Oh man, I just read a post titled "Bitcoin Maxis Were Right" here on Publish0x. At first, I wanted to write a comment to clear up some misconceptions that were made up in this post. Then I quickly realized that my comment would reach the length of a full post, so instead of a longer comment, I wrote this post addressing Bitcoin Maximalism. 

Here is why I think that the Bitcoin Maxis weren't right.

Bear Market Blues

First of all, I understand that this year had been extremely tough so far and many crypto investors have lost a lot if not all their money. In such a situation, it is understandable that people question their own principles or even fundamentals of investing.

Sam Bankman Fried has probably made thousands of Bitcoin Maxis overnight. 

This is to some degree understandable but to be very clear, the failure that we have seen this year is not a failure of cryptocurrencies, Bitcoin, or altcoins. Crypto is not dead, it is still alive and there are still more cryptocurrencies than Bitcoin on the market.

Making Bitcoin With Altcoins

Yes, there are also many shitcoins and scam coins, no doubt, but luckily not all of them. Scams are also not limited to altcoins, most of them include Bitcoin.

It is true that there are altcoin investments that can go to zero as we have seen with Terra Luna and FTX. On the other hand, if you want to become rich in crypto then it only works with altcoins that have a low market capitalization.

The current market capitalization of Bitcoin is already too high. It is impossible to become a Bitcoin Millionaire overnight. This can only work with altcoins. If you want to make a huge return on your investments in crypto then it only works with altcoins.

But what about the main argument of Bitcoin Maxis? BTC maxis say that altcoins were just made to steal your Bitcoin. That's the view of a maximalist but you can also see it in a different way. I believe that you can make a lot of Bitcoins with altcoins. Make big gains in altcoins and then secure them in Bitcoin.

Bitcoin is down 75% from its all-time high of last year, Binance Coin is only 50% down and some altcoins like Trust Wallet Token have even reached new all-time highs during the bear market!

Bitcoin $BTC Chart

Binance Coin $BNB Chart

Trust Wallet Token $TWT Chart

What had been the better investment, Bitcoin, Binance Coin, or Trust Wallet Token?

Cryptocurrencies are not the problem, institutional players are!

No, altcoins are not the problem and Bitcoin maxis were not right. The problem that we're currently facing is that traditional finance has already taken over huge parts of the cryptocurrency industry, from Celsius to BlockFi to FTX.

Many of these institutional players are manipulating also the Bitcoin market by giving out paper Bitcoin. This is Bitcoin that only exists on paper, in their own books but you are not able to withdraw, The same is possible with gold, you can also invest in gold that only exists on paper!

The same author that says today "Bitcoin Maxis Were Right" had been the biggest promoter of Bitcoin passive income here on Publish0x until the rates that BlockFi paid weren't high enough anymore. He predicted the end of BlockFi because of low-interest rates and not because of traditional financial institutions invading the crypto space.

First of all, if you want to earn high yields then you need to be willing to take risks. You won't earn a high yield if you are not willing to take risks, you can't have both, a risk-free investment with high yields. Honestly, where do you think are high yields coming from? It is pretty simple, the higher the risk, the higher the potential return or the potential loss. That's the economics behind lending out your crypto to someone else.

Now, that the disaster has happened, he is blaming altcoins instead of the traditional financial players. No, Bitcoin maxis are not right, traditional finance has infiltrated the cryptocurrency world and they started to play the same dirty game that they played in traditional finance with cryptocurrencies. They are to blame, not cryptocurrencies.

It is important to get that right. If there ever is an enemy in crypto, then it is not altcoins, it is the influence of traditional financial institutions with their dirty methods!

To be very clear, maximalism is toxic. If you think that Bitcoin is the one and only, then you will miss out on opportunities around you while at the same time harming your own interests simply by being too extreme.

Honestly, people that bash other altcoins or other cryptocurrency projects more than they bash central banks are toxic!

My Final Words

I hope that I was able to point out why Bitcoin Maxis was not right. It is a fatal mistake to blame altcoins, in other words, crypto, for the mess that the whole cryptocurrency space is currently in.

The mess is caused by traditional financial institutions invading the cryptocurrency space with their dirty methods. These are the same methods that are responsible for the big financial crisis of 2008. The difference is that cryptocurrency investors don't get bailed out by the state like banks. Honestly, every time crypto pisses me off, I go and speak to a representative of a traditional bank and I get an instant fix.

Blame the financial institutions, not crypto, and don't be a maxi, stay open-minded!!

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