Bitcoin Maxis Were Right
Throughout the last two years, there has been a hotly debated topic in the cryptocurrency industry. Whether Bitcoin Maximalists were good for Bitcoin, or if they were poisoning the market and preventing adoption. While a large number of people may have been against Bitcoin Maxis during the bull run while every coin was going up and it was easy to make money. Maybe people are beginning to come around and understand their mindset recently. There is no denying that the ideas, methods, and philosophies that maxis were sharing ended up being correct. Almost predicting everything that would happen. If followed, they could have saved a lot of users from losing their crypto. With all of that taken into consideration, maybe it’s time to discuss that perhaps Bitcoin Maxis were right and that we should have been listening to them more this entire time.
Wisdom falls on deaf ears.
If you learn anything from this article, that is the sentence that you need to remember. You cannot learn anything until you have an open mind and are willing to accept the advice. The entire crypto industry stopped listening to Bitcoin Maxis and likened similar to their grandfather who was out of touch with the times but still giving advice.
One of the largest complaints against Bitcoin Maxi’s is that they have seemingly made Bitcoin their church, and are constantly preaching to others. Making it a sin to be associated with any crypto outside of Bitcoin. Those are all considered “shit coins” and are a sure way to lose your money.
While that line of thinking may be too strict for many, once you begin to understand the mindset of Bitcoin maxis more, that is when you will know that all of this is coming from experience. Bitcoin is the original cryptocurrency, and the biggest supporters of this coin have been around the longest. They have seen scam after scam pop up. They have seen countless coins launch that were touted as the next Bitcoin killer or Ethereum killer. They have seen crypto exchanges become insolvent and not actually own all the coins that they claimed to have on their balance sheet. They have also seen some of the largest supporters of Bitcoin, become one of their biggest enemies. It all comes from experience and they have seen it all.
But people were making a lot of money in crypto and weren’t ready to listen to Bitcoin maxis' advice. Bitcoin in my opinion is the name of the game in the crypto market. The only goal in this market is to accumulate as much Bitcoin as possible. Nothing else matter. However, there is no denying that Bitcoin isn’t the fastest mover in terms of price when compared with altcoins. In fact, by doing the right thing and investing in Bitcoin, users are often leaving a lot of money on the table. That is where the real disagreement comes in. People become blinded by money and become unwilling to listen. While that great altcoin may have gone up 100x this month. It will also lose its value much faster as well.
And so Bitcoiners continue to preach what they have already learned to new people entering the market. Hoping to protect them from making the same mistakes so many have done before them. It’s likely that you have already heard many of these famous phrases.
“Not your keys, not your Bitcoin.”
This is a hard lesson that many people learned in the crypto market the last few weeks with FTX, BlockFi, and Genesis all freezing withdrawals. The whole point of crypto is being able to take self-custody of your own assets and no longer need to rely on a third-party service to give you back your money when requested. Taking control of your own money.
“Don’t trust, verify”
You should never trust anyone in the crypto market, always verify. The old saying “if it looks too good to be true, probably applies greatly here. With crypto, if something feels off or suspicious that is when we need to verify on the blockchain, or request absolute evidence before trust is given. This would have prevented thousands of people from having their funds locked up on Celsius, FTX, and any other service that became insolvent.
“Permissionless.”
Your money is yours, and you shouldn’t be depending on others to allow transactions before sending your crypto. So many people initiated crypto withdrawals on FTX, BlockFi, and Genesis but are all helpless because the service has yet to approve the transaction. Being permissionless means that you can do whatever you what with your crypto, whenever you want. True freedom.
“There are no Gods in Bitcoin.”
This is a newer mindset within Bitcoin that came into popularity this year. Everyone wants influential people to come in and help propel their coin’s price to the moon. People such as Elon Musk, Do Kwon, SBF, and many more. But, it’s important to remember that no “one” person makes up Bitcoin, or controls it. In fact, as time goes on many of these influential people’s motives will be revealed that they are actually not friendly towards Bitcoin or your crypto coin. They become the enemy. In Bitcoin, maxis remain loyal to no one and are ready to exile them the instant that they begin to betray the trust of Bitcoin. We are all Satoshi.
No matter how you feel about Bitcoin maxis, there is no denying that they were right about most of the things that happened this year. Even if you don’t agree with everything that they say, there is still a lot of valuable information and experience that you can learn from them. Everyone could do a better job taking self-custody, not trusting but verifying, and investing in real projects rather than the newest get-rich-quick schemes.
As for me. As I mentioned before, I believe that Bitcoin is the crypto that you absolutely need to own. There is Bitcoin, and then there is everything else. There will come a day when people who accumulated altcoins will look at their portfolios and wonder what happened. Wishing that they would have just accumulated “boring” Bitcoin instead. However, I do think it is important to always keep your mind open. There will be projects that come along that are actually great, such as Ethereum. Bitcoin could and will learn some valuable things from these projects and eventually implement them in the protocol.
At the end of the day, maybe Bitcoin maxis were right after all.
How about you? What do you think about Bitcoin maxis? Do you think they were right?
As always, thank you for reading!
I wonder if it will rise or when will the bull season come?