Lately, as Bitcoin approaches to 100,000$ I’ve found myself in discussions with friends who are intrigued by altcoins (not only Bitcoin), particularly those tied to AI, and other trending narratives. Many of these projects come with flashy promises, and while I often point out that 99% of altcoins are scams, Ponzi schemes, or poorly designed experiments, but I’d like to build a more well-rounded argument.
I’m seeking solid, fact-based arguments to explain why Bitcoin remains the superior option and why altcoins often fail as alternatives.
The original idea about Bitcoin and how it was 'mined' meant that the currency actually had some value because you had to do work to earn it. The rest of these crypto coins, NFT's and all the rest of the derivative 'investments' have no value other than when they're first introduced lots of people will throw money at them which makes their price rise which entices more people to buy them until the originator/s pull the rug and sell everything they have leaving you with a worthless web link to a stupid picture. The 250+ crypto 'investments' available now are mostly scams and old Mr Ponzi would be proud!