Bitcoin maximalism: good or bad?

[Swordsoffreedom]

With evidence, we can tell that some altcoins projects has scammed so many investors and has caused a bad name for Bitcoin already, the reason why some people say Bitcoin is a scam is because of how they have been scammed by some altcoins or maybe their friends was the one that was scammed. So, a Bitcoin maximalist would rather prefer that altcoins never existed, perhaps he doesn't have anything to do with it.

Altcoins to me have not ruined the reputation of Bitcoin or caused a bad name for Bitcoin; rather, what they have ended up doing is bringing a bad name to crypto in general and mostly to altcoins themselves at large.

Some have actually also seen and considered Bitcoin to be a scam, not just because they bought some scam token but because they were unlucky to join some Ponzi scheme whose method of payment is Bitcoin; thus, they consider Bitcoin to be a scam when the Ponzi eventually crashes.

This is true, altcoins are doing more damage to the overall reputation of the crypto industry and itself than they are to bitcoin's reputation.

If I remember correctly, the Bitcoinnect or Bitcoin Savings and Trust ponzi projects were the ones that used bitcoin as a payment method (2011-2012), or the HYIP and cloud mining scams in 2013 also used bitcoin...and all of that led many people to misunderstand bitcoin as a scam at the time. It can be said that bitcoin was misunderstood as a scam before altcoins came along, so don't blame altcoins entirely.

[Alpen]

I wouldn't compare it to memes. BTC is not becoming something like that - but rather something accepted and regulated.

Institutions wouldn't regulate memes.

Then explain to me — objectively — how exactly is Bitcoin any different from a memecoin?
Let’s take Dogecoin as an example:

Both have their own blockchains

Both use the same mining algorithm

Both are mined with ASICs

Both are accepted for payments in many places

And now even the SEC agrees that neither Bitcoin nor memecoins are securities.
So what makes BTC “regulated” and Doge “a meme”? Just better marketing?

[stwenhao]

there are many things which currently cannot be done with BTC

1. Some things should not be done with BTC, and there are good reasons, why they should not be done.
2. Other things can be done with BTC, but nobody implemented it yet. Which often means, that there were simply not enough skilled programmers, willing to implement it properly.
3. The general way of extending BTC features in unlimited way (sidechains) were rejected, but some people are trying to introduce them anyway, using a different approach, that couldn't be stopped by the rest of the network.

for example, advanced smart contracts and many of the great features of Chainlink - including effective communication with SQL databases

You probably don't need a blockchain to do that. And also, even if you do, then you probably don't need money-like features, which means you probably also don't need mining, and if you figure it out, what is needed, and what is not, then you will probably reach a solution, which would be very far away from Bitcoin, or even cryptocurrencies at all.

For example: there is a program called "git", which is used to handle source code. There are also commits, which are hashed with SHA-1, and they form a chain of changes, and you can explore the full history of a given repository. But: if you would turn "git" into "git-coin" instead, and put some money-like features on top of it, then it wouldn't be better: it could be much worse, than it currently is!

Which means, that if "git" should not be turned into "git-coin", then databases should also be left as they are, and not turned into "data-coin".

[Lida93]

Personally, I believe that most of your portfolio should contain bitcoin but choosing a few good altcoins can't be all too bad. There could still profit in altcoins but we may just have to tread lightly. Would you consider yourself a

Now, if altcoins were all that great as bitcoin why tell anyone to tread on lightly with them. It's because altcoins are a red zone investment points when we talk about cryptocurrencies. We don't hear people talk about it warn about treading lightly with bitcoin and this and others are the reasons why bitcoin maximalists would and have always stood against altcoins because it triggers bad name to bitcoin as a cryptocurrency than it does help in building new entrants trust into crypto.

[melinoe]

Now, if altcoins were all that great as bitcoin why tell anyone to tread on lightly with them. It's because altcoins are a red zone investment points when we talk about cryptocurrencies. We don't hear people talk about it warn about treading lightly with bitcoin and this and others are the reasons why bitcoin maximalists would and have always stood against altcoins because it triggers bad name to bitcoin as a cryptocurrency than it does help in building new entrants trust into crypto.

Bitcoin is the coin that was tested with time the most.

Alts - they are more unpredictable, but are still there for everyone to try out.

It's a question of a perspective..

[Royal Cap]

Now, if altcoins were all that great as bitcoin why tell anyone to tread on lightly with them. It's because altcoins are a red zone investment points when we talk about cryptocurrencies. We don't hear people talk about it warn about treading lightly with bitcoin and this and others are the reasons why bitcoin maximalists would and have always stood against altcoins because it triggers bad name to bitcoin as a cryptocurrency than it does help in building new entrants trust into crypto.

