Where Bitcoin Maximalists Get it Very Wrong – Miyagi Mornings Epi-130

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I often refer to myself is as a Bitcoin Maximalist Lite, which honestly isn’t a thing other than me saying it. Here is what I mean though, I agree a lot with many “maximalists” in the following. I believe Bitcoin will be the most dominant crypto for as long as I will be alive and well beyond it. I believe it will be “digital gold” as long as we see that analogy as an actual analogy not a literal comparison. I think it will become the dominant global reserve currency no matter what the banks do.

I also agree that most crypto’s other than Bitcoin are “shit coins”. This is where I differ, in that I believe some are not. And this leads to the real problem, the concept of a “purity test”. This is where I part company with the maximalists. Not even the concept of calling say Ethereum, Monero and other really successful projects that fill legitimate roles shit coins. They are totally free to do so, this is simply an opinion. Nope it is the purity test.

What do I mean? The true maximalists will attack and belittle my position as not being pure enough in this video for instance. Saying Bitcoin has already won the war, that it is the very best tool in the entire space and that it will likely end up being legal tender in more than a dozen nations before 2025 is not enough. Nope I must also denounce every other crypto out there to be a “good crypto person”, this is not an opinion, sorry this is a religion when we go there.

It also ignores fundamental issues Bitcoin has not solved and does not appear to be working on solving any time soon. For instance the following…

Privacy - A bitcoin transaction is very public and coin mixing has resulted in bitcoins being labeled as “tainted” and seised by exchanges. Coins like Monero and Pirate Chain on the other hand offer massive privacy.

Stability - Even if I only want to trade BTC in and out of the dollar to sell peaks and buy dips I really need a stable coin like say Tether to do so. I really don’t have a good option to do this with real USD.

Notice how I left out common objections like speed of transaction, cost of small transactions and energy use. Why? They are all false arguments and any informed Maximalist will destroy them.

There are other uses for what Maxis will call shit coins. Here is one native cryptos for social media and content driven websites serving as on ramps for people totally new to crypto. Do we need something other than BTC for this? Sort of and yes and also no. Here is what I mean, if I start using BTC as my crypto for some site we can call JackLandSocial I have to first get BTC onto the site, I have to buy it to make it available to users.

I see well run sites like say Odysee (uses its own crypto) and Flote (soon will have a native crypto) in a way as virtual nations they create and develop their own value. It is seamless and low risk for these companies to create a native crypto, if it doesn’t work no one really loses much if it does they derive value, can be exchanged and can be a way to essentially earn crypto and no reason that can’t be exchanged into BTC and continue to recirculate in their smaller virtual economies. This can be done with zero KYC as well, by the way.

I find it ironic that I have been promoting Bitcoin since 2013, been heavily invested since 2014, continue to push all crypto yet always lead with BTC for the long haul and yet the Maximalists will refer to me as a shit coiner. Destroying the banks is an ideology I can get behind as is BTC as the best weapon for doing that. Ignoring some of the actual short comings, not seeing the value in other technologies, etc. however, it not a religion I want to be a part of.