I don't personally understand why anyone would actually be putting money into BTC right now. But a common tactic that I see is to scare people into dumping all of their alts for BTC.
"Daddy is coming home" and "The King is back" is two common phrases as well. I think this kind of propaganda is a big part of the BTC ecosystem right now. And honestly I was a lot more susceptible to this kind of propaganda in 2017. But now that I know that BTC was the worst performing coin when compared to every major alt, I cant help but feel like selling alts is a bad idea.
The landscape has changed in more than a few ways.
- All trades are taxable events
In likely the scenario where we wont be able to simply report on what we cash out then dumping alts to go to BTC will be even more risky. Of course if this is the case then Steemit is kind of fucked as well because the taxable events on this platform alone would break the IRS. At this point in time I don't believe its psychically possible to track every trade as a taxable event. But in the scenario where it is all tracked then swapping out of alts to BTC would simply not be worth the effort.
And finally, these same people measure everything in Satoshis rather than USD...
These people are beyond stupid, they claim Bitcoin is the king even though literally every other major alt massively out performed BTC in 2017. They refuse to accept that other coins made more money so they measure everything in satoshis and claim the only reason for alts to exist is to increase your satoshi count.
We know Bitcoin is slow and expensive and the lightning network requires all transactions to go through centralized hubs. Yet they claim every other competitor is a centralized coin owned by big banks.
They have no concept of percentage gains and just think that the coin worth most money means that its the coin that has the biggest gains.
Oh well, these guys believe that BTC is a good investment. There is nothing to FOMO into you idiots!! Bitcoin makes less money!
Yo Castle my dude, did you get a chance to check out my review of Revulsion? Giving me a sad :(
oh I have not seen it yet!
Oh awesome man haha i thought you were snobbing me or something, really wanted to let you know how great i think the game is haha.
lol, Not my style at all.
Hahaha all good dude.
Spot on, as usual!
It's quite sad to see how people are trying to scare others into dumping alt coins even though they are far better in every aspect. I see most alts as a better option to hold right now, because I simply don't believe in bitcoin's slow technology. It might be the most popular but it's definitely not the best one.
4chan people are only trolling xD
who uses 4chan?
4chan is a very useful tool for knowing what is going on in the crypto space.
I don't get the move to BTC either, as it's pretty useless, but the thing is 99% of the alts are utter shit to.
The idea of crypto revolutionizing x, y and z has long gone and it's about how much money people can make.
The very phrase "pump and dumb coin" says it all.
I just sold some BTC for alts but I have seen this coming, dont worry the contraction will only be temporary... I think...
If the old process continues then continues then it will likely go in the same cycle again. BTC goes up then it goes sideways for a bit. During the BTC sideways action ALTS go up more. That is how it always worked before, it will likely continue this pattern again if BTC is truly back.
Muy bien
I see this situation...But next time to increase bitcoin...Well done and thanks for sharing news feed of bitcoin...