Okay guys, I will keep bugging you with more #Bitcoin questions.
What’s your rationale behind not buying altcoins (a.k.a. shitcoins; I like this jargon so much 😂)?
The only argument for me not to buy ltc, eth, bnb and so has been the cynical calculation that almost any altcoin portfolio is less profitable in a 3-5 year perspective than a pure 100% bitcoin portfolio.
Happy to learn more! 🤙
Why go buy burgers at mcdicks when you got steak at home?
There is no next bitcoin, bitcoin is the innovation, shitcoins don’t solve any problem. They are just marketing gimmicks to sucker unsuspecting noobs out of their bitcoin for GAINZ bro
None of the others are truly decentralized they are basically a company on a blockchain and can change the protocol at their whims. Most had premine and we’re not distributed in a fair way. I could go on.
Agreed 100%. But what about LTC for example? Some claim it has faster transactions and better scalability. But it feels like a copy of THE original
It is a copy, network effect is greater with bitcoin. If that were true why hasn’t it out performed bitcoin? Why did Charlee Lee dump all of most of his coins? Is it faster than lightning? What has scaled more bitcoin or litecoin?
There are other trade offs when you change the original code to make it “faster and more scalable”
Just double checked. LTC/BTC ratio has been (on average) going down since 2017.
Before I came to Nostr, I would have said litecoin is faster. But no, lightning surprised me a lot.
Base layer doesn’t have to be fast but it has to be battle tested against attacks nothing comes close to bitcoin. NOTHING.
I buy mcdicks because it’s incredibly cheap. I get those delivery bags everyday so I don’t have to buy garbage bags, I use those as garbage and recycling bags. I keep my fridge unplugged which saves me around $40 a month and only costs me only $9.53 for a McDouble meal after delivery fees! Which is incredibly cheap that’s like $7 USD plus I get 1% back in SkipTheDishes points and I get 1% back on my Shakepay card in Bitcoin. Also I don’t have a BBQ and pan fried steaks are 🤮
That’s my rant, over 🤣
Obviously I don’t have to pay for gas and car insurance either which is another huge saver!
🤣
Someone took this personal
🤣
😂😂😂 I felt your pain when I was reading it
You have started down the right path. Think about who controls all those shitcoins? I.e. was there an ICO? Who received most of the initial coins? Is there a CEO? What is the “monetary policy” and can it change /has it changed?
Save yourself time and just assume bitcoin was a discovery and all shitcoins are trying to rediscover something already discovered. Stack sats and start reading and learning 🤙.
That’s why I came here 😬🤙
Think of bitcoin as the first wheel. Perfectly round, the design is flawless and it works perfectly. It is fundamentally sound.
Think of shitcoins as a bunch of morons who took this perfectly fundamentally sound wheel and said “well if change the fundamental shape of this wheel it’ll look cooler”.
As you know, if you change the fundamentals and shape of a wheel it won’t work. You can’t reinvent the wheel.
1. Money can buy anything so buying bitcoin now will buy you every shitcoin you ever want.
2. I dont need shitcoins.
3. Investing being "requirment", is scam. I dont want to be part of it, until its fixed. Investing time and effort should be enought.
4. Im simple guy, so aped in and stacking sats. Cant really compile more complex functions lol.
For me there's no need to buy anything other than btc because it's already the most secure and decentralized network there is. And with the lightning network btc can be sent instantly and cheaply. These other coins may not all be scams but they are unregistered securities that all have some sort of central authority or foundation that controls it. And with that control comes risk. I am not willing to accept that risk just for the possibility of selling back to fiat for a gain at the expense of bag holders. That's not why I'm here
Exactly. This is how I stated seeing it since I learned about the lightning protocol. I still think many altcoins ain‘t scams, but every time I look at what they claim and what their real performance is, it looks weird.
And of course there’s the point with being a truly decentralized network.
Bitcoin was made to enrich humanity.
Shitcoins are made to enrich their founders.
Bitcoin is decentralized.
Shitcoins aren’t decentralized.
Bitcoin is scarce.
Shitcoins aren’t scarce.
Bitcoin can’t be regulated.
Shitcoins will be regulated.
Bitcoin never fails.
Shitcoins always fail.
Bitcoin is freedom money.
Shitcoins are fiat.
1) There is no figure head that can steer or influence things. Vitalik still holds a lot of influence over Ethereum
2) Proof of Work is vastly more secure than Proof of Stake
3) Bitcoin has the most adoption and the largest market cap, so if you're gonna put your energy towards something, it should be for the one most likely to succeed.
4) If nation states, large institutions, and other big players are going to adopt it, it will have to have security be the absolute top priority. Most alt coins try to be "better" by sacrificing security to give you something else (like faster speeds for example)
5) All the other benefits of the others can be handled with Bitcoin by other means without sacrificing the security and decentralization. For example, we don't need a layer 1 to be as fast as Solana is trying to do because we can do that on lightning. Plus, they can't even seem to mange that well. Imagine if the Bitcoin blockchain had to be "rebooted" ever other week 🤣
So far one of the best set of arguments I‘ve read on Nostr
