got hacked and now people who invest in FTT are ended up miserable.

I want to ask if FTT has its own blockchain? Does it have Dapps or any projects built on it or is it used specifically for the FTX exchange?I don't know if it is a shitcoin or not because it will depend on each person's judgment, but comparing it to FTT is lame and unfair to BNB. Not to mention it has a market capitalization in the top 5 on CMC and is also one of the layer 1s that has existed and developed strongly in the market for many years.

Likewise, there is no guarantee that binance will last forever and not collapse but looking at how Binance serves the community with what FTX did, there is a huge difference. As for whether they are a good long-term investment or not, it will all depend on the individual as each person needs to be responsible with their money.

[Learn Bitcoin]

Everyone knows JJG is a bitcoin maximalist and says no to the rest of the market including ETH. I don't remember all their names but I'm pretty sure our forum has the highest concentration of bitcoin maximalists and that's part of what makes the forum unique.

It can be said that life is colorful and it is very normal for each person to have different thoughts. I personally am not a bitcoin maximalist but I don't see any problem with maximalists because they have their reasons. But I hope everyone should respect each other's choices, not impose their thoughts on others or try to attack them just because they don't think like us.

If you spend time on the WO thread, you will find a lot of Bitcoin Maximalists who cannot tolerate alts. I don't know why, but if someone posts something out of Bitcoin in the WO thread, they get attacked by Bitcoin Maximalist. It's probably because the thread is all about Bitcoin, and they don't want to see off-topic things. But, as you may know, the WO thread is different, and many people have a lot of off-topics, so the thread is not moderated anymore. I don't have a problem with Bitcoin maximalists; I believe I was similar at some point. But I don't like the way they treat other people.

[Wind_FURY]

Maximalism is merely the reaction of many people in the community who became smart enough to understand that 99% of the projects, coins/"cryptocurrencies", and tokens being sold to you are scams - that's a FACT.

It's a fact that the vast majority of altcoins are useless get-rich-quick schemes, but not all of them fall into this category. Some simply have different trade-offs, such as MimbleWimble in Litecoin or ringCT, ring signatures, and stealth addresses in Monero.

Other trade-offs exist in Zcash, Grin and Bitcoin Cash. And I'm not claiming that they're more or less useful than Bitcoin. I'm simply saying we should recognize the situation for what it is: healthy competition among currencies, with each one satisfying different needs.

OK, there's nothing stopping developers and researchers from building and developing other projects. I'm merely saying that with the network effects that Bitcoin has, all those other cryptocurrencies that you posted will either lose market value or will simply never be as dominant as Bitcoin. Plus some of those technologies will be implemented in Bitcoin, either off-chain, or on-chain, or side-chain in its own time and out of necessity.

There probably will merely be 5 blockchains existing in 20 years. The rest will either be dead or forgotten.