Bitcoin Maximalists Do Not Trade For Bitcoin – Bitcoin Magazine
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
This is an opinion piece by Will Schoellkopf, author of “The Bitcoin Dog” and “It’s So Early!” Bitcoin podcast.
In stacking sets, the ends do not justify the means.
It seems to me that some so-called Bitcoin Maximalists think it’s OK to be a Bitcoin Maximalist–ish or be almost Bitcoin Maximalist. As a Bitcoiner who believes in freedom, who am I to judge? Still, anyone who is almost but not quite a Bitcoin maximalist should stop and think if they really think that their path from fiat to bitcoin will advance a world of hyperbitcoinization if done “by any means necessary.”
Author’s Note: My intention is not to attack anyone personally. I use specific people’s tweets in my examples, but my intention is to respectfully challenge bad ideas, not attack people. A healthy discussion of the idea in good faith will help Bitcoin, so I hope they understand. They may be of sound moral character, but the toxic Bitcoin Maximalist must come forward for their actions that can prevent hyperbitcoinization.
Bad ideas are:
- Trading altcoins to buy more bitcoins.
- Removing laser eyes to extend focus elsewhere.
- Removal of laser eyes due to excessive emphasis on BTC/USD price.
To be a Bitcoin Maximalist, you don’t need to store a large percentage of your net worth in bitcoins. On the contrary, it is very important to make sure you have enough Fiat to pay the rent! But almost maximalists say that Most of their cryptocurrency holdings are bitcoins. This is not maximalism. This is crypto portfolio diversification.
If you truly believe that ultimately only one tool can serve as money for the world, then as a Bitcoin Maximalist you know that the only one worth holding is bitcoin. Also, if you admit to others that you are privately using other cryptocurrencies, you are sending mixed messages. To be a toxic Bitcoin Maximalist, you cannot ignore your own advice and buy altcoins as well.
Will Clemente can say he only trades alts so he can stack more satts, but that hurts the ims on the other side of the trade who are giving up their bitcoins for their altcoins. He has given the venture capitalists running these altcoins what they want: to get out of the liquidity. Toxic Bitcoin Maximalists do not give the false impression that altcoins have enough activity on the chain, have many active participants, or are used for transactions. They don’t give ICO-funded venture capitalists the satisfaction of throwing their liquidity at unsuspecting users without a goal or purpose. Instead of wasting their time on technical analysis looking at charts of altcoins, toxic Bitcoin Maximalists continue to hyperbitcoinize.
As Anthony Pompliano wrote in the recent “The Pomp Letter”:
“The truth is that it’s really hard to be an independent critical thinking person if your identity is tied to some financial asset. How can you seriously evaluate property if it’s in your bio? Are you really ready to change your mind if you get new information, if your whole identity is tied to something? Can be. But it definitely makes it harder. As I told a friend months ago, it’s hard to see with a laser eye.
The whole point of Bitcoin Maximalism is that you don’t change your mind because you recognize Bitcoin as a zero-to-one invention. Toxic Bitcoin Maximalists use laser eyes because they know that it is not possible to continue decentralization with any means other than bitcoins. While it may be useful to learn how proof-of-stake ether and other tokens form consensus, it cannot be ignored that they are fatally flawed compared to bitcoin. There will not be another bootstrapped, decentralized blockchain that can act as money for the world, ever! Pomp said it’s “hard to see with a laser eye,” but it looks like he can see a higher value push mattresses to their followers instead of promoting Bitcoin!
In addition, well-known bitcoin traders like Dylan LeClair have removed their laser eyes, but while LeClair doesn’t buy or sell altcoins, he has given up “laser beam to $100,000.” This is not only a sign of a lack of confidence in the price of bitcoin, but also in bitcoin in general. He may subscribe to the Bitcoin Maximalist view, but he is not a toxic maximalist because he does not keep his laser eye on knowing that Bitcoin will inevitably increase in value over time. Also, turning on/off the laser eyes compares bitcoin to the stock market and its bull and bear cycles. Bitcoin is not a stock. It is a once-in-a-civilization monetary revolution for the world.
As Bitcoin Gandalf says, “Bitcoin is not an investment.” Bitcoin is a savings tool, a savings technology! Don’t take your eyes off the timeline. When you store the value of your hard work, your energy, your life force in bitcoins, you are finally financially free! Don’t wait for a bottom that you will probably fail to get. Follow the advice I gave my daughter and save hard on bitcoins!
I had asked CryptoDogSkyNet (now BitcoinDogSkyNet) why he buys altcoins and he ended up rejecting his thesis, but you can learn without buying and selling. You can even create your own NFT networks to learn how to implement them in Bitcoin, but don’t be tempted to buy as a means of learning. Learn by building, not giving up your sati. There is only one decentralized blockchain with the biggest network effects, money, and Bitcoin Maximalists know what it is!
As Michael Saylor says, “Laser eyes herald a technology that guarantees human rights to life, liberty, and property. Laser eyes guide action even as they protect against distractions. Laser eyes signal intent to make Bitcoin a vehicle for economic empowerment. Fix the money, fix the world.”
A simple flowchart by Dr. Saifedean Ammous helps remind us of all the reasons we might need a blockchain. The only purpose of an inefficient database ever created is digital cash, and the blockchain used is the only one that works: Bitcoin.
While Saylor’s quote is famous, it has almost done bitcoin maximalists a disservice. They need to hear the full quote:
“What is the best crypto asset?”
“Well, Bitcoin is the best crypto-asset.”
“What’s second best?”
“There is no second best. There is no second best crypto asset. There is a crypto asset and it’s called Bitcoin.
Don’t get confused. There are no other crypto assets. There are no other blockchains that can reliably control decentralized digital ownership rights. The ends do not justify the means. Don’t be a hypocrite. Don’t provide liquidity to altcoins to buy more bitcoins and stop trying to time the bottom. Stack sats, stay humble. Rise towards a hyperbitcoinized future and embrace toxic Bitcoin Maximalism!
This is a guest post by Will Schoellkopf. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.