Do you think Bitcoin Maximalists are dividing the Crypto Industry (Altcoin Critics or Haters)?
Honestly, sometimes I feel Bitcoin maximalists are dividing the crypto industry, with the way they speak or talk about altcoins like they a are worth nothing and too risky (Altcoin Critics), Yes I know we have some shitcoins quite alright, but it is still not fair on altcoins because not all altcoins are shitcoins, some altcoins have good use cases and great partnership with some of the top brands and institutions in the world and I thought crypto is supposed to be one big happy family against the world filled with crypto critics, governments, the central bank, the International Monetary Fund (IMF) who fear Crypto and are scared that crypto will take over the financial and payment sector, which on that they have every right to be scared because crypto is already taking over both the financial and payment system.
Are Bitcoin Maximalists Altcoins Haters?
As much as I like and respect Michael Saylor, but he is one of the Bitcoin Maximalists that look down on all other crypto coins like they are worthless and honestly that is how crypto critics see Bitcoin and altcoins, so is it that Bitcoin maximalists secretly are crypto critics or Altcoin critics forgetting that Bitcoin also is crypto, Bitcoin is a crypto coin just like every other coin in the market except shitcoins, pump and dump coin, that are giving crypto a bad name and reputation, they can make you a millionaire within seconds or minutes but can also make you a broke as f*ck individual within the same time frame, so if you want to invest in shitcoins or pump and dump coins then you should be ready for whatever outcome you get, whether good or bad and don't blame anyone for your choices.
I have held and seen shitcoins turn hundreds or thousands of dollars into millions don't know about billions though, I have also held or seen shitcoins turning billions and millions into hundreds or thousands of dollars, recently a friend of mine told me about how he invested $5,000 into FEG in 2020 but he did not take profit and today the $5,000 has turned into $33, I didn't know whether to laugh at him for nothing taking profit early or sympathize with him for losing that much. The truth is that I did both, laughed at him and also sympathized with him because he was being greedy as he told me. After all, he said he knew it was going to crash but just wanted to see if it will make him a millionaire but that didn't happen, instead, he lost big. Please guys don't be like my friend, learn to stop taking unreasonable risks just because you want to become a millionaire.
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I think Bitcoin and altcoins need each other to survive.
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Yeah, I agree with you.
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Why does bitcoin need altcoins?
It is the strongest network by far and doesn’t need any other network to work.
On the other way around I’d half agree, in the sense if bitcoin network ever failed it would destroy altcoins for reason if the strongest network effect fails all would have same issues. But bitcoin needing alts? I don’t see this at all.
If all altcoins crash, it will affect Bitcoin because people would lose confidence in crypto and start dumping their bitcoins and that would crash the price of bitcoin, the power of bearish or negative sentiments.
If the crypto market is only about trading bitcoin, it will be less vibrant, I think. No buzz, no news, lesser reach. It’s the shades of things that makes bitcoin stands out.
I have mixed feelings.
The history of crypto is paved by mostly shitcoins, pump and dump, rug pulls, and salty bag holders.
Once in a while we actually have a gem.
They are right in the sense that altcoins (in the early days) were mostly copy and paste, and if we were to spread limited capital to so many shitcoins with no purpose, the supply for crypto is essentially unlimited and none of the crypto would be worth anything.
On the flip side, if all the capital are going to BTC and only BTC, this could be almost like Ponzi, new money pumping the bag of existing holders.
The reality is it could be both.
I think the Bitcoin Max crew is right about 99% of the alt scene. I don’t blame many for taking this stance, we have so much centralized garbage in the space I can’t blame em. That said I see multiple tokens working long term and think it’s more complicated but I do agree most tokens will fail. DeFi especially will not end well. So much centralized trash. But those throwing out literally everything are missing good projects like Hive and a handful of others.
I feel Hive is highly underrated in the crypto space, we need more PR and investors.