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Of course nobody could know for sure where bitcoin is going or could be going, but in hindsight there is now some basis for doing some comprehensible calculations. Those calculations can't be accurate except for hitting the bully eye out of pure luck, but they can now contain some reasonableness. Putting the total amount of a new asset class, in this case a digital asset class which was bound to develop in these digital ages, into perspective of total global assets could have provided an indication for the upside potential back in 2010,11,12 and afterwards. That is why I think there is still great upside for bitcoin, but relatively lower compared to what it was. This is not worth mentioning because any asset class that literally starts at zero has an almost unlimited upside potential, but I think you know what I mean.
Bitcoin has tons of potential and I doubt that a shitcoin will take its place unless there is a hugely orchestrated move by dozens of the existing billionaires, but seeing how twitter tanked in value makes me confident that even an orchestrated move to shift value from bitcoin to another shitcoin network could go horribly wrong for them. I think that it is true that with something like a protocol layer asset like bitcoin and/or money, the challenger to the incumbent (bitcoin in this case), needs to be around 10x better or more in order to unseat the incumbent. Part of the reason that bitcoin is going to be unseating both gold and the dollar is because bitcoin is more than 10x better than either of those systems... even though it could still take 50-200 years for the unseating to take place and for bitcoin to mostly replace gold and/or the dollar.
Sure, many things could happen in the next 50-200 years in order to change the dynamics and our to change the current trajectory, yet based on our current information, we should continue to recognize bitcoin as the dominant one in which all monetary value will flow, and it was also likely true 10 years ago or more and even more difficult to see, even though bitcoin's superiority should be within reach of being seen, even though surely it seems that a lot of normies continue to be confused about both what bitcoin is and/or to imagine that bitcoin is going to continue to eat away at the monetary value of a lot of assets that are currently monetized, since bitcoin is the superior and more efficient money. Even if we are talking about monetized assets, such as real estate, stocks, bonds, art & collectables, other commodities that are being used for their monetary value rather than for their utility value, many of these will be revalued to be closer to their utility value and the excess monetary and/or storage of value aspects being kept in those various other assets will flow into bitcoin as the superior and more efficient money (including bitcoin's storage of value aspect), yet of course, bitcoin is superior in regards to its other monetary attributes too, such as its transportability, verifiability, scarcity, divisibility, not needing a third party, cost savings, programability, and even bitcoin's non-physicality can be considered as an attribute when it comes to bitcoin's money qualities..
That’s why I usually tell folks not to think of diversifying until they have gotten some nice amount of bitcoin , before they should think of putting their funds in something else ( in for of diversification) , because it will affect their rate of accumulating bitcoin , shifting their resources to something else .
That's wrong mate, are you saying that the only thing somebody will do or have for the next 10 or 15 years they plan to hold must be only Bitcoin?, I doubt if anybody will do that because as life goes that's how we are meeting opportunities, so getting it doesn't have anything to do with your investment because the plans you have on that can never be disturbed by anything, for example you are giving a contact that worth a lot of money you cannot say since you are already investing on the Bitcoin that you cannot take it, however have you forgotten that there are people whose Bitcoin is there diversification?, they had other things before they started investing in Bitcoin so they cannot stop it to base only on Bitcoin since that one could also be fruitful, so actually so long as there is a continuity on your Bitcoin you can do other things.
You are getting everything about diversification all wrong. When we mean diversifying into another investment, it means that the money that you are using for building your bitcoin investment will be channeled into a different kind of investment that's not on the same line with bitcoin. For example, bond, stock, cash equavilents, equity etc.
It does not mean that you should not work or miss out the opportunity of increasing your income overtime when the opportunity comes. The reason why you don't need to diversify into any other asset when you are still in your bitcoin accumulation journey is so that you can stay focus and build your bitcoin portfolio with all seriousness, so that you can reach your bitcoin target quickly without having a diverted mind. If you are investing in bitcoin and at the same time diversifying, it will make you have little bitcoin in a long period of time.
The only time that is good to diversify if you want is when you have reached your bitcoin target, and you don't feel secured with only your bitcoin investment, you can diversify into other asset so that one will balance the other when the market is not doing well. Don't forget that bitcoin gives the highest profit than any other investment, if you invest the same amount of money into bitcoin and other asset overtime. This is the major reason why you should be and grow your bitcoin investment first to your target before you should think of diversifying, and you should also have the knowledge on what you are diversifying into and how to do it, so that you don't do it wrongly and regret your actions.
Part of the problem with diversification from the start of any investment is that there tends to be no reason to do it, unless you happen to already be starting with a lot of capital.
Most people are not starting out with a lot of capital, so it takes a while to build up their capital and to also justify why diversification might be necessary and/or helpful in order to NOT have too much investment into any one asset or any one area.
The perception of when diversification might become helpful to any particular person can be quite difficult to consider, since the person's individual factors will need to be accounted in regards to the various balances that are being made. I frequently suggest that ONLY investing into bitcoin while off-setting with dollars (or whatever other local fiat) can be quite a reasonable approach to investing into bitcoin, and perhaps there might not be any justification towards diversifying beyond dollars and bitcoin until perhaps once a person gets close to a year's income in bitcoin... but sure some guys could reasonably conclude that getting to 1/2 of a years income is sufficient enough to justify some kind of diversification, and surely there can be a variety of ways to diversify such as property, stocks, bonds, commodities and/or cash equivalents..
and another way of diversifying is getting involved in business interests that may or may not also require the active labor participation of the investor... .. so the answer to diversification is not completely straight-forward, even though shitcoiners wrongly use the term quite frequently to suggest that guys need to get involved and/or fuck around with shitcoins, and largely that is not true. .except sure if someone cannot resist the temptation to gamble with shitcoins, then hopefully he is limiting his exposure to shitcoins (in terms of time, energies and/or value) to less than 10% of his bitcoin investment... and largely there is not need at all to diversify into shitcoins since they are quite greatly correlated to bitcoin in the first place.