This is an opinion op-ed by Will Schoellkopf, author of “The Bitcoin Dog” and host of “It’s So Early!” Bitcoin podcast.
When it comes to stacking sats, the end doesn’t justify the means.
Seems to me that some so-called Bitcoin Maximalists think it’s OK to be Bitcoin Maximalist–ish or be almost a Bitcoin maximalist. As a Bitcoiner who believes in freedom, who am I to judge? Yet anyone who is almost but not quite a Bitcoin Maximalist should pause and ask themselves if they really think their path from fiat to bitcoin is advancing a world with hyperbitcoinization if done “by any means necessary. “.
Author’s Note: My goal is not to personally attack anyone. I’ll use specific people’s tweets for my examples, but my intention is to respectfully challenge bad ideas, not attack people. A healthy debate of good faith ideas helps Bitcoin, so I hope they understand. They may have a sound moral character, but a toxic bitcoin maximalist must speak out against their actions which may hinder hyperbitcoinization.
Bad ideas are:
- Trade altcoins to buy more bitcoins.
- Removal of laser eyes to extend focus elsewhere.
- Removed laser eyes due to excessive focus on BTC/USD price.
To be a Bitcoin Maximalist, you don’t need to store a huge percentage of your net worth in bitcoin. On the contrary, it is very important to make sure you have enough fiat to pay your rent! But for the almost maximalists, they will say that the the vast majority of their cryptocurrency holdings are in bitcoin. This is not maximalism. This is the diversification of a crypto portfolio.
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 owning is bitcoin. Also, if you admit to others that you privately dabble in other cryptocurrencies, 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 only trades alts so he can stack more sats, but that hurts the suckers on the other side of the trade who give up their bitcoin for his altcoins. It will have given the venture capitalists managing these altcoins what they want: exit liquidity. Bitcoin toxic maximalists do not give the false impression that altcoins have sufficient on-chain activity, have many active participants, or are used for transactions. They do not give ICO-funded venture capitalists the satisfaction of dumping their cash on unsuspecting users aimlessly. Instead of wasting their time on technical analysis looking at charts for altcoins, toxic Bitcoin maximalists pursue hyperbitcoinization.
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As Anthony Pompliano wrote in a recent issue of “The Pomp Letter”:
“The truth is, it’s really hard to be an independent, critical thinker if your identity is tied to a financial asset. How can you seriously assess an asset if you have it in your bio? Are you? Are you really ready to change your mind if you receive new information if your whole identity is tied to something? Maybe. But it certainly makes things more difficult. As I told a friend there are months it is difficult to see with laser eyes.
The whole point of bitcoin maximalism is that you don’t change your mind because you recognize bitcoin as a zero-to-one invention. The toxic bitcoin maximalists laser their eyes because they know there is no way to pursue decentralization other than through proof-of-work bitcoin. While it might be helpful 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 never again be another seeded and decentralized blockchain that can serve as money for the world, ever! Pomp said it was ‘difficult to see with laser eyes’, but it looks like he can see greater value push mattresses on his followers instead of promoting Bitcoin!
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Additionally, prominent bitcoin traders like Dylan LeClair removed their laser eyes, but even though LeClair doesn’t buy or sell altcoins, he’s given up on the “$100,000 laser beam.” This not only signals a lack of confidence in the price of bitcoin, but in bitcoin as a whole. He may align himself with the Bitcoin Maximalist point of view, but he is not a toxic maximalist since he does not keep his eyes lasered, knowing that Bitcoin’s value is bound to continue to grow over time. Also, turning on/off the laser eyes further compares bitcoin to stock markets and its bull and bear cycles. Bitcoin is not equity. It is a unique monetary revolution 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 time warp. When you store the value of your hard work, your energy, your life force in bitcoin, then you will finally be financially free! Don’t wait for funds that you might miss trying to catch. Follow the advice I gave my daughter and save bitcoin diligently!
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I had asked CryptoDogSkyNet (now BitcoinDogSkyNet) why he buys altcoins, and he ended up giving up his thesis, but you can learn without buying or selling. You can even create your own NFTs to learn how to implement them on Bitcoin, but don’t get sucked into buying as a way to learn. Learn by building, not giving away your sats. There is only one decentralized blockchain with the greatest network effects to be money, and Bitcoin maximalists know what it is!
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As Michael Saylor says, “Laser eyes proclaim a technology to secure the human rights to life, liberty, and property. Laser eyes channel action while shielding from dilutive distractions. The laser eyes signal the intention to make Bitcoin an instrument of economic empowerment. Fix the money, fix the world.
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Dr. Saifedean Ammous’ simple flowchart helps us remember all the reasons why we might need a blockchain. The sole purpose of the most inefficient database ever created is digital money, and the blockchain to be used is the only one that works: Bitcoin.
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While Saylor’s quote is famous, it did the near-Bitcoin-Maximalists a disservice. They need to hear the full quote:
“Which is the best crypto asset?”
“Well, Bitcoin is the best crypto asset.”
“What’s second best?”
“There is no second choice. There is no second best crypto asset. There is a crypto asset, and it is called Bitcoin.
Don’t be confused. There are no other crypto assets. There is no other blockchain that can reliably enforce decentralized digital property rights. The end does not justify the means. Don’t be a hypocrite. Do not provide liquidity to altcoins to buy more bitcoins and stop trying to time the bottom. Stack sats, stay humble. Rise to 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 those of BTC Inc. or Bitcoin Magazine.
