In early-2013, when I learned about Bitcoin, I dropped everything else I was doing and focused on building on, advocating for, and acquiring Bitcoin. This still continues to be the case today, but my stance on “Bitcoin maximalism” has changed in light of lessons I’ve learned along the way.
Important to note here, I do not favor any particular alternative to Bitcoin. I simply do not think that every other alternative to Bitcoin are scams, nor do I think that the founders and the community of these competing projects are motivated only by greed or ill intentions. In addition, I think that the altcoins serve an important role today, as we will explore in this post.The case for Bitcoin Maximalism
Here’s a possible version of a future that Bitcoin speculators prophesize:
As the governments around the world continue to steal wealth from citizens in the form of taxes, bailouts, and inflation and enforce more control, surveillance and rent-seeking on financial transactions, the citizens will seek a better alternative: a superior form of money free from government control. Bitcoin, with more sound Austrian monetary policy compared to Keynesian fiat currencies, enforced by code, governed by consensus among a decentralized network of peer-to-peer nodes, secured by miners distributed across the globe, is the superior alternative.
As more people buy into Bitcoin, the price of Bitcoin relative to fiat currencies appreciates, which has a positive feedback loop. More people mine Bitcoin. The network becomes more secure. More serious investors buy in. More end-users transact in it. More development happens. This cycle continues, ultimately leading to Bitcoin’s total world domination.
We, the early Bitcoin investors, get rich off this pyramid-like scheme. The new entrants enjoy a superior form of money. Everybody wins.Hyperbitcoinization
It’s a great story, with a...