Bitcoin maximalism: good or bad?

[john_egbert]

Now is the time when we see that altcoins are as weak as possible. Everyone was waiting for the altcoin season, but in reality it turned out that nothing happened and there were many more Bitcoin maximalists, because everyone saw that Bitcoin is the true Digital gold, needed by everyone and stable from hacks, and all other coins are just an accompanying phenomenon.
It is certain that due to the speculative nature of the market, altcoins will be pumped up more than once in the future, but only Bitcoin will have the ability to constantly grow in price.

All coins need their time to shine - and alts are no exception to that, rather, their time just didn't come, and nobody knows when it exactly will be

[madnessteat]

I am not a Bitcoin maximalist and believe that many altcoins can bring more profit in the long term than investments in Bitcoin, but at the same time, I have great respect for Bitcoin maximalists and Bitcoin technology, as it was this technology that became the progenitor of cryptocurrencies. Many altcoins use more advanced technologies, but whether they will be able to survive for decades and compete with Bitcoin remains an open question.

[avp2306]

I am not a Bitcoin maximalist and believe that many altcoins can bring more profit in the long term than investments in Bitcoin, but at the same time, I have great respect for Bitcoin maximalists and Bitcoin technology, as it was this technology that became the progenitor of cryptocurrencies. Many altcoins use more advanced technologies, but whether they will be able to survive for decades and compete with Bitcoin remains an open question.

Truly giving them big respect on the fact that they have long patience to deal with Bitcoin for long term. Not all people have good patience to do that as many try to explore any risky things just to try if they are going to get profit or will just get burned on that investment decision they made.

I can't say for now that I am Bitcoin maximalist since somehow I have some alts in my portfolio but trying to put all of my profits on Bitcoin since I believe on the goals of Bitcoin maximalist that there's going to be huge profit to get in future especially if we see Bitcoin would experience to have a great pump and price. I think I'm going to sell all my alts and just focus on Bitcoin if I go busy again and can't handle other activities since this is the beauty of investing on Bitcoin since we don't need to do anything and what needed to execute is to buy then HODL your Bitcoins.

[Smartvirus]

I am not a Bitcoin maximalist and believe that many altcoins can bring more profit in the long term than investments in Bitcoin, but at the same time, I have great respect for Bitcoin maximalists and Bitcoin technology, as it was this technology that became the progenitor of cryptocurrencies. Many altcoins use more advanced technologies, but whether they will be able to survive for decades and compete with Bitcoin remains an open question.

As much as that might be true of Altcoins, you would also agree that it’s a lot of trier and error move which you might never get right in more occasions than none. This could mean that you would have lost way more than you would, should you have just invested in Bitcoin and let loose the shifty idea of making a fortune from altcoins.
However, when you understand the associated risk and still chooses to go with it, it’s always up to you to justify the outcome, whichever way it turns.

[philipma1957]

Yes. In addition, people should also accept that few cryptocurrency have different strength and weakness compared with Bitcoin. I use term "few" since most cryptocurrency is just copy-paste without bringing new strength or uniqueness.

There are "few" altcoins with strength or advantage against Bitcoin but if you want a decentralized and most secure blockchain to use, it's Bitcoin blockchain. If you want best safety for your fund, it's Bitcoin blockchain. It's easy decision if you can afford to pay more expensive transaction fee with Bitcoin blockchain, though it costs a little bit more, I think it is acceptable and worth to pay.

https://howmanyconfs.com/

one could argue that gear+hardware to marketcap $ ratio is a good way to determine how secure the network is.

btc market cap is 2 trillion

ltc+ doge market caps are 6.8+29.3 billion or 36 billion

2,000,000,000,000/36,000,000,000=55.556

55.55 to one bigger marketcap for btc

so the hard ware to secure the caps should be 55.55 to 1

so is the value of the gear 55 to 1.

well some quick math.

