Opinions on Bitcoin maximalism are divided. Some say: Bitcoin maximalism means persistently thinking about some of the great advantages of digital foreign money over the fiat cash system. A global financial system that is primarily based exclusively on Bitcoin is absurd and also deflationary, say the others.
Bitcoin maximalism, however, is greater than the desire for bitcoin versus altcoins. Because its proponents see nothing less than a paradigm shift within the macroeconomic construction of our world financial system in crypto foreign money No. 1. Central banks can be out of date, inflation inaccessible, and alternative fees a factor in the previous one. We take a detailed look at the phenomenon. Here are 5 sentences a Bitcoin maximalist would definitely not say.
“Bitcoin is dead”
A characteristic of the Bitcoin maximalists is the irrefutable perception within the value of the cryptocurrency. Every crash is accepted with ostentatious composure and reinterpreted as a mandatory correction for the long-term growth of the course. Because Bitcoin maximalism also means showing perseverance. The long-awaited fruits of “hyperbitcoinization”, so the speculation, can only be reaped by those who have gone through several valleys of tears. Or to put it in one sentence: Hodl.
“I live a vegetarian”
Granted, this definitely does not apply to all Bitcoin maximalists. We have already reported at this level the apparently timely link between a full meat weight loss plan and BTC.
At this level we let Michael Goldstein communicate for us and wish you bon appétit:
The connection can be seen intuitively. Bitcoin is a revolt against fiat cash, and a complete weight loss plan is a revolt against fiat meals.
“Keynes was actually a great guy”
Bitcoin maximalism can also be the conflict between two schools of thought in business. Bitcoin maximalists often belong to the so-called Austrian School of Economics. She is prominently represented by Friedrich von Hayek – a bitter opponent of the well-known John Maynard Keynes. In short, the theories and implications of the two colleges are incompatible. While Keynes has to see the cash financial system in the arms of the state, Hayek advocates an economically liberal system in which very different types of cash compete with one another. The Keynes concept finally prevailed at the Bretton Woods Conference.
“A little inflation is okay”
Bitcoin maximalists are usually not supporters of central banks. If one believes the maximalist Saifedean Ammous, then the abolition of the gold normality and the introduction of a financial system under the leadership of the central banks was the beginning of the tip. That may sound like an exaggeration.
However, it cannot be denied that the central banks have a somewhat free hand in their financial security. They usually stay for as long as it is associated with national economies. Nevertheless, the central bankers may use the wrong macroeconomic levers – with devastating penalties.
Therefore, many Bitcoin maximalists are calling for the central banking system to be abolished. Because, it is argued, even stable central banks guarantee nothing less than a gradual, albeit low, inflation fee, and even that is unhealthy in the long run.
With Bitcoin as an important foreign currency, this disadvantage is no longer relevant. Because Bitcoin has an inherently deflationary construction due to its design, and that’s good for a sustainable international financial system without boom-and-bust cycles and inflation, my maximalists.
“Of course I also invest in Bitcoin Cash”
BCH or “BCash” is the number one public enemy of the Bitcoin maximalists. Bitcoin-Jesus became Bitcoin-Judas because the notorious hard fork Roger Ver lost a number of sympathies. Since then, the BCH father has had to answer many problems that go wrong in the crypto cosmos. Granted, by forking and subsequently splitting the neighborhood into two camps, Ver did the ecosystem a disservice. But the polemics that are opposed to do not get us any further.
Ferdous Bhai sums up in a blog post why a bit of foreign money competitors under crypto ownership can even be helpful:
I want Bitcoin to win and I will build and support companies that make Bitcoin higher, stronger, and more accessible. In doing so, however, we must not lose sight of the goal. Bitcoin isn’t the primary target; It is a technique to achieve our goal of censorship-resistant, impartial, and privatized foreign money.
This is how you can stay loyal to Bitcoin without denying the best to all of the different tokens. Because in the end we are all in the same boat.
Does the application offer a chance?
Bitcoin maximalism is an enchanting career. Because the mindset needs the massive image. Many connections seem to have arisen out of thin air and seem unrealistic. Still, it is the price that is looked at more closely. If you have the time, delve into a debate between the coin idea, technological innovation, and the prospect of witnessing a financial paradigm shift. To put it in one sentence, Bitcoin maximalism is a real-time experiment within the stress discipline between Keynesianism and the Austrian Business School. It remains exciting.
Disclaimer of liability
This article was published in November 2018. It has now been reviewed and updated.