What pros and cons do you see for becoming a maximalist of a specific cryptocurrency?

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Just recently, as I tried to reconnect myself to Web2 people, I stumbled upon one post on Reddit extolling the advantages of cryptocurrency. However, I observe that in his mind Bitcoin is the only cryptocurrency and all others are nothing but trash. 

I also observe a similar emotional bias here on Hive that considers all tribe tokens as nothing but garbage. This type of tribalism somehow discourages productive discussions and collaboration within the broader Hive community. 

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Good question ! It's one that really plays into the psychology of investment.

You've already spotted one of the disadvantages of maximalism; that a maximalist can become very blinkered in their views and look down on other forms of investment. Another disadvantage is that if you only focus on one crypto, you could miss some great investment opportunities in others. But the biggest disadvantage is that if the crypto you are maximalist goes badly wrong, you've got all your eggs in one basket and could lose your entire investment.

However, there is one advantage of being a maximalist. It means you can totally immerse yourself in just that one crypto. With a really deep understanding of it, you can make the most of every earning opportunity it presents, as well as (hopefully) understanding the risks and what signals to look for that indicate you might need to get out quick. Related to this is that you won't be spending time researching distractions or cryptos that aren't going anywhere.

Maximalism is often a good approach for people with limited time (and, of course, who can afford to lose their entire crypto investment). Personally, I favour a more balanced approach, but I'm still limited for time so I tend to keep to a relatively narrow portfolio of about a dozen cryptos that I think I understand reasonably well - a kind of semi-maximalist position, if you like, but I like to think I stay open-minded enough to consider new opportunities and not dismiss things just because I don't fully understand them yet.

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That's a great mindset there. I find it pointless to talk to BTC maximalists for it seems that they already embraced an all-knowing attitude and if you mention any crypto, you will be dismissed as a scammer.

!BBH
!PIZZA

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