Bitcoin maximalists are a dying breed, says developer

A Bitcoin Core team member, Matt Corallo, described Bitcoin maximalists of the first cryptocurrency as “a dying breed” and urged them to stop attacking other projects.

1/ Bitcoin maxis are a dying breed. While there was a time where ~everything except Bitcoin was basically a scam, that hasn’t been true for a long time, and the smart money has moved on to figuring out which projects are going somewhere, and which are straight pump-and-dumps.

— Matt Corallo (@TheBlueMatt) August 8, 2022

“There was a time when roughly everything except Bitcoin was crypto-scam. But that has long since been untrue, and the ‘smart money’ has moved on to figuring out which projects are going somewhere, and which are straight Pump & Dump,” Corallo wrote.

In his words, “the loudest supporters” are counterproductive, attacking other communities instead of promoting the “greatness and uniqueness” of digital gold.

Corallo believes that discussions should focus on Bitcoin’s qualities that make it “a real candidate to play the role of a truly neutral currency for the internet.”

The developer believes that “narrative wars” will intensify with the transition of Ethereum to the consensus algorithm Proof-of-Stake (PoS).

“People who have only heard from Bitcoiners about how ‘PoS won’t work’ will have even fewer reasons to listen,” Corallo said.

He argues that, given the entrenched politics of project rivalry within the crypto community, many Ethereum supporters (as with Ripple earlier) will begin lobbying regulators against Bitcoin, citing environmental concerns.

“Because PoW boils the ocean,” the developer quipped, nodding to the widely held concerns in society about it.

Users in Corallo’s thread discussion diverged sharply. Some supported his views, such as Nick Neuman, CEO and co-founder of the Casa platform:

“Turning Bitcoin into a constructive tool with a positive supporting narrative will be significantly more effective for adoption than constantly yelling that everything else is bad/scam/sin.”

👏

Building bitcoin into a useful tool with a positive supporting narrative will be significantly more effective for adoption than constantly yelling that everything else is bad/a scam/sinful

— Nick Neuman (🔑, 🧀) (@Nneuman) August 8, 2022

User BitcoinCEOh offered a different view:

“New maxis appear every bear cycle. People are gradually realizing that everything except Bitcoin is a scam. Some look legit, but ultimately they’re scams.”

The opposite is actually true. New Maxies are minted every bear cycle. People are slowly waking up to the fact that anything other than bitcoin is a scam. Some look legit, but ultimately scams.

— Bitcoin CEO (@BitcoinCEOh) August 8, 2022

Analyst decodejar disagreed with Corallo’s thesis:

“I don’t think #Bitcoin Maxis are a dying breed. BTC is fundamentally different to the smart contract platforms out there, so those that prefer that will be Maxis. There’s no reason why it can’t all coexist though and I suspect BTC will eventually all be wrapped onto other chains.”

I don’t think #Bitcoin Maxis are a dying breed. BTC is fundamentally different to the smart contract platforms out there, so those that prefer that will be Maxis. There’s no reason why it can’t all coexist though and I suspect BTC will eventually all be wrapped onto other chains.

— Steve ⚡ (@decodejar) August 8, 2022

In April, Ripple CEO Brad Garlinghouse accused Bitcoin maximalists and supporters of certain cryptocurrencies of hindering the development of the industry.

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