Bitcoin maximalism: good or bad?

[uneng]

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.

So far, Bitcoin is the only needed cryptocurrency among all. If you pay attention you will see every other cryptos were copied from Bitcoin for speculative purposes, without adding any practical usages or principles behind the altcoins. Ethereum can be considered a major success, but that is mainly due to the speculative usage, anyway, since many other developers use its blockchain to launch their own tokens.

However, there aren't any guarantees it will remain like this forever. It's not a static world, rather it's a world in constant changes in every areas, so it's not different with cryptocurrencies. Maybe at some point a superior currency to Bitcoin will be created, and once it happens, Bitcoin can indeed become obsolet.

Therefore, to be a Bitcoin maximalist means to deny that possibility to be real, what I consider to be denial of reality.

[madnessteat]

^

It is rather naive to believe that Ethereum is merely a speculative asset, as it was on this network that the first smart contracts appeared, enabling the use of decentralized finance technology and non-fungible tokens, which had a very positive impact on the entire crypto industry. In fact, many new networks are implementing improvements in their protocols. All of this will ultimately lead to a kind of “evolution” of technology and may make it possible to create the most perfect network.

[Just Common]

I think it would be better if Bitcoin's other name was risk. Because without taking risks, no one can ever grow. There are two sides to a thing, good and bad. Nothing is 100% good or bad. All things are a mixture of good and bad. Similarly, if Bitcoin is done according to the rules, then something good will happen. And if someone comes without knowing the rules of Bitcoin, then he will face losses. That's why I would say that anyone who wants to come to Bitcoin should first learn about Bitcoin well and have patience.

[sunsilk]

I am going to be biased on this and I want to have Bitcoin only alone in the market if that's allowed to change on an instant. So this whole market in a $3.44 trillion means a lot.

This more than the common market cap that we're seeing in known tech companies that have been pumping with their stocks. And that's why every Bitcoin holder is going to be happy with that.

But there are implications that might happen on this, there is also a huge flow of money in the alts that goes to Bitcoin and that's the reason why  they're also there.

[Brandon855]

Calling maximalism an "ideology" is being kind. For many, it's a full-blown religion, and Saylor is their pope.

Let's be real: Bitcoin's job is to be the boring, stable, digital bedrock. It's the Fort Knox. It moves slow, it's secure as hell, and its main feature is that it doesn't change.

Everything else all the alts is the chaotic R&D lab. It's where DeFi, NFTs, and actual use cases beyond "HODL" are born and tested. Yeah, 99% of it is a dumpster fire casino, but that 1% is where all the innovation you mentioned comes from. A world without alts would be a world without progress. Incredibly boring and way less profitable.

Being a maxi is like saying you only believe in gold bars and think the entire stock market is a scam. You miss all the fun and all the potential tech breakthroughs. Balance is key. Bitcoin is the savings account; a few good alts are the high-risk, high-reward gambles.

[cr1776]

...

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

It is up to each person, certainly people will indeed make money with alt coins, but the question is which has the most utility and most security.  Labels like that are used to belittle people instead of talking about facts.

[Jan_btc]

First you laugh at Bitcoin maximalists
Then you play the shitcoin casino
Then you get burned & lose wealth
Finally you become a Bitcoin maxi yourself (and actually start studying the technology instead of just trying to get rich fast)

Give it time. You'll get burned in one of the many shitcoin ponzi schemes, rug-pulls, scams, "to the moon WEB3 supertechnology whatever"... and then realize Bitcoin is the safest decentralized digital money and everything else trends to zero, when expressed in BTC 

[Richbased]

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

Remember you called it a bitcoin 'maximalist' which is strictly a bitcoin enthusiast, why will i be interested in any other coin when i have been bonded by my love for bitcoin. If you asked; if am a crypto maximalist that would i have only choose bitcoin it would have been a different question but specifying bitcoin simply means no room for any other coin. If you watch how bitcoin started from a 'worthless coin' to a 'worthy coin', you shouldn't have been talking about altcoins anymore. Apart from bitcoin, i do not trust any other coin because since i started my study about bitcoin and other altcoins, i have seen much more convincible moves with bitcoin rather than with altcoins, even if any altcoins outperforms bitcoin which i know it won't be possible but i'll still ride with bitcoin.

The market cap. of cryptocurrency is at $3.38 trillion currently and bitcoin alone has about $2.14 trillion in market cap. which is higher than the market cap. of all the altcoins joined together, what does that implies?

[philipma1957]

Calling maximalism an "ideology" is being kind. For many, it's a full-blown religion, and Saylor is their pope.

Let's be real: Bitcoin's job is to be the boring, stable, digital bedrock. It's the Fort Knox. It moves slow, it's secure as hell, and its main feature is that it doesn't change.

Everything else all the alts is the chaotic R&D lab. It's where DeFi, NFTs, and actual use cases beyond "HODL" are born and tested. Yeah, 99% of it is a dumpster fire casino, but that 1% is where all the innovation you mentioned comes from. A world without alts would be a world without progress. Incredibly boring and way less profitable.

Being a maxi is like saying you only believe in gold bars and think the entire stock market is a scam. You miss all the fun and all the potential tech breakthroughs. Balance is key. Bitcoin is the savings account; a few good alts are the high-risk, high-reward gambles.

this is almost really really really really good.


Doge is the best designed stable pow coin the scrypt algo and the coins that merge mine on it are next to ideally balanced.

just kidding - I would put all maxers to death for disagreeing with what I just wrote. - just kidding

Yeah I know sounds like I advocate a violent act or a set of violent acts  I don’t as I am a confirmed non violent club member.


BTC is designed to be a large store of wealth and you can attempt to twist it into a payment system this will allow large master card style payment layers which will cause longterm degradation to mining of btc.

I wish I was 20 as I see btc and sha256 sliding due to not planning for long term mining reward system.

ie doge never lowers the reward which will attract mining for centuries.

[Y3shot]

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.

I agree with you. It takes understanding for one to be a maximalist because this set of people believes that what they know about Bitcoin is true.
So no matter how the price of Bitcoin falls, they are not bothered because they understand what they are doing. No matter how Bitcoin is criticized, they are not bothered. I consider maximalists to have the highest level of understanding of Bitcoin. Maximalists are addicted to Bitcoin and its investment.

[Russlenat]

If you're a lover of bitcoin, then you're....

If you're a knowledgeable lover of bitcoin, then you are aware of the fact there are many things which currently cannot be done with BTC, for example, advanced smart contracts and many of the great features of Chainlink - including effective communication with SQL databases! Who can show a "maximalist" solution with an entire list of currently missing BTC features?

One who is a bitcoin lover should not put an end to adopting altcoins as well as they can also be profitable especially if you chose those potential altcoins. You don’t need to limit yourself actually, that’s why we are given here different opportunities in the crypto market, you just need to decide whether you prioritize bitcoin over altcoins, or just simply make it balanced.

I can say I’m a bitcoin maximalist but I don’t mess up with altcoins either. It’s one way of accepting that altcoins have also their potentials wherein bitcoin cannot do it alone.