This is an opinion editorial by Will Schoellkopf, author of “The Bitcoin Dog” and host of “It’s So Early!” Bitcoin Podcast.
When it comes to stacking sats, the ends don’t justify the means.
It seems to me that some so-called Bitcoin Maximalists think it’s okay to be a Bitcoin Maximalist–ish or be almost a 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 pause and reflect on whether they really believe their path from fiat to bitcoin is fostering a hyper-bitcoinized world if done “by any means necessary”.
Author’s Note: My goal is not to attack anyone personally. I will use tweets from specific people for my examples, but my intention is to respectfully challenge bad ideas, not attack people. Healthy debate of good faith ideas helps Bitcoin, so I hope they understand. They may be of good moral character, but a toxic Bitcoin Maximalist needs to call out their actions that may be hindering hyperbitcoinization.
Bad ideas are:
- Exchange with altcoins to buy more bitcoins.
- Removing laser eyes to expand focus elsewhere.
- Removal of laser eyes due to excessive focus on BTC/USD price.
To be a Bitcoin Maximalist, you don’t have 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 for the almost maximalists, they will say that the the vast majority of their cryptocurrency holdings are in bitcoins. This is not maximalism. This is the diversification of a crypto wallet.
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 having is bitcoin. Also, if you admit to others that you are privately investigating other cryptocurrencies, then you are sending mixed messages. To be a toxic Bitcoin Maximalist, you cannot ignore your own advice and also buy altcoins.
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Will Clemente may say he’s only trading highs so he can stack more sats, but he’s hurting the fools on the other side of the trade by giving up his bitcoin for his altcoins. It will have given the venture capitalists managing these altcoins what they want: an exit from liquidity. Toxic Bitcoin Maximalists do not give the false impression that altcoins have sufficient on-chain activity, have many active participants, or are used for transactions. They don’t give ICO-funded venture capitalists the satisfaction of dumping their liquidity on unsuspecting users without a goal or purpose. Instead of wasting time on technical analysis looking at altcoin charts, Bitcoin Maximalists toxic more hyperbitcoinization.
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As Anthony Pompliano wrote in a recent issue of “The Pomp Letter”:
“The truth is, it’s very difficult to be an independent, critical thinker if your identity is tied to a financial asset. How can you seriously evaluate an asset if you have it on your bio? Are you really willing to change your mind if you receive new information if your whole identity is tied to something? It might be. But it certainly makes it harder. As I told a friend months ago, it’s hard to see with laser eyes.”
The 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 wear their laser eyes because they know there is no way to decentralize more by any means other than proof-of-work bitcoin. While it may be worth learning 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 decentralized blockchain that can serve as money for the world, ever! Pomp said it’s “hard to see with laser eyes,” but it seems he can see a bigger value pushing mattresses to their followers instead of promoting Bitcoin!
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Also, prominent bitcoin traders like it Dylan LeClair they’ve removed their laser eyes, but even if LeClair isn’t buying or selling altcoins, he’s given up the “laser beam at $100,000.” This indicates not only a lack of confidence in the price of bitcoin, but also in bitcoin in general. He may align with the Maximalist view of Bitcoin, but he is not a toxic maximalist as he does not keep his eyes laser-eyed, knowing that the value of Bitcoin will continue to grow over time. In addition, turning on/off the laser eyes further compares bitcoin to the equity markets and their bull and bear cycles. Bitcoin is not capital. It is a monetary revolution unique in a civilization for the world.
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As Bitcoin Gandalf says, “Bitcoin is not an investment.” Bitcoin is a savings vehicle, a savings technology! Don’t take your eyes off the timing chain. When you store the value of your hard work, your energy, your life force in bitcoins, you will finally be financially free! Don’t wait deep you will probably try to catch wrong. Follow the advice I gave my daughter and diligently save bitcoins!
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I had asked CryptoDogSkyNet (now BitcoinDogSkyNet) why he buys altcoins, and ended up abandoning his thesis, but you can learn without buying or selling. You can even mint your own NFTs to learn how to implement them in Bitcoin, but don’t be fooled into buying as a way to learn. Learn by building, not giving away your sats. There is only one decentralized blockchain with the biggest network effects that is money, and the Bitcoin Maximalists know which one it is!
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As Michael Saylor says, “Laser eyes proclaim a technology to guarantee the human rights of life, liberty and property. Laser eyes channel the action yet guard against diluted distraction. Laser eyes indicate intent to turn Bitcoin into an instrument of economic empowerment.” Fix the money, fix the world.
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The simple flow diagram of Dr. Saifedean Ammous helps us remember all the reasons why we might need a blockchain. The sole purpose of the most inefficient database ever created is digital cash, and the blockchain to use is the only one that works: Bitcoin.
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Although Saylor’s quote is famous, it has done a disservice to almost-Bitcoin-Maximalists. They must listen to the full quote:
“What is the best crypto asset?”
“Well, Bitcoin is the best crypto asset.”
“Which is second best?”
“There is no second best. There is no second best crypto asset. There is one crypto asset and it’s called Bitcoin.”
Don’t get confused. No other crypto assets. There are no other blockchains that can reliably enforce decentralized digital property rights. The ends do not justify the means. Don’t be a hypocrite. Don’t provide liquidity to altcoins for the sake of buying more bitcoins and stop trying to time the fund. Stack sits down, be humble. Climb into a hyperbitcoinized future and embrace the toxic maximalism of Bitcoin!
This is a guest post by Will Schoellkopf. The opinions expressed are entirely my own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
