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I try to check information that opposes my view on bitcoin so I do not end on the echo chamber of the maxi crowd, or rather on an echo chamber at all. I was watching this video yesterday, I don't remember how I fell into it, but it's pretty well done, I mean it's rather engaging. I watched maybe half at 1.25x and browsed the rest for parts that were more interesting. TLDW: the whole "crypto" world is lumped in one single package that is meant to scam people of their hard earned money, there is no difference between BTC or anything in the shitcoin world, it's all one single clusterfuck of embezzlement and "Wolf of Wall street" techniques.
I can tell you this is pretty much what most of the normies think about BTC, and actually most of the people involved with crypto think too. They either know someone who was scammed and so are too afraid to approach anything related, or in other cases they are in the Ponzi business trying to get in and out at the perfect timing.
The damage that has been done to BTC by all the shitcoinery is huge, if you check the "bitcoin dominance", that is the market cap of BTC compared to all the rest of crypto, we're only at 50%. This measure is not to be taken at face value as most market cap on crypto projects is fake, but it says a lot about the wasted time, energy and resources on those projects. I believe the real attack on bitcoin is shitcoinery, it's not coming from the state or the CBDC's!
This is all to say something that maybe all of you know already very well, but it's worth repeating it: do not be ashamed of your bitcoin toxicity and always set yourself apart from the "crypto" crowd. I once thought that we could tolerate other forms of blockchains and that they had different use cases, but it's been a terrible damage and we need to take care of it.
When i hear"ponzi" and btc in the same sentence it is music to my ears. It means i am eons ahead of the populace and will be one of the richest men on earth
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You can also look at it another way. Thank God for shitcoins and their drag on bitcoin's price. We can all afford to buy a lot more before the crypto shit house collapses for good.
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If an Average Joe has lost his capital in Luna shitcoin collapse - by the way he also lost the chance to invest it into Bitcoin after understanding better, that there is no second best
Shitcoins are cancer, there is no excuse here.
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We are able to predict if the bitcoin ecosystem would be better or worse if no shitcoins ever existed...
Bitcoin is like: single language situation Shitcoins existence is like: confounding our speech
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The amount of people who have been introduced to the ideas behind cryptocurrency in general, and btc in particular, through shitcoins, is invaluable. The amount of public awareness of the space, and the concepts that matter in the space, is the real rate limiting factor on btc adoption In fact, it might even be the case that the scamminess has served to make very clear the value prop of btc in a way that would have been otherwise impossible.
There has never, and will never be, one single language, despite the network effects that would seem to dictate that there should be. This is a fact that maxis might benefit from pondering.
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I share your point only regarding privacy - it's maybe a good thing there are some strong privacy coins like Monero, Zcash - and the whole effort of govts is fighting with them... And in the meantime - Lightning Network is able to improve its privacy yet and hopefully growing so big, that is de facto unstoppable. But that's the only exception in the rule, that all other shitcoins are cancer - wasting a lot of resources, which could be otherwise directed into the Bitcoin ecosystem.
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Interesting perspective. They do create easy targets for governments.
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"The damage that has been done to BTC by all the shitcoinery is huge"
Well said. If you have no emotions, but rather rational approach only - there is no toxicity, but merciless truth. Would anyone say that BIS is toxic? No, BIS can't have emotions, only pure, rational statement:
"Fragmentation means that [Bitcoin] cannot fulfil the social role of money. Ultimately, money is a coordination device that facilitates economic exchange. It can only do so if there are network effects: as more users use one type of money, it becomes more attractive for others to use it." https://www.bis.org/publ/bisbull56.pdf
Shitcoins are cancer, because they irrevocably waste people's resources and only make them toxic against whole this shitcoin clown show, and Bitcoin by the way.
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BIS = Bank for International Settlements
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I agree with your premise but I cannot follow how you come to the conclusion to be more toxic.
This is nonsensical to me. You're just being edgy and contrarian.
An emotional response to backlash. Never go emotional. You have the factual arguments on your side. Choosing emotional over hard facts is for losers.
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Anyone who buys into the idea of Bitcoin is doing so to sell it for a higher price at a future date.
This is how far I got. That statement is obviously wrong, so how much research could have been put into this "documentary" to begin with?
I mean I guess I get your point that this is where most normies' thinking process stops and that's frankly sad.
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There's nothing that opposes your view on bitcoin if you just simply compare it with scam and ponzi projects, in that case you will definitely fall into this echo chamber and you will miss some interesting technology improvements made in the ecosystem which not necessarily go against bitcoin principles. So it does not mean that human technology improvements in the crypto industry must stopped because bitcoin is there and everything else is just simply falling under the same bag called scam. In fact, I am not ashamed of being part of the "crypto" crowd where I've got from lot of interesting knowledge as well.
"I believe the real attack on bitcoin is shitcoinery, it's not coming from the state or the CBDC's!"
Another misconception from my perspective is thinking that there's some kind of attack against bitcoin from crypto projects. And yes CBDCs are your enemy.
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There's a certain beauty in the way that shitcoins are the noise and bitcoin is the signal. The latest shitcoin, after the initial hype, quietly fades into the background noise of a million other shitcoin projects. Meanwhile Bitcoin keeps on chugging along. CBDCs will be just another failed project to add to an ever growing list. There will always be some fresh scam, but people will slowly figure it out. We just need to be patient.
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I don't think the point of toxicity is to differentiate us from the masses of crypto scammers. We want distance because we don't aspire the same things as them. The more people we make that clear to, the better it is for Bitcoin perception.
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I ain't reading all that. I'm happy for u tho. Or sorry that happened. And it’s bitcoin. Not crypto
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Toxicity is great to cure an illness, until its poison.
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if you check the "bitcoin dominance", that is the market cap of BTC compared to all the rest of crypto, we're only at 50%.
Completely meaningless metric. 50% looks fucking huge when you consider all the other shit is at 20% or (much) lower. https://www.statista.com/statistics/1269302/crypto-market-share/
All I see is "Bitcoin is #1".
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no damage has been done to bitcoin. bitcoin doesn't care. Read Satoshi's "hornet's nest" post, and meditate on what he was arguing. Bitcoin doesn't need more adoption, it needs BETTER adoption.
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The fact that NFTs and shitcoins like DOGE, PEPE, SHIBA etc. are what's popular means that our work is cut out for us. Little by little those things will fade out though...I hope.
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lol I remember that meme
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