2.8 ph for scrypt
2800 th for scrypt
2,800,000 gh for scrypt 

28000000/14=200,000 this is 2 hundred thousand bitmain L9 units

or 200,000x9,000=1,800,000,000 that is 1.8 billion in gear protecting 36 billion in coins

55.55x1.8=99.99 billion in btc gear would be the correct ratio.

well

1,000 eh is the btc network
1,000,000 ph
1,000,000,000th

1,000,000,000/277=

3,610,108 x 7,000 =2.527×10¹⁰

25billion in protect 2.0 trillion

so in one argue,ent you could say scrypt is more secure

but both are very protected

[Mastercon]

It is the illusion of security and sovereignty. That is so much more dangerous than simply not using Bitcoin or using Bitcoin properly. They aren't a stepping stone. They aren't a crutch. They are a profit motivated exploitation of people who don't know better and should know better, often on the basis of misinformation like running a node is hard.

More over, we are cannabalizing would-be node users. People interested in running and controlling their own node who are told buying a node and being told what software they can run with no familiarity in their hardware, software, or its management is fine. Those are would-be sovereign bitcoiners we are losing.  Maybe some wouldn't run a node at all if they had to do any work - and maybe Bitcoin isn't safe for those not willing to do the work to protect themselves. But if those people aren't ready to download and double click an icon, then walk through some configuration screens, maybe they aren't ready for Bitcoin and that's okay.

The distribution of Bitcoin has nothing to do with decentralization of the protocol. I remember all my peers getting a stern talking to about not being allowed to own Bitcoin. Best way to put your bitcoin to work is in your own custody, using protocols like joinmarket or lightning to earn on coins you control and secure. All the normies here are screaming, they're working harder than ever, doing everythign they can.  but they're going backwards.  They can't afford things they used to and they don't understand it.  Bitcoin is opting out from getting poorer slowly.

[Alpen]

In reality, Bitcoin is gradually becoming more of a meme coin and a symbolic name for the crypto market — like Yuri Gagarin in the history of space exploration.

BTC simply introduced the idea that trust in intermediaries is no longer required for settlements. But it was Vitalik Buterin who expanded this principle to anything that can be described in code and deployed as a smart contract.

Now, you don't need banks or notaries, insurance companies, or even centralized exchanges. You can issue bonds without underwriters, buy real estate, engage in charity without foundations.

I could go on and on listing what blockchain allows us to do in a decentralized way. But none of this is possible on the Bitcoin network. There, you're limited to basic wallet-to-wallet transfers.

[john_egbert]

In reality, Bitcoin is gradually becoming more of a meme coin and a symbolic name for the crypto market — like Yuri Gagarin in the history of space exploration.

BTC simply introduced the idea that trust in intermediaries is no longer required for settlements. But it was Vitalik Buterin who expanded this principle to anything that can be described in code and deployed as a smart contract.

Now, you don't need banks or notaries, insurance companies, or even centralized exchanges. You can issue bonds without underwriters, buy real estate, engage in charity without foundations.

I could go on and on listing what blockchain allows us to do in a decentralized way. But none of this is possible on the Bitcoin network. There, you're limited to basic wallet-to-wallet transfers.

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.

[EarnOnVictor]

Bitcoin might be the best cryptocurrency but should we play into the bitcoin maximalist idea? A lot of people argue that this is harmful as this closes off innovation.

Bitcoin maximalists have done well by being it, after all, it has helped Bitcoin grow by influencing it. However, when we look at it from the angle of diversification and monopoly, people's concern about maximalism is for a good reason.

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

These are contradictory questions. You can't be a Bitcoin maximalist and ever want altcoins. If you want altcoins, then you are something else, but certainly not a Bitcoin maximalist.

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?

There's no perfect advice for this, "Your money, Your decision." Invest in Bitcoin only if that is what you feel is right, and diversify your investment portfolio if you think it is the right and profitable thing to do. It's all our choice!

