Bitcoin Maxis Can Be So Toxic
"HFSP!"
“HFSP”
“NGMI”
“Laser Eyes”
“Sh*tcoiners”
We’ve all seen these expressions, especially on Crypto Twitter. Oh, excuse me, I better call it “Bitcoin Twitter.”
First, full disclosure. I’m a Bitcoiner. Of course, I write a weekly Bitcoin newsletter. I try to educate people about this amazing (in my opinion) new technology and form of money. I don’t charge a dime for it. I’m not trying to make money from it.
I just love Bitcoin.
I’ll tune into the Bitcoin Miami 2022 Conference. I want to hear other Bitcoiners. I want to listen to people who do what I do. And I want to enjoy the show. So, I understand Bitcoin maximalists.
I just think they could better help the movement by being a little less toxic.
Being a maxi usually means you have no faith in other crypto projects. That’s OK. Why? Because no other crypto is like Bitcoin. Bitcoin is not just the first crypto, the OG. It’s the soundest, hardest money ever created. No other crypto asset has a hard cap like Bitcoin. No other crypto coin had no pre-mine. Most “altcoins” can be printed into infinity. (Sounds a lot like the US dollar.)
If I’m starting to sound like a maxi, well, I guess I am. Hopefully, not a toxic one.
I’ve probably used the expressions “NGMI” and “sh*tcoin” in my Twitter account. But I can see now that it doesn’t help the Bitcoin movement. I even wrote an article called “Laser Eyes Don’t Help,” featuring Paris Hilton.
To believe in Bitcoin’s technology and its ability to change the world, to bring billions of people into the financial system, is wonderful. Being less toxic while doing it will further the cause even more.
Some of Bitcoin’s biggest proponents have been vilified on Twitter for being sh*tcoiners, for not being true Bitcoin maxis. Anthony “Pomp” Pompliano, the host of the popular podcast, with 1.4 million Twitter followers. Scott Melker, the host of the “Wolf of All Streets” podcast. Lark Davis, the New Zealand investment advisor with 870,000 followers.
They don’t deserve it. And it doesn’t help the movement.
When trying to explain the virtues of Bitcoin to a hater (think Steve Hanke and Peter Schiff), maxis will eventually give up and respond on Twitter with a “HFSP.”
Have Fun Staying Poor. I’ve had that temptation before. When Bitcoin haters say you’ll be better off owning bonds or gold, what better response? Seriously.
Now, the Altcoins
Blockchain technology brought about great innovations, including all kinds of cryptocurrencies. More than 10,000 of them, actually. I’ve stated above the reasons why none of them are like Bitcoin, namely:
Bitcoin has a hard fixed cap on circulation. Not so with alts.
Bitcoin was not “pre-mined” with the founder owning a majority of the coins.
Thus, the other crypto projects are different. They’re not Bitcoin. I get that. I also believe that some of them have some utility, some uses in the crypto space. From the investment perspective, I can understand that most alts, not having a hard cap, are less than attractive investments, in the long-term. Some even resemble a bubble, similar to the dot com craze.
I also think that most alt coins will fail. Again, think dot com bubble bursting.
That doesn’t mean that they’re all “sh*tcoins.” They may have some useful purpose. I acknowledge that, and welcome the innovations that they may bring.
So, though I’m a great believer in Bitcoin, and a Bitcoin-first kind of guy, I think we can coexist with people who invest in other cryptos.
Ultimately, it doesn’t help the Bitcoin movement to dump on other crypto projects. I wrote about this a while back, both in my Substack newsletter and in a Medium article.
Link to previous article, “Laser Eyes Don’t Help”
By the way, “NGMI” means, “not going to make it.” As in, if you hate Bitcoin, don’t understand Bitcoin, or invest in altcoins, you’re not going to make it. Admittedly, it’s a pretty funny, albeit snarky, response on Twitter.
Bitcoin is a movement. If we want to keep the movement going, and I think we should, we could be a little less toxic.
“Can’t we all just get along?”
Issue No. 41, January 28, 2022
Rick Mulvey is a CPA, forensic accountant and crypto consultant. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.
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