Bitcoin Maximalism - Are All Altcoins Scams?
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.
"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
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 😜
Thanks for the detailed comment sblue! I'll see what I can do with regards to the flappening video 😄
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.
I really learnt a lot from this post, it had to my knowledge on bitcoin and others of it nature
Great to hear!
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
I've only seen a few of your videos, but I find your opinions very well framed and explained.
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 :)
altcooin are going down until bitcoin make new highs again my opinion
33% of all altcoins are a scam
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.