Bitcoin Maximalism - Are All Altcoins Scams?

techwizardry (65) · 7 years ago (edited)

"Smart, wise, experienced dude..."

I wouldn't use those words to describe that guy. In that interview with Boxmining, Tone had trouble forming proper sentences and his arguments were very weak.

Remember, this is the same guy that was telling everyone that Bitcoin Cash would fail spectacularly because the chain would stall. LOL

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sblue (52) · 7 years ago (edited)

Hey @louisthomas! Thanks for another interesting video! At first, I was irritated by people like Tone Vays but over time I realized, that viewpoints that contradict your own, are the ones you can learn the most from. It is always good to question things and controversial discussions and statements can bring a lot of insight if they're not just blindly rejected. Of course, in the end, we all have to take our own decision. The whole crypto-hype gave birth to a lot of scams, Ponzies, and other fishy schemes, sometimes people just follow empty promises of fancy websites. Yet, I absolutely agree that this does not justify calling anything except Bitcoin a Scam. But the reality is, that even if something is a promising project/idea with an honest team, not every team, probably rather least of the teams, will be able to deliver on their promises. Which is why I think it is even more important to hear and try to understand contradicting viewpoints. To me, the technology/idea of Cryptocurrencies has huge potential for the future and could really change and disrupt the world at a scale comparable with the internet. But we are at the very beginning, and sometimes the hype predominates that fact.

Cheers - @sblue

BTW: I'm still waiting for that flappening video 😜

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louisthomas (75) · 7 years ago

Thanks for the detailed comment sblue! I'll see what I can do with regards to the flappening video 😄

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let-it-fly (51) · 7 years ago (edited)

I am definitely on the other side of bitcoin maximalist , I have only 10% bitcoin in my portfolio. I am strongly agree with you that calling other Altcoins Scams goes too far.

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7 votes

adeyemidrey (64) · 7 years ago

I really learnt a lot from this post, it had to my knowledge on bitcoin and others of it nature

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louisthomas (75) · 7 years ago

Great to hear!

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piccolo (53) · 7 years ago

Lot of altcoins are scam, people overhype some of them then price drop like hell or people escape with someone money. Good example was BitConnect

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alangrant (49) · 7 years ago

I've only seen a few of your videos, but I find your opinions very well framed and explained.

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iblethebible (40) · 7 years ago

Some altcoins take everything bitcoin already is and then improve on it massively. Bitcoin did it all first admittedly and was obviously absolutely groundbreaking tech but as time goes on more and more improvements will obviously be made and bitcoin will become obsolete for most uses. As a store of value sure btc is great. But what about trying to withdraw said store of value. At the moment tx fees are to high. Cheers for the video Louis :)

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bitcointravel (52) · 7 years ago

altcooin are going down until bitcoin make new highs again my opinion

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yassine04 (54) · 7 years ago

33% of all altcoins are a scam

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kouba01 (80) · 7 years ago

Bitcoin maximalists appear to argue that theirs is the One True cryptocurrency, and they argue that based on the claim that blockchain and cryptocurrency technology are so complicated as to make it impractical to have more than one such technology in existence.

Let's assume for the sake of argument that the maximalists are correct that other cryptocurrencies and blockchains like Ethereum are fatally flawed. That's an interesting argument to make about the present condition.

But it tells us nothing about the future.

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faridk (44) · 7 years ago

I think the only real scam coins out there are the lending coins that promise a guaranteed return each day. There are however many bad investments because out of the 1559 cryptos listed on coinmarketcap how many actually have a valid use case, potential network effect, are true utility coins & have the potential to attain supper dominance ? There is currently a disruption opportunity for new alt-coins because the issues relating to speed, scalability and transaction cost have not been satisfactorily resolved. However once these issues are resolved I believe niche coins targeting such areas as store of value. security, and smart contracts will prosper and coexist in a slimmed down ecosystem. For this reason I cannot subscribe to the bitcoin maximilist position which tacitly assumes that innovation stopped with BTC and that a better system, that would supersede it can never be invented.

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daddygarsha (36) · 7 years ago

No way! I just bought $2,000 worth of ScamCoin. It says on the website they're legit!

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sherlock2 (40) · 7 years ago

I believe that 90% of all altcoins are a scam. You have to do your research and find out wht their unique selling point is. If they don't have one or it's not really solving any issues, don't buy it. Having said that, there are altcoins that do have real value. Finding those and then compare their potential value with their current market cap is key in good investing

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joeeyyc (25) · 7 years ago

Another great post Louis!

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epelius (44) · 7 years ago

Many people just advertise and hype the coins they're invested in. I can't see all the altcoins being scams, most likely over 90% of them will simply fail and some may turn out be a scam. It's quite hard to identify the ones most likely to succeed in the long-term :) I definitely agree on some of Tone Vays' arguments.
"Anything that has Dan Larimer's name on it is a scam" lol

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hanief (49) · 7 years ago

Great analysis..
Glad I found your blog..

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adeboy1 (44) · 7 years ago (edited)

This is quite interesting, this is a wake up call to investor to know where to invest there asset, this good post. An interesting video

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chesatochi (72) · 7 years ago

In resume, you need to have a mix of good specialized coins that excel in their niche.

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melpost (48) · 7 years ago

I read somewhere that 80% of new projects with coins/tokens from a year ago folded like a cheap suit. If that's true, it would certainly mean that majority of altcoins are garbage.

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