The Truth BTC Maximalists Don't Talk About
Since 2015 BTC is not Bitcoin, not a digital currency, not money, not a currency.
The direction shifted from online payments into an opaque metaphor of a currency.
BTC is a reshaped version of Bitcoin's former glory, with proponents and fund managers trying to attract banks and institutions with a vague narrative.
Advertised as a store of value, an asset that resembles gold that perhaps and will act as a "Safe Haven" at times of difficulty.
But has BTC behaved like that?
We only observe the boom and bust cycles happening every four years and can only speculate on a new bull cycle but for what reason? Is there any innovation left in BTC?
BTC Produces Zero Value
BTC produces nothing useful today and bears no other interest beyond speculation. It failed in the Store of Value and Means of Exchange features of money.
Maximalists advertise BTC as digital gold, a collectible, or perhaps a hedge to misfortunes or disasters.
Perhaps it could act one day as a collectible, as an ancient relic, but in terms of network progress, adoption, and scalability, it doesn't impress anyone.
It doesn't produce anything useful to the world.
Any business, network, or product not producing value and serving society, is worth nothing.
The value of corporations, networks, and businesses, is the value they generate for the social-economic structure surrounding them.
Accounting, Finance, and Business Sciences all adhere to this rule.
What is the value BTC has to offer to the world? A slow network with transaction fees reaching $50 when it gets used by real people?
An asset acting as digital gold where the owner has to deal with 80% losses?
Bitcoin still aims to act as better money than fiat, but not in its BTC version. Bitcoin BCH is the one that keeps the flame alive.
BTC is nothing more than a global casino.
Are casinos offering something substantial to the structure of our societies?
Maximalist Fairy Tales And Hypocrisy
Greedy speculators with no intention to support Bitcoin as a financial revolution on its path to competing with Visa / Mastercard.
The cult of BTC maximalists was never into Bitcoin for anything else but to increase the money in their bank account. This, of course, is not condemnable action, but when it messes with the initial concept and distorts Bitcoin's vision, it becomes a threat.
Certainly, BTC generated millionaires and delivered inconceivable returns until 2017. But apparently, the risk grows higher, and the rewards are lower every four-year cycle.
And this is one of the things Maximalists don't want you to know.
Time and again, we witness Bitcoin advocates promising vast riches if we invest and hodl, but also reprimanding the rest of us and cursing us with eternal poverty if we fail to buy BTC!
We will "have fun staying poor" if we don't buy BTC. And usually, we will find these phrases trending at the top of the bubble.
What happened to all these "have fun staying poor" folks, anyway?
The cult promoted various misleading narratives so far. Examples:
Crypto influencers promoted Bitcoin (BTC) as a hedge against inflation for several years, yet when inflation finally arrived, Bitcoin tanked.
The main argument of Bitcoin maximalists is that it proceeds as a Store of Value instead of following the whitepaper that suggested a digital currency with Means of Exchange features.
BTC was even promoted as a hedge against wars and conflicts! Supposedly, the BTC price was positively affected after an Iranian missile attack on Us Iraqi base.
The LN marketing campaign and the custodial wallets! The lackluster adoption of the Lightning Network depends on centralized custodial solutions and financial hubs to achieve robustness and user-friendliness.
The hypocritical accusations against all the innovation in the crypto field (with maximalists' main argument being that everything else is a scam), while they support and advocate in favor of Tether USDT (a centralized stablecoin).
Social networking with networks of bots, paid shills, troll farms, and fake social media accounts.
Control of the news flow and extensive propaganda against the part of the Bitcoin community that proved Bitcoin scales (Bitcoin Cash).
We often read how often institutions request exposure to crypto volatility.
Extreme risk and rewards are what your local casino games advertise. Maybe institutions should hire a couple of professional gamblers and fund them or bet on their sessions.
Investing in an "asset" (BTC) that provides exposure to high risk means you got fooled.
Fund managers sold tulips to private fund managers, investment bankers, and institutions at the top of the mania. No, this is not an innovation anymore but a dead network. Innovation halted for BTC but returned with the Bitcoin Cash upgrade.
The price of Bitcoin (BTC) is currently $20K, but it can drop again to $8000 by the end of the year. What will BTC be then? What happened with all the analysts guaranteeing $100K?
Tesla sold, and no institution will gamble again with its assets and risk bankruptcy.
El Salvador, Bukelle, and the custodial Lightning Network? The fiasco of the century.
Bitcoin BTC is pure speculation, with Ponzi economics central to its marketing.
When you buy BTC, you buy nothing else but a hope its price will appreciate, and you expect nothing else from it.
Freaking Chamath doesn't even know the basics.
These CEOs just invest, and shill BTC, by knowing when to buy and when to get out.
Pompliano doesn't even hold any Bitcoin. Yet another used car salesman with limited value to deliver.
Professional snake-oil salesmen manipulate this space.
They'd all be the first rats to abandon ship once the Bitcoin titanic sinks.
It is not just an illusion or a mistaken belief but blatant lies.
Most of the messages are coercive and misleading.
Most of the maxis already know they can't keep pushing a useless network more than that.
There is a limit to madness, yet the markets can act irrationally longer than any analyst anticipates. However, they (the maximalists) all know this is not going to end well.
Is Bitcoin (BTC) the technological wonder it was back in 2009?
BTC is a capitalized and institutionalized version of Bitcoin.
BTC is the fork since it didn't proceed as planned, but the team that controlled the brand changed the direction.
See, maxis call BCH a fork or a spin-off, but it is instead Bitcoin (BTC) that is the spin-off. The whitepaper is clear:
The whitepaper specifically mentions the target is commerce withou any mention or implication of digital gold narratives.
The Bitcoin whitepaper explains Bitcoin Cash.
BTC remains with limited development and an everchanging narative, without direction, without a future.
In Conclusion
Maximalists know Bitcoin (BTC) will fail price-wise. They know the ship is sinking but they won't tell you that.
This day is not far since with the latest LN fiasco what is left is just price arguments. But the price is getting destroyed.
They know well that Bitcoin (BCH) works exactly as Bitcoin was expected to work.
Permissionless digital cash with instant transactions and fees lower than a penny.
Bitcoin cash delivers immense utility for the world creating conditions for financial freedom including everyone in the world, not only those that can afford the high fees of the BTC network.
Maximalists will lie about everything since this is their job.
When their contracts end or when they reach their targets and sell everything, they move on to something else.
Thankfully, Bitcoin Cash is the Bitcoin that works. The chain that wasn't hijacked now dealing with Blockstream's anti-BCH crusade and propaganda.
Cover picture (background) on Pixabay
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I had an awful experience transacting with Bitcoin, Bitcoincash is actually the true coin that Satoshi wrote on his white paper, I don't know why btc maxis don't understand that, what is the usefulness of a coin when you can't even use it to buy something Less than or equal to $1, Bitcoincash solve that problem. The btc maxis wants to make money from hyping btc and when the low class buys btc the more then they sell of their stakes. The btc block is too small to sustain the world. The more people transact with it the more slower it becomes. Bitcoincash is worthy of promotion cause it solves all the problems we have.