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122 sats \ 3 replies \ @pauly 16 Dec \ on: Can a shitcoiner ever truly grow into a Bitcoiner? alter_native
I was a shitcoiner that worked in a couple defi projects, starting back in 2018. By 2019, Defi summer kicked off, and I was primed to go. I worked on one of the many ponzis, and was paid ~$4,000 a month to research other defi projects for our particular ponzi. I quit my full-time job for this. Ultimately, you stored your stables with us, and we invested in other ponzi's. We'd do the research and work to ensure we avoided the scams. My job was to find the scams, which meant dig into the team, their wallets, and read every technical document I could get my hands on. Then I'd write a report with necessary graphs and explain it to the dev team and community. For our project, there were 3 of us in the team doing this.
I learned a few things, and most of them kept bringing me back to two points.
- If it isn't PoW, it is easily captured by government or pressured to listen.
- If it has a central team or ownership, it will fail.
Over time, I eventually just cashed out and went to Bitcoin entirely. I still keep up to date with some of the newer tech (zero knowledge rollups stuff like that) out of sheer curiosity, but I'd never buy another token. I still have some of my old Avax stuff I need to cash out as I was on a vesting schedule during last bull, but I will turn that into bitcoin. The vast majority of these "projects" are worse than you can imagine.
Nobody in "crypto" reads the WP / Technical Documents. We had an active community of 30k, we released regular reports explaining our moves. Out of 30k members, we'd get 12 views. It's just marketing, buzzwords, and TradFi bro's dumping on gullible poor people.
The more you learn, the more all the roads point in one direction. Bitcoin.
Generally speaking if it doesn't require energy and thermodynamic 'work' to accomplish its value is... Zero.
Zero. It goes to zero.
The plane that 'requires no fuel'.
The car that works 'with no gas and no battery'.
The Train that runs, consuming no energy...
These things aren't innovations, they are scams.
It's no wonder then that 99.9% of 'crypto' goes to zero, and the 'crypto' that survives is PoW. Of the surviving PoW Bitcoin is by far the most liquid, most mature, most sophisticated, and biggest best adopted. That's what people eventually figure out.
Thank you for putting it so aptly.
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POW is the only way. There are no free rides. It's hard to explain to new people but feels so natural once you get it. Thank you for the thoughtful comment.
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Thank you for the thoughtful and honest response. I think it is important for us to acknowledge all the different paths that we can walk that all end at the same place. It doesn't make anyone better or worse than someone else. It just is A path. We all have one. I appreciate your unique perspective.
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