AI summary:

Introduction • The paper introduces the concept of the “nocoiner syndrome,” a condition where individuals, especially those benefiting from the current financial system’s Cantillon Effect, perceive early Bitcoin adopters as immoral. • The syndrome is characterized by cognitive dissonance, resentment, and a distorted perception of the value of Bitcoin. Definition and Causes • The nocoiner syndrome is defined as a condition where individuals actively oppose and judge Bitcoiners, often due to feelings of regret and missed opportunities. • The syndrome is rooted in the Cantillon Effect, where the injection of newly created money into an economy benefits those who receive it first, often at the expense of others. • Central bankers and individuals benefiting from the Cantillon Effect are more likely to experience the nocoiner syndrome. Effects and Treatment • The syndrome has negative effects on the economy, including wealth destruction, inflation, and the concentration of wealth among a few individuals. • The treatment of the nocoiner syndrome involves removing cognitive dissonance, understanding the role of the individual in causing economic problems, and opting out of the fiat system. • Becoming a Bitcoiner, with however small an amount, can change the skin in the game and reveal the problems of the fiat system. • Self-organized support groups, interacting with the peer-to-peer economy, and becoming a productive member of society can also be therapeutic.