[Natalim]

I am not a Bitcoin maximalist and believe that many altcoins can bring more profit in the long term than investments in Bitcoin, but at the same time, I have great respect for Bitcoin maximalists and Bitcoin technology, as it was this technology that became the progenitor of cryptocurrencies. Many altcoins use more advanced technologies, but whether they will be able to survive for decades and compete with Bitcoin remains an open question.

I am not a bitcoin maximalist nor an altcoin maximalist as well. And I believe both of them have their own potentials to become profitable in the market. However, the market has been more favorable for bitcoin today since bitcoin price has been continuously surging until it’ll hit its new ATH.

But later on, if the market turns in favor for altcoins, I’m certain that everyone will be accumulating altcoins so they can ride with the future altcoin season in the market.

[Mastercon]

This is the same shit that happened in the blocksize wars, really stupid people not understanding development and technical issues. It led to those people fucking themselves so be wary. Also in the blocksize wars and now - floods of misinformation and fear mongering from core proponents. USAFs are the devil, you will be forked off, your Bitcoin will be vulnerable etc. Bitcoin culture gets corrupted. Retards like this making videos about topics they passionately misunderstand.
Its just the classic buy borrow die financial strat repackaged for Bitcoiner holders. The idea is that you hold onto the appreciating asset, borrow against it and pay back the inflating currency - maintaining your exposure to the appreciation of BTC. There are potentially some tax advantages to this also, since in many jurisdictions Bitcoin is considered a capital gains asset (Taxable when sold).

Bitcoin is already spam resistant. The issue lately with core and inscriptions is telling node runners what policy will be. My basic understanding is that bitcoin runs in cycles. And historically it outperformed every asset class like the S&P 500 and even real estate. If you're someone who has a few hundred bitcoin trying to manage taxes pledging 5% of your stack as collateral, sure. if you're new to bitcoin, just ignore bitcoin loans altogether and thank me later.


And there are two main ways to look at it:

1) Using 0% corpo bonds to start a speculative attack against the dollar like happend similar to the most well-known speculative attack was against the pound occurred on September 16, 1992, known as Black Wednesday.

or

2) Using unwitting investors funds to multiply his corporate leverage, taking advantage of investors that either cant get corpo debt or buy bitcoin directly, leaving them with third party risk, a majority of the downside risk, for a small share of profits while he keeps the rest.

[MGAMGA]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

Some of the prominent bitcoin maximalists are Michael Saylor, Max Keiser, and Jack Dorsey.

As the original crypto, bitcoin’s blockchain is the longest (it stores the most blocks of transactions), making it harder and more expensive to hack. Bitcoin's originality also plays a huge benefit since it is now the most trusted crypto in the industry. A lot of people associate crypto with just bitcoin. Bitcoin has built a brand of its own. Most importantly, it grew without any real authority hovering over it. The growth of bitcoin laid on the people believing in it. Now, bitcoin is being adapted all over the world not just by your average citizens but governments at large.

Bitcoin might be the best cryptocurrency but should we play into the bitcoin maximalist idea? A lot of people argue that this is harmful as this closes off innovation. Altcoins may not share bitcoin’s track record, but they’re responsible for the majority of the innovation in the crypto space over the last nine years. Altcoins are responsible for experimenting new tech, new networks and etc. Some of which could be even applied to bitcoin, yes?
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?

I Personally Believe Being a Maximalist in any coin, Bitcoin or other, is the stupidest thing a man could do, with all due respect to Bitcoin Maximalists,
if the Reason behind Hoarding and being maximalists on Bitcoin is to grow your wealth, it's a horrible way to look at life.

Bitcoin was made to ease transactions globally and free up space in economy,
Today Bitcoin, while very Market-friendly and doing just that, it's hoarded by the hundreds of Whales, MSTR, Blackrock, Binance, Etc etc.

while it may sound dumb or childish to think that there may be secret societies where these whales come together, there is always a chance that they might alter the market prices by Pumps and Dumps (ie Bullruns and Bear markets, Monopolies, etc), there is always a chance no matter how slim that they might alter market pricings, making alot of people lose or increase the Fear index to sell.

doesn't matter if not all the Bitcoin is owned or not, even if 10% of the current circulating supply gets sold all at once, it would wreak havoc, we're talking about approximately 1,987,459 Bitcoins selling at once, which is about 5 times of current daily trades of BTC, is a bad way to lose it all.

