The Bitcoin Standard = Maximalist propaganda.

I’m not a smart guy. But I spot fakery and fuckery real well.

Saifedean Ammous is just a glorified academic shill, who still dines out on a 300 page book he wrote 4 years ago, (Steak anyone?).

Literally LMAO.

If you’ve been in the #Crypto industry for any length of time. You may be well aware, that you are only allowed to say nice things about Bitcoin. Otherwise, you are ostracised and excommunicated from the tribe. What a lovely, warm and fuzzy community they’ve created for themselves. Now that I got all the Maxi’s enraged, who will probably leave some wonderful comments for me to read later.

Let's breakdown Saifedean’s “masterpiece”, lol this is easy.

First look at the Cover of the book. I mean literally look at it! He’s equated Bitcoin to a Rai stone, and a brick of Gold!

A Rai stone is a form of money used by the inhabitants of Yap island in Micronesia. Ammous literally wants to send you back to the Stone Age! The ridiculousness of some of his ideas, that he promotes is quite laughable. A reason why it has taken so long for any adoption to occur from legacy finance. Is that they don’t want to deal with a bunch of extreme lunatics.

Cryptocurrency is still very much a fringe pastime, sure everyone has heard of it now thanks to Elon. But no one is buying their beer with bitcoin. ATM’s are less visible, crypto debit cards only seem to function for about 6 months and always have problems in their usage.

Ah, but Bitcoin is digital Gold. Not a cash system, I hear you say. Well, let's take a peek into the Bitcoin standard, shall we?

“ While it is common to think that these currencies exist in competition with Bitcoin, and that one of them might overtake Bitcoin in the future, in reality they are not in competition with Bitcoin because they can never have the properties that make Bitcoin functional as digital cash and sound money. In order a for digital system to function as digital cash, it has to be outside the control of any third party; its operation needs to conform to the will of its user according to the protocol, with no possibility for any third party to stop these payments. After years of watching altcoins get created, it seems impossible that any coin will recreate the adversarial standoff that exists between Bitcoin stakeholders and prevents any party from controlling the payments in it.” (page 251)

I’m sorry sovereign notes are still superior to Bitcoin as a Cash network

What’s the last thing you bought with Bitcoin? Some alpaca socks? Even Andreas Antonopulous doesn’t accept Bitcoin. “What?!” Yup, you heard correct. He would rather bang your bank card, every month. Because you can’t set up recurring payments on the Bitcoin network. Sucks, if you run a business!

And God forbid if you actually recognize all the inherent limitations of the protocol. And want to resolve them and make improvements to the code. Ask Roger Ver!

I view maximalism as a defense mechanism. As these guys are smart enough to know, what they got actually sucks balls. But, to point this out equates to not pumping their bags. You must be labeled a scammer and idiot by the maxis to protect their narratives… “banking the unbanked” don’t hear that too much these days, do you.

Let’s dip into Saifedean’s book again.

“No single altcoin has demonstrated anything near Bitcoin’s impressive resilience to change, which is down (sic) to its truly decentralized nature and the strong incentives for everyone to abide by the status quo consensus rules. Bitcoin can only make this claim after growing in the wilds of the internet for nine years without any authority controlling it, and very ably repelling some highly coordinated and well-funded campaigns to alter it. In comparison altcoins have the unmistakable friendly culture of nice people working together on a team project. While this would be great for a new start-up, it is anathema to a project that wants to demonstrate credible commitment to a fixed monetary policy. Should the teams behind any particular altcoin decide to change its monetary policy, it would be a relatively straightforward thing to achieve. Ethereum, for instance, does not yet have a clear vision of what it wants its monetary policy to be in the future, leaving the matter up to community discussion. While this may work wonders for the community spirit Ethereum, it is no way to build a global hard money, which, to be fair Ethereum does not claim to do. Whether it is because they are aware of this point, or to avoid run-ins with political authority, or as a marketing gimmick, most altcoins do not market themselves as competitors to Bitcoin, but as performing tasks different to Bitcoin.

“There is nothing about Bitcoin’s design that suggests it would be good for any of the multitude of use cases that other coins claim they will be able to do, and no coin other than Bitcoin has delivered any differentiating capabilities or features which Bitcoin does not have. Yet they all have a freely trading currency which is somehow essential for their complex system for performing some online applications.” (pages 255–256)

The term Bitcoin maximalist was originally coined by Vitalik Buterin in 2014 who created Ethereum which is an “Altcoin”. Bitcoiners use altcoin as a derogatory term to propagate their thinking that there can only be one!

This is an anathema to a free open market, a brand new industry ripe for innovation. Bitcoiners want to stifle competition.

Ethereum is crushing Bitcoin in nearly every metric, bar price. Ethereum continues to innovate, develop and improve. Whilst Bitcoin, in technological terms, is stuck in the stone ages. Period, end of discussion.

I have owned Bitcoin in the past and still spout its virtues. Because god damn price is still going up.

The question is for how long, when will the demand for it be satiated. Since the supply is stagnant, and the development of its protocol nonexistent. We are just witnessing a new asset being repriced to fair value, that is all. I predict we see $108,000 this year. And maybe much higher in the coming years. But what does a $250k Bitcoin do for the masses, jack shit.! Apart from feeling additional pain at missing out on life-changing gains, in another asset again. The majority of Bitcoin is held by 2000 people. Last I checked there 7.8 Billion people on the planet.

So does Saifedean have any good points to make, yes and no.

“Hard money, by taking the question of supply out of the hands of governments and their economist-propagandists, would force everyone to be productive to society instead of seeking to get rich through the fool’s errand of monetary manipulation.” (page 133)

So Satoshi created Bitcoin as a counterbalance to central bank proliferation of Fiat currency. Well shit, America just printed more money in 2020 than it has ever done in its history. Bitcoin’s presence may in fact be stimulating central banks to print more, not less. The population is also less productive than ever, Helicopter Airdrops of dollars have seen to that.

A return to a Gold standard would be devastating to millions across the globe. As people HODL gold not spend it. A bitcoin economy would be equally disastrous. Bitcoin has its place in the cryptocurrency space. It provides a reference point, both in value and in time. Because the key feature of a blockchain for me is the ability to encapsulate time in a limited format.

And as we know time is priceless.




A Ballin’ Hexconomist

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Balla Ji

Balla Ji

A Ballin’ Hexconomist

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