Maximalism - BTC and Altcoins

By rmsadkri | Personal Musings | 14 Dec 2020


I love bitcoin. We all love bitcoin. Yes, it gives you a lifetime opportunity to make money. Beyond the profit, it also is slated to change the existing financial system and innovate. What’s happening now with BTC may fairly be the tip of the iceberg. I am not a financial expert and I do not have enough knowledge to accurately predict how and where it could impact in terms of the financial intricacies in place right now. Based on my recent BTC readings, I do think that the theory it holds is certainly based on facts and is superior to the existing system based on trust.

You don’t need to be a BTC maximalist to believe in BTC. I thought BTC maximalism is believing in BTC and the underlying principles and theories. It is to follow the concept and remain loyal to the power it generates from the economic instruments it could develop.

However, what we see in the cryptosphere is the outright ostracization of the other crypto coins by BTC maximalists. The fight is not between BTC and other coins. All coins are unique and try to solve a specific problem. ETH is different and unique on its own and we know what Hive is trying to address. They may have different market value in terms of fiat currencies but it does not mean they are less valuable.

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I find it tough to digest when I see people negative all other coins except BTC. While going through my twitter feed today, I came across a tweet RTd by @vitalik.eth. The tweet reads “Vitalik is better at looking and talking like a genius to gullible noobs. So he’s still doing his job.” It is insane to address Vitalik like that. You can disagree with his project, his ideas and what he is trying to do. You can defend what you believe in but you cannot defame. And, this holds true for ETH maximalists who like to defame BTC and view ETH as a superior coin to BTC.

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Even Peter McCormack was involved in a spat with Vitalik. Vitalik advised his followers to not take out a personal loan to buy crypto products citing a tweet by Peter. Peter responded with a bit of sarcasm. Take a look at this tweet.

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All these conversations on Twitter and on other platforms should remain healthy and constructive. I really liked a paragraph that your in-house expert @taskmaster4450 wrote in this recent article. Let me quote

Bitcoin is amazing, albeit outdated, technology. It is far superior to the system that is in place now. Of course, the technology that evolved since Bitcoin was introduced has surpassed it. That is why this entire premise is evolving. Different facets are being addressed.

I firmly believe in what he said here. We need all the coins. Each coin is trying to address a problem. We need time to decide whether they succeed in solving those problems or not but we may not want to be dismissive. BTC is great but others are also trying. The BTC narrative will succeed if the crypto space is supportive to each other. The maximalism with any coin beyond a certain point is not healthy.

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rmsadkri
rmsadkri

Part time crypto


Personal Musings
Personal Musings

My random babbling and musings. Anything under the sun. It could be anything from sports rant to crypto frustration. Bear with me If i start posting politics and discuss how chaotic this universe is.

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