In my opinion, the name of cryptocurrency has not been bad for such altcoins. In fact, various scan websites are making it bad. Because various scam websites choose cryptocurrency as their payment method. And when those websites scam, our cryptocurrency gets a bad name. That does not mean that cryptocurrency is a scam. But no matter where or in which coin we invest, we must research it well and invest.

[Japinat]

You can only tell whether it’s good or bad by checking on those bitcoin maximalists you’ve mentioned like Michael Saylor. Michael Saylor now has been holding around 17k bitcoins that would make him gain massive amount of profits in the future. Although he also lose significant amount but that never stopped him from accumulating bitcoin.

Honestly, I can also tell I’m a bitcoin maximalist. Rather than entrusting my funds into altcoins, why not just stick into bitcoin and focus buying and hodling them. Bitcoin is the future, altcoins are just cloned from the image of bitcoin.

[hero_the_bossman]

You can only tell whether it’s good or bad by checking on those bitcoin maximalists you’ve mentioned like Michael Saylor. Michael Saylor now has been holding around 17k bitcoins that would make him gain massive amount of profits in the future. Although he also lose significant amount but that never stopped him from accumulating bitcoin.

Honestly, I can also tell I’m a bitcoin maximalist. Rather than entrusting my funds into altcoins, why not just stick into bitcoin and focus buying and hodling them. Bitcoin is the future, altcoins are just cloned from the image of bitcoin.

Altcoins don't want to be like BTC - they are the alternatives to an alternative.

BTC is not following fiat, and some alts, I would even say most - don't follow BTC (LTC, for example, is a good pick besides BTC, imo).

All have different targets, and especially - different ideals, where BTC shines the most.

[philipma1957]

I wouldn't compare it to memes. BTC is not becoming something like that - but rather something accepted and regulated.

Institutions wouldn't regulate memes.

Then explain to me — objectively — how exactly is Bitcoin any different from a memecoin?
Let’s take Dogecoin as an example:

Both have their own blockchains

Both use the same mining algorithm

Both are mined with ASICs

Both are accepted for payments in many places

And now even the SEC agrees that neither Bitcoin nor memecoins are securities.
So what makes BTC “regulated” and Doge “a meme”? Just better marketing?

this is a legit question.  I gave you 9 merits for it.

unfortunately people love to continue calling doge a meme coin that was introduced as a joke.

it was and it will always be how doge started.

the issue is doge+ltc uses a real blockchain and algo scrypt
and scrypt is the second largest POW

behind BTC And sha-256

POW

BTC AND SHA256 has 25 billion in mining gear behind it.

Doge and scrypt has 2.8 bilion in mining gear behind it.

so it is accurate to say both are POW

and one started as a humble meme that used scrypt.

I would love to fine all people that do not say doge started as a meme that is now the second largest POW network. they say doge is a meme. they should be tracked down and forced to pay a doge as a fine.

sounds bad but it is true.

[Pablo-wood]

It's not bad to be a Bitcoin maximalist but my personal believe is Bitcoin is capital intensive. To be a maximalist I will rather want to go in with huge capital. Good Altcoin with quality prospects can be an option for small capital investments. But for good capital I will go all in for Bitcoin because I am confident of my ROI on a long term goal. The only risk to fear is that most altcoin has higher risk than Bitcoin but for profit with little capital altcoin serves the purpose.

[Ambatman]

unfortunately people love to continue calling doge a meme coin that was introduced as a joke.

it was and it will always be how doge started.

the issue is doge+ltc uses a real blockchain and algo scrypt
and scrypt is the second largest POW

behind BTC And sha-256

POW

BTC AND SHA256 has 25 billion in mining gear behind it.

Doge and scrypt has 2.8 bilion in mining gear behind it.

so it is accurate to say both are POW

and one started as a humble meme that used scrypt.

I would love to fine all people that do not say doge started as a meme that is now the second largest POW network. they say doge is a meme. they should be tracked down and forced to pay a doge as a fine.

sounds bad but it is true.

That's life. Unfortunately sometimes the past always ties itself with us.
I never knew doge was POW, I believe many are in this boat too. I consider it one of the most manipulated memecoin thanks to Musk.

Edit
I knew one time since you usually state then that you mined doge. I guess it just escaped ever since due to my already conceived perception.

P.S you gave the merit to the wrong person  

Then explain to me — objectively — how exactly is Bitcoin any different from a memecoin?
Let’s take Dogecoin as an example:

Really?
Higher hashrate and more secured
Origin and purpose for creation
Fixed supply Vs infinite Supply
Creator unknown vs Creators known( don't underestimate this difference.
And the biggest is the markets Perception on both.

[philipma1957]

unfortunately people love to continue calling doge a meme coin that was introduced as a joke.

it was and it will always be how doge started.

the issue is doge+ltc uses a real blockchain and algo scrypt
and scrypt is the second largest POW

behind BTC And sha-256

POW

BTC AND SHA256 has 25 billion in mining gear behind it.