Personally i believe that Bitcoin's price does not matter for the newb, even if circa 2017, his best bet is to either get a crypto backed loan and use that money to create a stream of income which can pay back the loan, or taking it all out and doing the same thing just the same, creating real life business.

In retrospect, any sort of business today can accept Crypto as a form of Currency paid for items or services, Those who've made fortunes off of bitcoin from 2010 till this date from mining it have gotten their chance, we might not see the chance of BTC doing a tenner 10x from 100K to 1M, not even in the next 10 years, as much as people are marketing it, there is no undeniable touchable evidence that something like that would happen.

so the ones that came over from the start have profited everything from BTC, The early Bird got the worm.

as for the rest of us, who might save up Bitcoins, use bitcoins as a personal saving account, that's as much as we could expect from it, it is impressively hard to break it down less than 80-90K but it's still manageable, but turning a loss on it even if for a considerably small amount of time (Couple months) could have people give up on it, your best bet (even if risky) is to trade perps using BTC, or flash loans, don't expect it would 10x, expect that it will continue to have value and a great way not to lose your money.

Personally again, I think the best bet is to invest into a multitude of Coins, if you have Coinz, Khajiit has Wares.
a portfolio of BTC, ETH, USDT, and some altcoins, with cash reserves, assets, would always be better and sound better than having all of it in once place, don't forget that there's still Leaks, Mt.Gox 2 could be right around the corner, pretty much would be a bad idea to invest all of it into Bitcoin, atleast if i have a portfolio, i wouldn't snap my hair out of my head if for whatever reason or however possible or impossible, that i lose my BTC to some leak on a centralized/decentralized exchange, and that's why you should also invest in a cold wallet or a trezor/Ledger, and if i DONT get miraculously hacked and owned, let's suppose price plummets down back to 80K making me lose an easy 20% of the value, it wouldn't be a total loss

 (ex: 100BTC in one place will make me lose 20BTC worth if that happens, 100BTC worth in a diverse portfolio of real life assets, Investments, and multiple cryptos, let's say 33% for the sake of the arguement is BTC, i would only lose 6.6 BTC worth) even if momentarily, i wouldn't know when i'd need to liquidate some of it and it would be a total heartache if i'm losing lots.

Always Invest smart, a profit is still a profit even if smaller, it's all about Risk Management and patience, Don't be neither Saylor NOR Laszlo Hanyecz, and remember, only invest what you can afford to lose, don't jeopardize your whole life for a *Maybe*, always bet on the permanent house over the Temporary Villa.

Just my 2 cents.

~M.M~

[Zoomic]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

I think this way too, and I have never thought for one moment that I could be a Bitcoin maximalist. But considering the fact that my opinion about Bitcoin does not affect altcoins negatively, does it really matter if I am a Bitcoin maximalist or not? Definitions it does not, because my advice to those who wish to enter into the crypto space is that they do proper research to know what coin matches their risks tolerance. As for me, Bitcoin matches my risks tolerance,  however, that does not mean that my opinion about altcoins will not change in the future if they are able to overcome my doubts about them.

[nemesis_incarnate]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

I think this way too, and I have never thought for one moment that I could be a Bitcoin maximalist. But considering the fact that my opinion about Bitcoin does not affect altcoins negatively, does it really matter if I am a Bitcoin maximalist or not? Definitions it does not, because my advice to those who wish to enter into the crypto space is that they do proper research to know what coin matches their risks tolerance. As for me, Bitcoin matches my risks tolerance,  however, that does not mean that my opinion about altcoins will not change in the future if they are able to overcome my doubts about them.

It's just the fact that alts are usually not so idealistic, BTC crushes them in that regard and decentralization-wise.

In other departments, some coins are interesting, some - outright rugs, and so on..

