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LESSONS

Why bitcoiners are "toxic"

The reputation for harshness has a cause: the industry around bitcoin has separated millions of people from their savings, and politeness did not stop it.

4 MIN READ
Scepticism protects newcomers from projects promising returns.
LEVEL · Intermediate
IN THIS LESSON · 8 OF 8
BY THE END YOU WILL BE ABLE TO ANSWER
  • What is the function of bitcoiner scepticism?
  • Which is the narrow maximalist claim?

Then prove it: a 2-question quiz. The lesson marks itself complete at 100%.

People who spend time around bitcoiners notice the tone. Altcoins get called scams. Yield gets called a Ponzi. Polite questions get blunt answers. This lesson is about why, so you can decide what to keep and what to leave.

The record

Every cycle brings new projects promising to be the next bitcoin, most of which go to zero. ICOs in 2017, DeFi and NFTs in 2021, memecoins since: each time, newcomers lose savings to insiders. Celsius, Terra/Luna, FTX. The people saying "this will end badly" were called toxic maximalists until it did. Scepticism, loudly expressed, is the immune system of a space with no regulator and a thousand salesmen.

What it is not

It is not a claim that bitcoin cannot fall, that holders are smarter, or that every critic is wrong. The useful maximalist position is narrow: there is one open money worth saving in, everything else has a centre, and anyone selling you a second one is selling you something.

What to take

Keep the scepticism. Ask where yield comes from, who can change the rules, who got the tokens first. Drop the contempt where you can; it does not convince anyone, and the facts do.

Why Am I Such A Mean Bitcoin Maxi? · An insider's accountWatch on YouTube ↗
CHECK YOURSELF
1/2 What is the function of bitcoiner scepticism?
2/2 Which is the narrow maximalist claim?
pick an answer for each question
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