Why Altcoins are Not a Threat to Bitcoin w/ Udi Wertheimer - Bitcoin Magazine Podcast

On this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with the infamous Bitcoin Twitter personality and troll Udi Wertheimer to discuss why the hardcore Bitcoin faithful should not be so worried about alternative cryptocurrencies, or “altcoins.”

Generally speaking, Bitcoiners are very adversarial towards altcoins and those who support them. It is not unheard of to see Bitcoiners loudly decrying all altcoins as scams and altcoin investors as foolish.

Neither Wertheimer nor Keroles believe that altcoins pose a real challenge to Bitcoin, nor that they can even be helpful for new people who are not quite primed to understand Bitcoin initially. Bitcoin is quite unintuitive to people still operating with a fiat mindset. Wertheimer also challenged Bitcoiners by claiming that they lose credibility when they continue to pretend that some altcoins like doge and ether have not outperformed bitcoin substantially in 2021.

Wertheimer thinks that toxicity was much more necessary back in 2015 to 2017, during the Bitcoin fork wars. He now believes that Bitcoiners can be much more empathetic and successful at converting new Bitcoiners and precoiners to Bitcoin with a less toxic strategy. The current brand of altcoins pose no threat to Bitcoin itself and, if anything, it amplifies Bitcoin’s own brand, reach and total addressable market.

Please listen, share and tell Bitcoin Magazine what you think of this conversations with Udi Wertheimer.

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Timestamps:

0:00 - 2:54 Intro
2:54 - 4:03 The atmosphere of Bitcoin 2021
4:03 - 6:35 Are shitcoiners also bitcoiners?
6:35 - 11:40 The origin of toxic maximalism
11:40 - 13:44 The threats to bitcoin are different now
13:44 - 15:06 Ck's disagreements with American HODL
15:06 - 17:07 Bitcoiners forgetting who the real enemy is
17:07 - 18:46 The SEC's lawsuit with Ripple
18:46 - 20:42 Bitcoin 2022
20:42 - 21:58 The Deep Dive
21:58 - 24:03 Bitcoin is a bet on a dystopian-like future
24:03 - 25:11 The SEC allows fiat to exist
25:11 - 32:16 What is the state of the crypto ecosystem?
32:16 - 35:07 Everything is good for bitcoin
35:07 - 38:12 Explaining the difference between altcoins and bitcoin
38:12 - 40:01 The quote 'have fun staying poor'
40:01 - 40:57 How to follow Bitcoin Magazine's content
40:57 - 42:43 The quote 'have fun staying poor'(cont.)
42:43 - 44:01 Having investments other than bitcoin
44:01 - 47:24 Bitcoin's increasing approachability
47:24 - 49:08 Is this bull market over?
49:08 - 50:25 Closing comments