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Bitcoin Maximalism

The Bitcoin Mempool Drama Was All Too Predictable

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1 month ago

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So mempool.space recently added features to spot Runes and Ordinals transactions, and Bitcoin monetary maximalists totally lost it. As a Bitcoiner and observer of Bitcoin culture, this whole drama felt completely normal and predictable.

Over time, an ideological split has emerged between Bitcoin monetary maximalists “, who see Bitcoin as only money and nothing else,” and those open to buildings things on Bitcoin, whether it be innovative or crypto-esq, like Ordinals, Runes and Tokens.

With this split mindset now entrenched, the mempool.space backlash was inevitable.

From the purist viewpoint, anything beyond the Bitcoin protocol is heresy.

So, even just the neutral action of mempool.space displaying Runes and Ordinals data for their users to see provoked outrage. Never mind if it made one of the best open-source Bitcoin explorers more useful and data rich — it touched the “forbidden” topic, and all rationality went out the window.

This reaction perfectly followed the playbook. The monetary maximalists responded to perceived apostasy with fury, as they always do on X. 

The Season 2 crowd however, put their money where their mouth is and donated to the helpful platform, doubling the number of individual sponsors and approximately tripling the project’s yearly revenue from individual contributors. They financially backed a tool they found useful rather than just complaining. Actions over words.

Bitcoin purists should also put money where their mouths are and support the Bitcoin explorers who do not spot Runes and Ordinals transactions. I have yet to see them do this instead of just screaming on X, which says a lot about them.

Both sides acted true to form.

This type of drama is inevitable when you have two factions with fundamentally different perspectives. While certain views may go too far ethically, this is ultimately human nature. We’ll keep seeing this purist versus pragmatic conflict as Bitcoin evolves and divides into diverging philosophies.

Rationality gives way to belief and identity. But understanding these dynamics helps contextualise the mempool reaction.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.





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Asia

Asian Bitcoiners Are Profit Maximalists

Published

1 month ago

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October 9, 2024

By


WHAT WE’RE READING: Blockspace Media

A recent Blockspace article deeply resonated with me as someone who’s lived in Asia and the West. It examined how Asia-based Bitcoiners are mostly profit maximalists, not philosophically driven Bitcoin maxis.

This rang true from my experience. When I meet Asian Bitcoiners, money and profit seem to be the primary motivators. Contrast that to Westerners, who often cite the cypherpunk, privacy, and political ideals behind Bitcoin.

Of course, this is a broad generalization. Many exceptions exist across both continents, but the general lens is that each side’s views on Bitcoin differ substantially.

Cultural and economic differences likely drive this divide. Western Bitcoiners are often born into prosperity with strong infrastructure. Money itself doesn’t captivate them, as it’s abundantly available. Thus, they have the luxury of prioritizing loftier Bitcoin goals like privacy, censorship resistance, and decentralization.

Meanwhile, many Asian Bitcoiners grew up poor, struggling for money amidst crumbling infrastructure. When they discover Bitcoin, it understandably represents financial opportunity above all else. After lacking money their whole lives, profits take precedence over philosophical concerns.

A prime example is the common maxi argument against altcoins – that they lose value against Bitcoin over time. This philosophical stance falls flat in Asia where people judge investments based on empirical results measured in fiat gains. If an altcoin generates a 20x fiat return, Asians won’t care that it dropped 98% against Bitcoin. Their profit-centric framework renders certain Western philosophical arguments ineffective.

You can see the results where Bitcoin maximalism thrives – predominantly in the West. Asia has practically no maxis comparatively. Again, incentives align. When your sole goal is profit maximization, altcoins and tokens become fair game.

That’s why we are seeing more Bitcoin season 2 projects emerging from Asia, which will continue to be the case.

This isn’t to say one mindset is superior. Both are integral to Bitcoin’s success. Asian business drive adoption at all costs, and provide the capitalist engine. Western idealism keeps the protocol ethos on track. Together they produce the checks and balances Bitcoin needs to thrive.

Observing Asia’s profit-first mentality versus the West’s ideological leanings provides insight into Bitcoin’s cultural landscape. Neither outlook is right or wrong per se. By understanding both mentalities, Bitcoin can synthesize the best of both worlds.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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