Doge and scrypt has 2.8 bilion in mining gear behind it.

so it is accurate to say both are POW

and one started as a humble meme that used scrypt.

I would love to fine all people that do not say doge started as a meme that is now the second largest POW network. they say doge is a meme. they should be tracked down and forced to pay a doge as a fine.

sounds bad but it is true.

That's life. Unfortunately sometimes the past always ties itself with us.
I never knew doge was POW, I believe many are in this boat too. I consider it one of the most manipulated memecoin thanks to Musk.

Edit
I knew one time since you usually state then that you mined doge. I guess it just escaped ever since due to my already conceived perception.

P.S you gave the merit to the wrong person  

Then explain to me — objectively — how exactly is Bitcoin any different from a memecoin?
Let’s take Dogecoin as an example:

Really?
Higher hashrate and more secured
Origin and purpose for creation
Fixed supply Vs infinite Supply
Creator unknown vs Creators known( don't underestimate this difference.
And the biggest is the markets Perception on both.

if you do the following analysis scrypt is 2.8 billion worth of mining gear behind 40 billion market cap

and sha-256 is 25 billion in gear behind 2 trillion in marketcap

so ratio of gear to cap is better for scrypt than sha-256 is.


but for now other factors help btc more then doge.

down the road 2056 and later i see more gear drifting to scrypt.

but scrypt is a very good miners coin right now.

3600 watts scrypt Antminer L9 makes 23-25 bucks a day cost 9k to buy 1
3600 watts sha-256 antminer s21xp makes 14-15 bucks a day cost 7k to buy 1

but most people can’t mine due to power cost.

fat fingered the cell phone

[ABCbits]

I wouldn't compare it to memes. BTC is not becoming something like that - but rather something accepted and regulated.

Institutions wouldn't regulate memes.

Then explain to me — objectively — how exactly is Bitcoin any different from a memecoin?
Let’s take Dogecoin as an example:

Both have their own blockchains

Both use the same mining algorithm

Both are mined with ASICs

Both are accepted for payments in many places

And now even the SEC agrees that neither Bitcoin nor memecoins are securities.
So what makes BTC “regulated” and Doge “a meme”? Just better marketing?

Good point. But FWIW,
1. DOGE is one of very few memecoins that actually accepted for payment.
2. While i consider it as minor concern, DOGE rely on LTC network due to it's merged mining.

I also expect some meme coin/token either centralized or have questionable supply distribution.

[Sticky Bomb]

hr]
Personally, I believe that most of your portfolio should contain bitcoin but choosing a few good altcoins can't be all too bad. There could still profit in altcoins but we may just have to tread lightly. Would you consider yourself a bitcoin maximalist? Do you believe this idea to be the correct one? Is there even a correct ideology or should we just accept that we all have different strategies, preferences and goals while coexisting in the crypto industry?

If you are a bitcoin maximalist, would you want a world without altcoins?

First of all I don’t go against having Altcoins but never as ones investment, moreover the true question is if i decide to actually add Altcoins to my portfolio, what Altcoins should I add? I know lots of people will come with their own different Altcoins and there by making me spread my money into most of which would never yield any results so for me the best thing is to treat bitcoin as your only investment and probably trader Altcoins if you wish but it is definitely a gamble.

I have some reservations for specific altcoins and have no regard for shitcoins, most especially meme coins.

Let's take for example Ethereum that's used for Dapps and smart contracts. Somehow it has it's own applications and you only need them when you're cut out for such.

I like Solana too, somehow it can be likened to share the same features as Ethereum. But both are not for investment purposes, it's only important you work with them when you need them.

As a bitcoin maximalist I wouldn’t say bitcoin should exist alone, because bitcoin it self actually promotes freedom and is actually an alternative to everything in the financial world, my only problem is bitcoin having to be associated with Altcoins because I believe it is very far different from them

When it comes to investment purposes, Bitcoin should exist alone since it's the only project that's a store of value. It's no way to be associated with altcoins, it's way above their league.

[kotajikikox]

I wouldn't compare it to memes. BTC is not becoming something like that - but rather something accepted and regulated.

Institutions wouldn't regulate memes.

Then explain to me — objectively — how exactly is Bitcoin any different from a memecoin?
Let’s take Dogecoin as an example:

Both have their own blockchains

Both use the same mining algorithm

Both are mined with ASICs

Both are accepted for payments in many places

And now even the SEC agrees that neither Bitcoin nor memecoins are securities.
So what makes BTC “regulated” and Doge “a meme”? Just better marketing?

