Why all altcoins are scams.

Do you feel like other krypto's don't have a solid enough foundation?

Yes, more or less this. Here's the thing: other cryptos do stuff differently. They may use larger blocks, shorter block times, other mining algorithms, whatever.

There are two possibilities: Either these changes are crap and that other crypto runs into problems long term, then it's fucked and goes to zero. Or the changes are good and make sense, then the other crypto is sort of a test environment and the adaptation will be incorporated into bitcoin. Now why would I use ObscureCoin3000 for feature X, if feature X is also in bitcoin, which has the longest chain, i.e. the most work put into it making it the most secure one, the most accepted and traded, the best brand recognition etc.?

So if an alternative feature is good, the altcoin is fucked, because bitcoin will be adapted (like with SegWit now, which was originally in Litecoin), or the alternative feature is bad, well then the altcoin is fucked too.

Reddit-comment permalink

Further Reading:

Run your own full-node to see what's up

If you have a decent PC, I also recommend to you to run a full-node of whatever you think you're going to buy. A full-node, a fully-validating node. Nothing pruned or sharded or some other BS. With a decent PC, I mean any PC or laptop that's not something like an Intel Atom Netbook or Raspberry Pi. If you have such a machine, you can still try, tough, but I wouldn't read too much into the outcome.

Why run your own full-node?

Because the only value proposition a decentralized network like all these crypto-currencies have, is being censorship resistant and immutable. For everything else, for all the bells and whistles they want to sell you, a server-based, centralized solution is better. A blockchain [like Bitcoin] secured by Proof-of-Work [like Bitcoin] is intentionally very inefficient and very expensive to operate. And all you're buying, is decentralization to achieve censorship resistance and immutability. These attributes must never be lost, or you lost the game.

If you're starting your full-node software to see what's up, you'll find yourself in one of these scenarios, if you're running a node:

A) The node runs and the network is used. Blocks are full or almost full and it hums along nicely. Bitcoin is such a network. It's working and stable.

B) The node runs, but the network is hardly used. The blocks are almost empty. Litecoin and Bitcoin Cash are such networks. It's working, but it's stability is questionable, because it's not getting used to its fullest extend (and no, BCH-shills, a stress test over a few days doesn't simulate that. This takes a lot of time.)

C) Your full-node won't sync. The network isn't fully functional. It's only a matter of time until it's fully centralized, as nodes over time go offline and new nodes seldomly join. Ethereum, and as a consequence all ICO's on-top of Ethereum, is such a network.

What's also helpful to not get scammed by shitcoin shills, is to use the Way Back Machine (https://archive.org/web/) and look at Coinmarketcap.com over time. Just take a look at how many great ideas people had over the years and how many are still around. Also, of those that are still around, how do they compare to Bitcoin in the same time-frame. And then consider, even if here and there they temporarily outperform Bitcoin, would you have picked the "winners" out of the hundreds if not thousands of shitcoins, and exited at the right moment? Hindsight is 20:20, as we all know.


Naturally, I'm "the bitcoin guy" for a lot of people and when they ask me if they should buy, I can only tell them, that I don't know either what the price is going to be in a year or two.

But I can guarantee them, that whatever bitcoin they own, is theirs. There won't be any meddling with the supply (like with Ethereum), no rewinding of the blockchian (like with Ethereum), no giant stash of coins held by a company or foundation (like with Ethereum, Bitcoin Cash and Ripple) etc.

What's yours, is yours. Forever.

But to capitalize on this fact, you must hold your bitcoin in your own wallet. Preferably in cold storage.

Bitcoin is the hardest money ever invented by mankind. That's the killer app.

Back to main page | btc-help.lima-city.de