Quote from: Scarlett_23 on Today at 04:57:24 AM

Quote from: temple on October 22, 2024, 11:41:21 PM

If there are still people falling for fancy white papers these days, then I have to say I have no sympathy for them whatsoever. I understand that back in the days when all these ERC20 tokens came around, a lot of people were confused and the unreal price increases did the rest. Some people running these ICOs got arrested because raising that money was illegal in the first place, and I can't tell whether there is one single coin with a huge white paper out there that has made its way. Ethereum maybe counted as one, but it has its own set of problems and people should do their research on how POS leads to more and more centralization as those with more coins always outcompete those with less coins in block production, making their holdings grow at a faster rate.

In BTC you don't have this problem. It doesn't matter whether you have 1 BTC or 100 BTC, it doesn't change what say someone has in the network and miners are those with significant skin in the game, making sure they act in the interest of the network as their well being is directly dependent on the well being of the network and they had upfront investments which they want to recoup.

But it's good to know, at least that is how I noticed it, that the talk about those alt coins is going further and further down. I have been discussing those coins years ago and the relative number of people discussing these fancy white papers has become less.

Because one of the biggest differences between BTC and those alt coins is that "Buy the DIP, and HODL!" worked for BTC, but not for the vast majority of other coins. People have been catching the falling knife and hurt themselves. BTC always bounced back to its ATH and is close to it right now. Only people who traded back and forth can literally have realized substantial losses. Everyone else could at worst be a few % down right now.

Bitcoin alone holds itself in a strong position in the long term. Altcoins can't hold their position in that way for long. Bitcoin can return to its maximum ATH at any time. People often fall into a state of confusion during ICO. They are confused with attractive white papers. People buy these coins hoping to make more profit and face losses. They steal huge amount of money by tricking common people. Bitcoin Pow is fair and realistic where miners do what is best for the network. Finally let me say that Bitcoin is a completely decentralized institution and completely different and risk free from other coins.

Most of the owners of those others coins come up with things that are too good to be true to attract people to invest in them, and it pays off cause that's why many people still buy Alts and shitcoins out of ignorance all in the name making profits in the future, though some are out of greed too cause they're aware of the consequences but are willing to take chances despite knowing they could lose everything. Over the years, Bitcoin has shown that it has the ability to reach different ATH and it would still set another in the near future, which makes it the best Cryptocurrency for investment, that alone should discourage people from buying other coins for investment purpose but then that's where ignorance and greed comes in like I said earlier. Well, another thing is lack of patience some of those investors are not willing to wait for long-term cause they want to make quick profit, they disregard the major benefits of the future and chase after quick profit that seems very risky, forgetting or not knowing that Bitcoin investment got strategies that helps counter the risk of loss and that's why it's completely different from others.