Welcome Bitcoin Maximalists Class of 2022
Every Crypto Crash creates new freshly minted Bitcoin Maximalists.
I wasn’t always ALL IN on Bitcoin.
I gambled in the Altcoin Casino too.
Won a few rounds and lost a lot too.
Mostly I learned that all of this stuff called DEFI & Proof of Stake is not really decentralized at all.
Each project has a founder(s), dev team, marketing team and they all use centralized servers like AWS to operate their “projects” or businesses.
Because that is what Altcoins are. They are profit seeking businesses run by small centralized groups.
There’s nothing really wrong with that but the point is…
They are not the same as Bitcoin.
This distinction is not always clear when a person starts lookin into “Crypto”, especially if an exchange like Coinbase or Binance was your first introduction to this world.
If that's the case most people always think it's just a profit seeking casino and lump Bitcoin into that same category.
It’s been a hard week for altcoins, especially Terra Luna.
The 2022 crypto crash has almost killed Terra Luna and has taken a few other tokens down with it.
There is “blood in the streets” as they say…
Many people in Crypto got rekt.
It’s hard to see when so many people get financially wiped out because they gambled on a new token that was promised to go to the MOON.
Those that get rekt either leave crypto for good. Some don’t learn their lesson and look for their next moon bag and then there are those that decide to become Bitcoin Maximalists.
Crash Lessons and a pathway forward
Every cycle comes with valuable lessons and this one is no different.
I'm seeing it on Twitter with tweets like this.
He’s right and he’s not alone and others are figuring it out as they learn more and see what happens in these down cycles.
This is the typical journey many smart people take with cryptocurrencies, myself included.
I even minted a few Ethereum tokens just so I could learn how it worked.
I loaded up my moon bags too…
Most of what's sold as decentralized tokens have very centralized project team attempting to make a better Bitcoin.
Terra Luna went to zero and they(the centralized team) turned it off.
You can’t turn Bitcoin off because the proof of work mining is actually truly decentralized. Proof of work is what altcoins lack and that’s what makes them fundamentally different.
These market cycles will continue and we’ll likely see this happen again and again. There are now over 15,000 altcoins and 99% won’t last the decade but in the mean time many people are going to get scammed.
Most people don’t learn but if you’ve read this far, your probably one of the few and I with that…
I want to personally welcome you to Bitcoin.
Fear not, Bitcoin Maxis are not what most people think
They may come off as salty but they are very welcoming of new people to the Bitcoin community especially if you’ve done your homework which usually involves studying The Bitcoin Standard at minimum and a few of the books on this Bitcoiners Book List.
What most people don’t understand is that Bitcoin Maximalists are trying to protect newbies from getting scammed by all of the scamcoins.
Bitcoin has one of the most supportive communities on the internet right now when it comes to helping others see and understand the value Bitcoin provides humanity.
They're welcoming even if you've been a shitcoiner for years.
Everyone learns and mistakes are just part of life.
Even the guy that started Ethereum, Vitalik Buterin wrote an entire essay defending Bitcoin maximalism in April 2022.
I thought his opening statement captured well the concept of Bitcoin maximalists.
“What if the ideas, habits and practices of Bitcoin maximalism are in fact pretty close to correct? What if Bitcoin is far more than an outdated pet rock tied to a network effect? What if Bitcoin maximalists actually deeply understand that they are operating in a very hostile and uncertain world where there are things that need to be fought for, and their actions, personalities and opinions on protocol design deeply reflect that fact? What if we live in a world of honest cryptocurrencies (of which there are very few) and grifter cryptocurrencies (of which there are very many), and a healthy dose of intolerance is in fact necessary to prevent the former from sliding into the latter? That is the argument that this post will make.”
Makes me think that he would dump Ethereum if he could and become a Bitcoin Maxi himself. His article is worth the read.
If you’ve read this far, thanks and if you’re a new Bitcoin Maximalist, welcome.
You’re in good company and the future is bright.
If you have any questions, or need help don’t be afraid to reach out. There is so much to learn about Bitcoin and so much innovation ahead.
From proof of work mining to energy sector transformation, lightning payments and the many layers to be built on top of Bitcoin in the years to come.
Keep stacking and have a great day.
ON BITCOIN is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.