Are shitcoins a gateway drug to btc? \ stacker news ~AskSN

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348 sats \ 18 comments \ @stack_harder 6 Sep AskSN

While we love to rag on shitcoiners and shitcoins in general, I feel like in some cases, they are what eventually bring a lot of people into btc.

I was a shitcoiner before, feeling like it was too late, and like many over the years, i have realised the error of my ways.

I suppose you could also argue that once a person has burned themselvs with a shitcoin, they might also shutdown to btc, not understanding it's something different

what do you guys think?

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51 sats \ 5 replies \ @grayruby 6 Sep

I don't think this is the case anymore. Back in the ICO days and even last cycle when people were getting sucked into defi and web 3 narratives it was probably the case but the majority of people into shitcoins now definitely know they are gambling and are trying to catch the right wave and get rich.

40 sats \ 2 replies \ @SimpleStacker 7 Sep

That's what I would've thought two weeks ago, but last weekend I met a guy who genuinely believes that a basket of stablecoins and altcoins are going to take off and become the new world currency (he was especially bullish on XRP). I think crypto youtube is still larger than we think, and still has its followers all over the place.

40 sats \ 0 replies \ @stack_harder OP 7 Sep

xrp army delusion is real lol

0 sats \ 0 replies \ @grayruby 7 Sep

That's unfortunate.

40 sats \ 1 reply \ @stack_harder OP 7 Sep

do you think noobs coming in now are just more interested in shitcoins or doing bitcoin etfs instead of old school buy and hodl?

0 sats \ 0 replies \ @grayruby 7 Sep

I definitely think the new people to bitcoin are mostly buying ETFs or speculating on treasury companies.

32 sats \ 2 replies \ @flat24 6 Sep

Totally agree with you. For example, when I arrived in this world I had the typical thought of "and if I buy a currency that is cheap and I get millo when it goes up like bitcoin" 🧠💩

Subsequently after eating my mistakes and thinking about them, I noticed that not everything was fiction. that there is an alternate world that did not know in its entirety. (money) and that in order to advance, I had to start by understanding the money. to think about how to really earn "money."

And obviously all that led me to study the colored papers, to be able to understand why Bitcoin? And then learn more about Bitcoin.

0 sats \ 1 reply \ @stack_harder OP 7 Sep

the unit bias is one of the main things that leads people into other coins i think. takes a whiile to accept not having a 'whole one' of something

0 sats \ 0 replies \ @flat24 7 Sep

Yes, it is totally as you describe, and some play may go well in the short term, but we both know that in the long term nothing works better than Bitcoin

49 sats \ 0 replies \ @nkmg1c_ventures 6 Sep

I think seeing a whole 4 year cycle and watching most coins go to 0 but Bitcoin at 100k helps

14 sats \ 0 replies \ @Aardvark 6 Sep

It probably is a gateway for some people, other people just like to gamble. I've personally lost enough money at the casinos to gamble on the market.

0 sats \ 0 replies \ @2053456d48 7 Sep

Diverse market matters. Even I was once a shitcoiners. But now I will say only Bitcoin!

0 sats \ 0 replies \ @Juhwang 7 Sep

Everyone will have to own bitcoin someday. I don't think that means they have to go through shitcoinery circus for that because I've seen enough people who arrive at bitcoin-only from the beginning and they are very happy. If anything, I think shitcoins are obstacles that spread the biggest misconceptions about bitcoin.

0 sats \ 0 replies \ @spiderman 7 Sep

I consider it a very desirable manifestation of Bitcoin ethos. If one is engaged in shitcoinery, he at least saw past the central banker smoke screen. After that, let Darwinism play out among the coins to select the best one.

0 sats \ 1 reply \ @falsefaucet 6 Sep

lots come for the fiat gains hence the shitcoin angle/unit bias

i started with shitcoins in 2017 then learned with time that bitcoin was the invention here.

0 sats \ 0 replies \ @falsefaucet 6 Sep

this is why education is important

0 sats \ 0 replies \ @daolin 6 Sep

It really depends on the person's interpretation, which is the sum total of many years of life experience, subconscious impulses, and conscious objectives. Even traditional finance can be a gateway if you study it with an intention to build wealth, and you're aware that the government is not your friend in that regard.

A shitcoiner who knows how to withdraw from an exchange is probably a lot closer to understanding Bitcoin than a real estate investor who insists on copy-pasting conventional wisdom until it blows up in his face. I'd argue the shitcoiner has more potential than the guy who invests 3% into BTC because of "blue chip" and "diversification" nonsense buzzwords that distract from the fact that there's only 21 million.

0 sats \ 0 replies \ @hasherstacker 6 Sep