There are prominent figures in this space such as Tone Vays who are "Bitcoin Maximalists". Broadly speaking, these are people who believe that Bitcoin is the only legitimate cryptocurrency, and that all other altcoins are inferior projects and/or outright scams.
In this video, I'll be offering my thoughts on the Bitcoin Maximalist philosophy.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
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hmm I think investing in cryptocurrency is similar to investing in other assets and diversification is critical. need to pick altcoins that make sense tho.
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I also hold most of my crypto assets in BTC. Even for legic alts it might be difficult to compete with BTC, as it can adopt their tech.
After all, very few of tech companies of 1990s have survived.
Thanks for the video @louisthomas :)
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Yeah the bitcoin is good one, But saying all the other crypto currencies are scam is pretty wrong.
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Nice post. There are many crypto coins that are big just like bitcoin. I like Steemit , it really has a future. Once they make it more easy to do things on here with your phone. The world will be on
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The bitcoin maximalism has no sense. The altcoins are necessary to press the bitcoin to update and improve. That latent threat is positive for the technology and the market. Besides without altcoins we would have only one currency and that's not ok, variety is good.
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I think about this from time to time. There are SO many altcoins out there, it is a foregone conclusion that a majority of them will indeed fail. Is that worthy of being called a scam though? Some may say so. If the developers do not put forth an effort, and live up to the white page and roadmap that was planned out...it would be fair to call them quitters/scammers.
Then, there are real deal scams 100%...like Bitconnect.
So, for me, there are 2 distinct categories...with one of the categories containing altcoins that could be argued as scams. The world isn't big enough for the number of coins being created, plain and simple.
I hope I am invested in the right ones, and I hope you are too.
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I sure hope these alt coins aren't scams.
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Hopefully this will all be fine, and I keep following every post @louisthomas
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I strongly believe that there are altcoins that ofc are scams. The key here is to never invest in something that acutally doesnt offer any value or wont produce anything. But to say that all altcoins are scams is a faulty statement.
Like @leftbank said in the comment section, "investing in cryptocurrency is similar to investing in other assets and diversification is critical".
A good video where you address the issue and give reasonable answers
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I don't think other cryptocurrencies can be considered inferior to bitcoin in any way.
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thank you very much for the information, very useful.
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I agree. Bitcoin can not be everything. That is why we have ETH for smart contracts, LTC for faster development and scaling, Monero for privacy and Steem for social media distribution and rewards.
Also it is better not to put all your eggs in one basket
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there should be a variety of crypto currencies not just one , anyone then can invest in some whether a large or small amount , low or high price , not a lot of people have a couple of grand to spend
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Hi @louisthomas (discovered you on youtube "5 Reasons Why I Love Steemit")
Too many coins is always a concern. But there are some coins that serve a true purpose and have a strong enough community to help it survive. Steem is an example.
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Dear Thomas. Thanks for the Video! I am a bit worried about the path bitcoin is going at the moment. If its true that 20% of the active Bitcoin developers come from Blockstream then this is not decentralized at all. If you dig deeper you might find out that behind Blockstream stand investors that come from the "Bilderberg Club" as described here:
https://www.reddit.com/r/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
Does this mean we end up getting the same masters we are having now, when we prolong suporting Bitcoin?
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