Even as I read the statement I couldn't quite get through. Being a crypto enthusiast and always researching, this one caught me off guard.
So What Really is a Bitcoin Maxi?
The only definition of the word Maxi that I could find was from the Urban Dictionary, describing a bullish individual who purchases only one type of currency in the crypto space and in large amounts. Here is the full description,
"Maxi: Used to describe a bullish individual who purchases a majority holding of a cryptocurrency or NFT.
80% of my NFTs are Baby Punks. I'm kind of like a Baby Punk maxi."
Investopedia describes a Bitcoin Maximalist as a person who believes that Bitcoin is superior to all other cryptocurrencies. The maximalist idea is that other cryptocurrencies founded are not in line with Satoshi Nakamoto's original set of rules.
Now that we have the definition of a maxi, why are they dying?
Why Are Bitcoin Maxis Dying Breed?
Bitcoin Maxis are dying because there exist other cryptocurrencies of value other than Bitcoin. Even though cryptocurrencies after Bitcoin have been scams and rugpulls, that has not been the case for a long time. Smart money has enabled the crypto space to figure out which projects are valid and which ones are invalid.
Bitcoin Maxis spend half of their time attacking and criticizing other crypto projects, something that most people are evolving out of. Truth is there have been rugpulls and unstable projects, but trampling down on other crypto projects seems to help Bitcoin in no way.
The "Narrative Wars are coming". What is the meaning of Narrative Wars in crypto? Narrative Wars attack the cognitive thinking of the human mind; they change a person's solid thinking and perspective. Therefore, in the crypto space, narrative wars change the perspective of an individual about a cryptocurrency, in this case Bitcoin. Previously, Bitcoin Maxis influenced the people by creating narratives that no other technology will work except Bitcoin structure and its Proof-of-Work mechanism. However, with the invention of new and faster technologies, Bitcoin Maxis no longer have influence. Many people can see how new upcoming cryptocurrencies such as Ethereum are adapting to new technology. Ethereum for example is adapting Proof-of-Stake, and there is no doubt the coin is going to be big, even bigger than Bitcoin. Therefore, people will not listen to Bitcoiners propaganda anymore but will adopt new crypto coins.
The "us-vs-them" culture in the crypto space. Cryptocurrency projects have healthy competition, which makes users loyal to a certain project. It is not uncommon to find Bitcoiners competing against Ethereum holders. The same is true for other coins. With the Emergence of lobbying regulators, many will move to these new projects, including miners,making it more difficult to access Bitcoin. This is because Bitcoin uses Proof of Work,which consumes a lot of energy, something that lobby regulators do not support.
Closing Thoughts
One Twitter user says the fight is between Bitcoin Maximalists and toxic Bitcoin Maximalists. Authentic Bitcoin Maxis only have the best for Bitcoin in mind. They focus on why Bitcoin is Unique while supporting other currencies. What do you think? Are Bitcoin Maxis a dying breed? Here are a few responses to what other crypto investors think.
Info credits : Matt Corallo
Comments