They have a few similarities yes but they also have key differences which makes bitcoin different from memecoin and ultimately, the better option between the two. First of all, bitcoin has limited supply of 21 million. Doge on the other hand has no max supply. Easily from this we can identify that one is inflationary and one is anti inflationary. Also, Bitcoin is miles away more secure than doge. Their difference in hash rates implies that bitcoin is a lot more resistant to attacks.

Bitcoin has been longer in the space and therefore has earned the trust and confidence of crypto users. This has led to public and private companies all around the world to buy bitcoin. Bitcoin has ETFs, memecoins particularly doge does not.

[criptoevangelista]

Being a maximalist is the highest level of knowledge about Bitcoin and other altcoins. It shows that you're someone who has studied a lot and completed the cycle of understanding, because you realized there's only one serious currency on this planet, and that currency is called Bitcoin. Simple as that.

[Ziskinberg]

If you can manage the risk, then why not? Being a bitcoin maximalist isn’t a bad thing, it will only be bad if you pursue something wherein you aren’t knowledgeable and capable to do. Other than that, if you know what you’re doing and you are aware about the future risks and rewards that come with bitcoin, then there’s no reason to see bitcoin maximalist as a negative course of action.

Just be prepared for whatever circumstances and losses that may come along, at the end of the day, your current losses will not define your end game with bitcoin.

[Alpen]

this is a legit question.  I gave you 9 merits for it.

unfortunately people love to continue calling doge a meme coin that was introduced as a joke.

it was and it will always be how doge started.

the issue is doge+ltc uses a real blockchain and algo scrypt
and scrypt is the second largest POW

behind BTC And sha-256

POW

BTC AND SHA256 has 25 billion in mining gear behind it.

Doge and scrypt has 2.8 bilion in mining gear behind it.

so it is accurate to say both are POW

and one started as a humble meme that used scrypt.

I would love to fine all people that do not say doge started as a meme that is now the second largest POW network. they say doge is a meme. they should be tracked down and forced to pay a doge as a fine.

sounds bad but it is true.

Thanks a lot for the merits! That really means a lot to me as a newcomer here.

You’ve also touched on something I care about — the slow disappearance of PoW-based coins from the top 30. Honestly, I don’t really see PoS coins as true digital assets. Too much human interference, no real mining, and often very centralized.

That’s why I was actually glad to see Monero making a comeback to the top 30 — even after centralized exchanges tried to wipe it out with delistings.

[Alpen]

Really?
Higher hashrate and more secured
Origin and purpose for creation
Fixed supply Vs infinite Supply
Creator unknown vs Creators known( don't underestimate this difference.
And the biggest is the markets Perception on both.

What’s ironic is that the absence of the original creators is exactly what gave Dogecoin its longevity and mystique — very similar to Bitcoin in that sense.

Shibetoshi Nakamoto (a.k.a. Billy Markus) and Jackson Palmer both walked away in 2015 and never came back. Yet DOGE kept evolving — sometimes without a roadmap, but still with a strong community.

They have a few similarities yes but they also have key differences which makes bitcoin different from memecoin and ultimately, the better option between the two. First of all, bitcoin has limited supply of 21 million. Doge on the other hand has no max supply. Easily from this we can identify that one is inflationary and one is anti inflationary. Also, Bitcoin is miles away more secure than doge. Their difference in hash rates implies that bitcoin is a lot more resistant to attacks.

Bitcoin has been longer in the space and therefore has earned the trust and confidence of crypto users. This has led to public and private companies all around the world to buy bitcoin. Bitcoin has ETFs, memecoins particularly doge does not.

Both Bitcoin and Dogecoin are milestones in crypto history — one introduced digital scarcity, the other introduced viral narrative as utility.

Bitcoin gave us trustless value storage; Dogecoin proved that culture, humor, and community can move markets too — even when fundamentals say otherwise.

[DanWalker]

If you can manage the risk, then why not? Being a bitcoin maximalist isn’t a bad thing, it will only be bad if you pursue something wherein you aren’t knowledgeable and capable to do. Other than that, if you know what you’re doing and you are aware about the future risks and rewards that come with bitcoin, then there’s no reason to see bitcoin maximalist as a negative course of action.

Just be prepared for whatever circumstances and losses that may come along, at the end of the day, your current losses will not define your end game with bitcoin.

Becoming a maximum bitcoin investor is not just about profits but also has other impacts on the crypto industry.
Being a bitcoin maximalist is not a bad thing because it is each person's choice and preference but this can turn out to be negative because bitcoin maximalists are conservative in their thinking. They only focus on bitcoin and tend to reject other blockchain technologies, innovations and will hinder the overall development of the cryptocurrency industry. They are even the main cause of division in the crypto community because of their aggressive attitude and willingness to attack anyone who does not share their views...

In short, not just bitcoin maximalism, any form of maximalism will bring more negative impacts than benefits.