RE: How Do You Know Its Decentralised?
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We won't know how secure many of these "decentralized" networks are until hackers or governments actually try to attack them. Considering that possibility, it's a good idea to maintain a diversified portfolio.
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ExAclty so do you really want to wait and find out or do you want to actively campaign to keep expanding its robust nature as bitcoiners do by encouraging more people to run nodes
For me I am concerned of the risk and won’t keep a meaningful amount in anything other than bitcoin
I think the risk/reward ratio is better keeping a diversified portfolio, rather than having the majority in Bitcoin. The likelihood of all these dozens of other blockchains being attacked and shutdown simultaneously is quite low in my opinion.
I would disagree there, you're applying the idea of diversifying into one asset class, diversifying is mean't to go across asset classes to you can capture non-correlated growth. all crypto is tied to bitcoin, sure you can get some capital flows here and there but in the end its pretty insignificant
If we look at all cryptos they are going straight down in bitcoin terms over time, so your purchase in satoshis is way outperforming anything else.
Even in the case where capital flow into a coin may temporarily outperform bitcoin you still need to be able to time that top/overvaluation period and then secure your gains either in bitcoin or a stable coin and hope your taking of profits minus the tax burden you incur would outperform holding bitcoin.
99% of people won't get this right, crypto is a VC and hedgefund game and most retail will lose, they will think they win because they might have more fiat but in actual fact they lost when compared to simply holding bitcoin
Then we still need to factor in the opportunity cost of wasting time following coins, which you could use for more constructive means
but to each their own, lessons will be learned