76 sats \ 8 replies \ @Undisciplined 24 Mar \ parent \ on: What's to stop competing coins bitcoin_beginners
This question was what kept me from getting into bitcoin until somewhat recently. First mover advantage allowed bitcoin to build network effects that make it much more valuable than a new clone would be.
At this point, the new coin would have to have major advantages that bitcoin is unable to incorporate.
Gotcha. That makes sense. Luckily it didn't keep me from getting in but it has started to worry me a bit the more I think on things.
reply
It prevented me from solely accumulating BTC until it clicked. Sold all the alts and haven't touched them since.
reply
I still have some alts but plan to sell them after the next pump.
reply
To each their own, I wish you best of luck. Just know it may never happen, I recall 2018/2019 winter where all the coins (Dash/LTC/Zcash and many more) all bled and never recovered both in USD terms and have lost dramatically against BTC. Even ETH hasn't kept pace. Alts tend to syphon users BTC away and create bag holders.
I'm not going to chastise you like others here may, I don't know your holdings/goals, but time spent around this industry tends to bring people back to the king.
reply
Well I appreciate you not chastising me. I do understand it's a risk but one I'm comfortable with.
reply
No guarantee those alts outperform bitcoin, or that you'll time the trade right if they do :)
reply
That's true but I'd say there's not much guarantee on anything.
reply
To each their own I guess
reply