Re: Best arguments to make your friends understand that altcoins are not good

Hi all!

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.

You are not sincere about it, how can 99% of altcoins be scams, where did you get your statistics from?

You would have had a valid argument if you said they are manipulatable, but being a scam is just a misrepresentation. Most of them are not poor experiments and neither are they Ponzi schemes. If we remove the meme coins, most of them have real value and the developers are trying their best to make them work.

This is why we should differentiate altcoins from shitcoins, but it seems you are generalising them now. Altcoins have blessed me tremendously in the past 2 years+, I wonder why the many of them I invested in turned out to be a success if truly they are scams.

I think what OP's focused is the new batch of altcoins being launched, as they are way more unreliable and are product of scams and fake crypto alternatives. They're way too far compared to those old but significant altcoins that are still making a good position in the market.

But he didn't state it that way, for this, we should respond based on how he stated it. Altcoins and shitcoins are not the same even as many altcoins are shitcoins, there are still good altcoins. I've profited well in them, yours is to know how to work around them, they can even give more money than Bitcoin unless we are deceiving ourselves. We should deplore the strategy of buying them at the bottom and selling them at the peak in every 4-year cycle. No one who does this well can regret it because they must have been so cheap at the beginning of the bull run to the point that you have almost no risk investing in them.