[Zoomic]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

I think this way too, and I have never thought for one moment that I could be a Bitcoin maximalist. But considering the fact that my opinion about Bitcoin does not affect altcoins negatively, does it really matter if I am a Bitcoin maximalist or not? Definitions it does not, because my advice to those who wish to enter into the crypto space is that they do proper research to know what coin matches their risks tolerance. As for me, Bitcoin matches my risks tolerance,  however, that does not mean that my opinion about altcoins will not change in the future if they are able to overcome my doubts about them.

It's just the fact that alts are usually not so idealistic, BTC crushes them in that regard and decentralization-wise.

In other departments, some coins are interesting, some - outright rugs, and so on..

Yeah, that's right but not to everyone. That is why newbies, especially, should not just jump on any coin because people are investing in it. Every coin (both Bitcoin and altcoins) has its individual value and what it stands for. The fact that altcoins don't appeal to me yet does not mean everyone else sees them the way I do. I have had my personal experiences with altcoins, and I will reserve my comments for now until I begin to see clear reasons again to consider altcoins.

[Fivestar4everMVP]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

Some of the prominent bitcoin maximalists are Michael Saylor, Max Keiser, and Jack Dorsey.

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

I am an open minded person, and in everything I do, I try my best to be as open mind as possible, when it come to cryptocurrencies, it's true that Bitcoin is the best, in terms of decentralization and blockchain security, bitcoin is in the top, this is coupled with the fact that bitcoin is also the first mover and the most trusted..

But then, when it comes to technology and innovation, we really can not deny the fact that some Altcoins are leading in this aspect, like transactions on Sui and Solana network are one of the fastest and cheapest, there are other Altcoins as well that have achieved great goals in technology and innovation aside this two that I mentioned.

So it's not completely alright to be a bitcoin maximalist, we ought to open our minds to other cryptocurrencies so as to take advantage of the opportunities that comes with it, but all the same, its a free world, we all are free to support whatever we like, so who ever choose to support only bitcoin is absolutely free to.

[Ryu_Ar1]

We decide for ourselves whether it's going to be good or bad because ultimately in this situation I don't think it's good or bad that's the main focus but whether or not we can be maximalistic.
Because I don't think everyone can be a maximalist in bitcoin and that is something that cannot be denied.

So in this case ask ourselves whether this will be good or not if we are in that position.
It's about a belief and there will definitely be a lot of disagreement if we talk about good or bad because in the end this goes back to their respective beliefs so for me it's all right to say it's good or bad.
For me personally I still want to make this a benchmark but it cannot be denied that now I still cannot do that even though my belief in bitcoin is still quite high and I am still in bitcoin to date but still being a maximalist is clearly not easy because of several things.

[Finestream]

If you are having an advantage by being a bitcoin maximalist, then there’s no reason why it’s never a good one. Being a bitcoin maximalist means you know well about bitcoin so you stick to it and as much as possible increase your bitcoin portfolio.

It will only create a negative impact if you turn to be a bitcoin maximalist, yet you don’t know how to make your bitcoin investment works. That actually beats your purpose. You need to be knowledgeable and well-experienced at least before you can say you are indeed a bitcoin maximalist.

[Nwada001]

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.

[philipma1957]

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?

I never considered to become a bitcoin maxinalist.  While it's true that it's the most safest asset to invest into crypto, I'm aiming for more profit potential so I hold larger percentage of altcoins than bitcoin in my portfolio.

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?

There is no right or wrong ideology in investing. Each one of us have different risk appetite. Some investors are aggresive and willing to dive into high-risk, high reward cryptocurrencies while there are others who prefers safe investments and only want to invest into crypto that is proven to be trusted over the years.

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

Altcoins is still needed for innovation of the blockchain technology. They are being created for different purposes like gaming, ai, rwa, and many more utilities.

I bolded the key sentence.

I do the opposite.

My btc is 60x
My Solana is 2x
My Ltc is 2x
My Doge is 3x