Thoughts on Bitcoin Maximalism

by birtanpublished on August 23, 2020

Today we're talking about everyone's favorite topic Bitcoin maximalism especially in the year 2019 the good the bad the ugly where it started what should you think about it should he be a Bitcoin maximalist should you not we're gonna break down all of it today what's

Going on everybody it is your boy crypto Bobby I hope you are having a great day great night wherever you are watching or listening in from and on the YouTube channel every Monday Wednesday and Friday so if you're new by any chance

Make sure to hit that subscribe button and the thumbs up if you've been here for a minute so yeah today we're gonna talk about Bitcoin maximalism and it's something that I think is a growing topic obviously in the year 2019 you

Have a a landscape and an environment where people that were the staunchest supporters of altcoins they were massive proponents of icos and token sales and you know participating in token sales and and just kind of the the altcoin

Mania in general you have people that were massive proponents of that that have kind of slowly backed away and have now labeled themselves biklen maximalist you've had people that have held token sales in the past their own token sales

Utilizing a theory and label labeling themselves Bitcoin maximalist and I think that it is a somewhat of a confusing landscape for people especially that maybe joined like the 2017 timeframe especially kind of seeing

How things have shifted so I want to talk a little bit about some of the origins in general I think the good the bad the ugly the uglier a lot of the different components around Bitcoin maximalism in general in today's

Discussion so it's important to note that the term Bitcoin maximalist labeling somebody as a Bitcoin maximalist is actually somewhat of a derogatory term or are thought to be a derogatory term by some bitcoiners and

That is in part due to who is widely credited with and of coining and popularizing the term and that's actually a fatality ughter and the co-founder of aetherium who I'm sure anybody who lives anywhere underneath

Iraq knows about and Vitalik said this back in 2016 in a blog post he said the idea in regards to Bitcoin maximalism the idea that an environment of multiple competing cryptocurrencies is

Undesirable that it is wrong to launch yet another coin and that it is both righteous and inevitable that the Bitcoin crypto or that the Bitcoin currency comes to a monopoly position in the cryptocurrency scene goes on to say

It Bitcoin maximalism is a stance that building something on Bitcoin is the only correct way to do things and that doing anything else is unethical Bitcoin maximalist often use network effects as an argument claiming that it is futile

To fight against them so that goes somewhat into the point of what actually is a Bitcoin maximalist well I mean at a high level it's basically someone and that believes that bitcoin is the only true cryptocurrency and that it should

Be of the one thing that you should focus all your attention all of your development all of your resources on top of to continue to advance Bitcoin and in some more aggressive kind of stances that basically everything else that has

You know been a cryptocurrency since the invention of Bitcoin is essentially a scam and trying to steal your money so you might be wondering am i Bitcoin maximalist and I'm talking about me not you

Am i Bitcoin maximalist and the answer is well if you've seen my portfolio obviously not but I am a supporter of Bitcoin maximalist and I respect the opinion that they have and the approach in many cases that they take I think

Some approaches are a little bit over-the-top but in many cases I think that there is absolute credence and really kind of factual stances behind the the position that they've taken within the cryptocurrency

Industry so no I am NOT a Bitcoin maximalist however I have a ton of respect for the people that are and I have a lot of friends that are and I will say this though I will say that I personally believe that bitcoin is in

The best position to succeed out of any cryptocurrency I personally believe that I think that it has the clearest use case it is a digital gold store value a self sovereign way to store your crypto

Assets with a predictable inflation schedule over time that most likely will not be changed I also do think that there are other crypto currencies and crypto assets that interest me and because of that I have a little bit of

Money in them and I like to speculate on those crypto assets because in some cases I enjoy speculation and I don't go to the casino I don't play craps and poker and blackjack every week so hey I like to

Have a little bit of fun outside of the money in my 401k and that type of thing so yes I believe Bitcoin has by far the best origin story the clearest use case the longest term possibility for success the most institutional adoption on and

On and on but for me I also am interested by other cryptocurrency so I would not categorize myself at all as a Bitcoin maximum now when I think about Bitcoin maximalism in general I think a lot of people that get into the industry

There's kind of like – there's almost these two sides of the coin when you're looking at Bitcoin maximalism and the alt coiners or aptly term – shit corners or what you know whatever you want to call some some

People everything is kind of a derogatory term in general but whatever you want to call some people there's always kind of two ends of the spectrum and with that I do think that there are a lot of individuals that ignore the

Wisdom of Bitcoin errors that have been here before and seen it there was a lot of commentary especially even now when you look back in 2017 in Peak mania and peak hype you have these bitcoiners that were you know somewhat quietly somewhat

Loudly depends upon who they were but we're calling out a lot of the the the fuckery that was happening in the cryptocurrency world saying you know what these assets are raising way too much money

These are against regulatory requirements these are they have no use case on and on and on and if you listen to them yeah maybe you would have avoided or you would have missed out on some but

Potential gains in the short-term but probably in the long-term you would be in a better place because they had seen that before in 2013 late 2013 and 2014 and they applied the lessons and they saw you

Know I've been here before but new entrants to the market and don't necessarily want to hear that on the other end of the spectrum on the other end of the Bitcoin if you are completely closed off to new ideas in some cases

