The New Bitcoin-Cardano Bridge Has Maximalists Losing Their Minds, But Here’s What They’re Missing DailyCoin
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Hoskinson Confronts Bitcoin Maximalist’s Criticism of Cardano and Altcoins ZyCrypto
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Dogecoin Founder Calls Bitcoin Maximalists ‘Mentally Ill’ CCN.com
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Dogecoin Co-founder Billy Markus Criticizes Bitcoin Maximalists … Cryptopolitan
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Dogecoin Co-Creator Says Bitcoin Maximalists ‘Insecure’ Benzinga
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Dogecoin Co-Creator Says Bitcoin Maximalists ‘Insecure’ Benzinga
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Hoskinson trolls Bitcoin maximalists yet again.
In a tweet on Sunday, input Output Global (IOG) founder Charles Hoskinson trolled Tesla and Bitcoin maximalists as crypto Twitter reacted to the news that Tesla had sold 75% of its Bitcoin holdings.
“WHOOPS! LOOKS LIKE THAT DIDN’T WORK EITHER,” the caption for a GIF posted by the Cardano chief read in response to a reaction over an Elon Musk tweet last year that Tesla had no intention of selling its Bitcoin, making reference to the popular diamond hands slang with emojis.
https://t.co/c7ph782TJD pic.twitter.com/v29zVIXEyc
— Charles Hoskinson (@IOHK_Charles) July 24, 2022
It is worth noting that Hoskinson has not held back against Bitcoin maximalists in recent times. For example, in an ask me anything session last Saturday, the IOG founder said Bitcoin maximalists are intellectually dishonest, adding that they are “the most difficult, toxic and useless people to engage with,” in response to claims by Michael Saylor that altcoins are securities while Bitcoin is not.
Tesla’s report that it had sold nearly $1 billion in Bitcoin in Q2 2022 surprised crypto enthusiasts and was not received well by Bitcoin maximalists. Michael Saylor, popular Bitcoin evangelist, and CEO of MicroStrategy, the largest corporate holder of Bitcoin, cryptically tweeted, “If you sell 75% of your bitcoin, you will only have 25% of your bitcoin left.”
If you sell 75% of your bitcoin, you will only have 25% of your #bitcoin left.
— Michael Saylor
(@saylor) July 20, 2022
This month alone, Hoskinson has slammed long-time Bitcoin developer Jimmy Song twice over his arguments on how the proof-of-work (PoW) consensus mechanism is superior to proof-of-stake (PoS). “The level of stupidity here is beyond explanation,” Hoskinson tweeted in response to Song’s arguments.
The level of stupid here is beyond explanation https://t.co/2ARGkcpBgG
— Charles Hoskinson (@IOHK_Charles) July 4, 2022
It is worth noting that Hoskinson has rarely missed a chance to clap back at perceived ADA detractors. Most recently, the IOG chief mocked competitor Solana, again comparing the network to faulty old Nintendo consoles.
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Vitaliilk Buterin, the pioneer of the Ethereum blockchain, has not been a fan of Bitcoin maximalism. In several instances, including last year when El Salvador adopted Bitcoin as legal tender, Buterin derided Bitcoin maximalists as being too close-minded for their good.
However, in his latest private blogpost, Buterin seems to have had a change of heart for Bitcoin maximalism. He pushes forth the opinion that the philosophical stance has a strong role to play in the advancement of blockchain technology and crypto adoption.
Buterin makes a case “In Defense of Bitcoin Maximalism”
Buterin starts off the piece by noting that Bitcoin maximalists have wrongly gotten a bad rep from the media. The description of the culture as being toxic is unfair to what it stands for, which is the defense of freedom in “a dangerous world.”
The world, and especially the crypto space, is full of bad actors and scams. Similarly, there is an abundance of external pressure to change the core principles of blockchain technology which Bitcoin marks the hallmark. Governments and mega corporations are constantly seeking to exploit the technology for their benefit.
Crypto-assets like Bitcoin have real cultural and structural advantages that make them powerful assets worth holding and using, he said.
To properly defend freedom, Buterin stated that Bitcoin needed two core ingredients namely a robust and defensible technology stack and a robust and defensible culture (maximalism).
Hence, maximalists are a needed breed to oppose the co-opting of Bitcoin and ensure that it continues to serve the unbanked and underbanked.
To fulfill their role, maximalists have been firmly rejecting changes that will introduce unnecessary complexity to the Bitcoin protocol at the technology layer, Buterin revealed.
In the community as well, the rigid stand maximalist take behind Bitcoin has served to warn newcomers about the dangers in the crypto market.
The bottom line: “Be a maximalist”
It is worthy of note that the term Bitcoin maximalism has an origin story that traces back to Buterin in 2014.
At the time he coined the term to criticize the general dislike in the crypto space which was predominated by Bitcoin for the launch of other cryptocurrencies.
Despite his previous misgivings about Bitcoin maximalism, Buterin is now stating that everyone needs to be a maximalist for something they believe in. The self-described “tech philosopher” capped his essay with the parting words:
It’s better to offend millions by standing aggressively for what you believe in than it is to try to keep everyone happy and end up standing for nothing. Be brave. Fight for your values. Be a maximalist.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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