- We’ve seen multiple religions emerge from Bitcoin maximalism to Ethereum maximalism to stablecoin maximalism. Not only are there cults but cults within cults, and we must only join one, creating rabid tribalism, the same centralized, regressive dogma that’s caused division throughout history. We’re striving to achieve “coin supremacy”, over which coin is “best”. It’s even entered the altcoin or “shitcoin” universe, creating a clusterfuck of mob mentality.
This is a very bad take. Bitcoin meant crypto to most people in 2017, but it no longer meant crypto then, and surely doesn't now. Of course, Bitcoin has devolved into a ponzi scheme. It doesn't look like a network supported by transaction costs (as Satoshi envisioned) can ever happen because blocks remain capped. So BTC hodlers always need more speculative demand. But to conflate Bitcoin with the crypto movement today is clueless or dishonest. kleinbl00s AOL IM analogy is on the mark. Warner Bros. dropped Space Jam NFTs on Ethereum yesterday: https://variety.com/2021/digital/news/space-jam-new-legacy-nft-lebron-james-1235016220/
And that is good thing? for who? Michael Jordan? I'm being funny. I know that, like kleinbloo, you're in the ETH maximalist cult, and try to showcase any good sign for that coin. I hope you guys fight the good fightWarner Bros. dropped Space Jam NFTs on Ethereum yesterday
No, this time it’s LeBron James. I’m just giving an example of mainstream adoption. I’m excited by blockchain like I was excited by the internet. At the moment it seems like Ethereum is the protocol of choice. I guess I am a cultist to the extent that I hope a decentralized protocol like Ethereum wins. I think that’s very important. But imo the most interesting stuff is what comes next. And that is good thing? for who? Michael Jordan?
"maximalist" is an epithet you use to diminish someone else's position. "cult" is an epithet you use when you wish to invalidate someone else's entire experience. Neither one of us has never not given you a considerate, well-documented, well-reasoned counter-argument. You can be mad? But neither one of us deserves your anger. I probably spend a good half-hour, hour a day attempting to get a handle on the crypto space. I read every goddamn thing you post. Share 90% of it. I post my own. I'll debate with anyone. As of right now, I see no reason to own anything else, and can give you chapter and verse as to why. mk likely disagrees. I believe he's more diversified than I am. If that makes me a cultist, then Morningstar and Moody's are also cults.
What a disingenuous and deliberately antagonistic misread of my argument. You're better than that. What's more, I deserve better than that. No. I do not agree that "it need to be one Crypto to top them all." I agree, and said as much, that Bitcoin is looking pretty tapped out. It's not extensible, it has low utility and it requires a preposterous squandering of energy in order to transfer value. This is why I made the AIM quip - there was a time when it was the messenger client everyone used (except me). That time has passed. On the other hand, crypto is very much "kind of a thing" already. For the investment class, crypto is a hedge - last year, Bitcoin was a hedge and the year before that, bitcoin was moon money and everything else was kryptonite. And I mean... NBA top shot has a million users and over $700m a year in revenue. Yeah - that's half what Beanie Babies made at their peak but people still pay $500m a year for Beanie Babies so they're still "kind of a thing." As of this writing there's $641b in Bitcoin out there. That will likely go down, and it will likely go up. Just for comparison, there were $28b in confederate currency issued (in 2021 dollars). AOL-Time Warner destroyed $99b in value (2001 dollars). At a certain point, things really do get too big to fail. So while I own rounding errors amount of BTC, I don't see it ever going to zero. I certainly don't see "the Crypto Movement", whatever that is, "destroying itself." What I see is programmers putting time, money and energy into a modernization of economics and I see every player that matters watching with interest at the very least.