You can miss out on the one to two percent of interesting things that happen in the industry that are not total crap and what do I mean by that there are some people there are some bitcoiners or Bitcoin maximalist that

Say every single thing on the planet besides Bitcoin is a scam it is bad this is good for Bitcoin and that is bad for you etc etc and that's fine everybody is allowed to have their own opinion however when you are closed off to every

Single other idea every once in a while you might miss out on something worthwhile maybe it's not worthwhile to that person so that's why they're closed off but you know you might miss out on something that I'm not saying it's a new

Cryptocurrency maybe it's a kind of a new approach it doesn't matter but when you're completely closed off to certain things and that applies to everything in life in general but when you basically say this is the only thing that matters

And everything else is crap and a scam there is a small chance that you will miss out on something big something important and then to go back and to counteract that as well you still have to filter through a lot of crap you have

To filter through a lot a lot a lot a lot of crap in BS because when it does come down to it the vast majority of altcoins the vast majority of crypto currencies are total crap are not used are not worthwhile and so there is a ton

Of again credence to the kind of thought process of being a Bitcoin maximalist outside of just looking at the price appreciation of Bitcoin in comparison to the small percentage of assets that actually continually outperform Bitcoin

On a consistent basis now one thing that I think is relatively interesting and I can't remember exactly where I heard this but somebody told me once or I heard it some where where they said and it could've

Been on Twitter I really have no idea worse from but basically said every cryptocurrency that was ever invented after a Bitcoin has tried in some respect to replicate the wealth generation that was caused by Bitcoin so

What does that mean when Bitcoin was created it generated vast sums of wealth for a number of people depending upon how early you got in Bitcoin was a life-changing wealth altering experiment for numerous people

So every cryptocurrency out there following Bitcoin and I I really do think like basically every cryptocurrency out there following the invention of Bitcoin has looked at people that have made money with Bitcoin

And they've said okay somebody else has made money with Bitcoin how can we do something similar in terms of wealth generation how can we generate wealth for ourselves how can we do that in the long run and that is something that I

Think is one of the biggest and staunchest reasons to actually consider Bitcoin maximalism in the just grand scheme of things because of bitcoins origin story is so unique and in my opinion will never ever ever ever happen

Again when Bitcoin was created in 2009 it was an absolute experiment with nobody using it with no real money behind it with people mining Bitcoin on CPUs not even GPUs CPUs on regular computers and it was something that

Nobody put real money behind nobody put real thought into it well obviously they put thought into the creation of it but there was not an economic incentive yet to really go all-in on Bitcoin every other cryptocurrency really especially

Crypto currencies now these VC launched crypto currencies these even the fair launch crypto currencies that have vc-backed and kind of wealthy individuals that are mining these assets on day one there are a number of

Different things that you'll never be able to recreate about how Bitcoin was created and because of that the origin story the actual creation of Bitcoin is one of the strongest reasons to kind of hold on to that just Bitcoin

Centric approach because nothing else will ever have have that level of organic grassroots community led growth everything else is going to have a really truly centralized entity behind it especially when you have these vast

Economic interests for individuals that are able to produce the technology whether it is an aetherium competitor Jen – Jen 3 blockchain at Gen 4 I don't know how many generations were on Gen Z Gen Y millennial who the hell knows but

There are a lot of generations of blockchain platforms and privacy crypto currencies etc etc etc and they all have the economic incentives behind them that just Bitcoin didn't have on day one so what are my thoughts on Bitcoin

Maximalism and Bitcoin in general versus altcoins well like I said before I do believe that Bitcoin has the strongest chance of success for any cryptocurrency in the long run as it continues to work to fulfill the use case or the vision of

Being a digital gold store value self solver and digital gold 2.0 type of of use however I also am of the belief and this could be wrong this could be right and both could be wrong but I am also of the belief that Bitcoin will not fulfill

Every single use case in the cryptocurrency landscape and not everything will be built on top of Bitcoin what do I mean by that some people believe that you're gonna have Bitcoin as the base layer you will also

Potentially have tokens that are deployed on block streams liquid network and that's where token sales will occur in the future will they be they will be built on rootstock with RSK and a variety of other things I also think

That there are other crypto currencies or other networks other platforms decentralized networks that will either gain success have already emerged Allah maybe in the theory 'm etc or others that might come out in the future that

Might fulfill specific use cases in the blockchain world that Bitcoin can't or will not and I think that Bitcoin personally doesn't have to do anything different then just serve as the

Censorship resistant asset that it is I don't think it necessarily has to do everything I don't think that it has to be an all-encompassing platform type of thing I don't think it has to fill all those use cases but I think that there

Will be other assets out there and there will not just be there is only one you know that type of there can only be one that type of scenario so that's a little bit where my head's at in general I would love to hear your thoughts on

Maximalism is it something where where you truly believe in do you feel like the Bitcoin maximalist approach is is helpful do you think that it is harmful to the industry do you think it has credence do you think that if you are

100% in altcoins do you think that you are smarter and that they are better I would love to hear in the YouTube comments and on the podcast as well let me know if you are new again to the channel we make videos every Monday

Wednesday and Friday talking about a bunch of different topics anything that's happening in the industry and if you enjoyed this video make sure to hit that damn thumbs up button even though that's my index finger crypto Bobby

Signing out hope you have a good one peace

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