I’m new to Crypto-currency system and found Monero only logical way to move forward, if I would want investment I would go to SP500. Seems like for most bitcoiners it’s an investment and not a way to buy-sell, it’s not a currency for them, so what’s point? It becomes ponzi/pyramid scheme that way. Also noticed that Monero is hated in that circles (hello Nostr). What’s your opinion on the matter?
At some level it’s the fear of backing the wrong horse. To feel safe you have to be a “maxi”, and to be a “maxi” you have to deny anything else can work. Bitcoin is the first crypto most people find, and the “everything else is a shitcoin” message creates a self-reinforcing cult atmosphere. The fact that mot altcoins soon fail reinforces that.
Almost all bitcoiners are there for “number go up” profit, so the price volatility also creates a lot of anxiety. The ones that stick with it become very committed HODLers. It’s a bit like an abusive relationship, the pain makes you commit more. Market psychology is fascinating, and is why emotional investors lose their money.