A Case For Bitcoin Toxicity
I don’t consider myself a Bitcoin maxi, but I am a big fan of the protocol and the asset. In my portfolio of digital assets, it makes up the majority of my holdings. During the bull run, there’s obvious jubilation and celebration as your faith and conviction are rewarded. I think Bitcoiners have every right to enjoy these moments, but many critiques their attitude as crass and the meme culture around Bitcoin as toxic.
You hear it all the time, toxic Bitcoiners, Bitcoin toxicity bla bla bla, it’s easy to dismiss the crowd and think they a bunch of crazies. Acolytes of an anonymous person named Satoshi and found something to latch onto, and from the outside, I can see why normies would see Bircoiners as nutters.
Since very few people take the time to look into it other than the headlines and screenshots and sound bites, Bitcoiners tend to be painted in a bad light.
The movement doesn’t really give two shits about positive PR; they care about sound money and moving towards a Bitcoin standard. They believe the protocol is unstoppable, and I tend to agree, they don’t need to put a positive spin on everything.
They’ve done the research
Many people who criticise and fud Bitcoin have not done the research; they have not spent the hours Bitcoiners have reading about the protocol, reviewing the game theory, watching the development.
It takes plenty of hours to scratch the surface of Bitcoin, how it impacts the economy, how it changes consumer behaviour, how a digital bearer asset works, how the double-spend problem is solved, and so much more.
So once you’re schooled in all of this and people make stupid claims, why would you expect not to be ripped apart. You don’t walk into a room of experts and then berate their fields of study and expect no backlash.
They’ve got the battle scars
If you’ve HODL”d through a full bull and bear cycle, you’ll know the thrill of seeing your net worth shoot through the roof before crashing back down. It takes a real believer not to call it quits, sell out and move on. Bitcoiners aren’t forged in bull runs; they are made in bear markets; those who held on and even accumulated in those bearish times are rightly rewarded and should be allowed to have their moment.
They’ve been demonised and dismissed
For years Bitcoin has been called a fad, fake internet money, money of drug dealers and money launderers, rat poison and more. It’s always tough to take criticism, especially when the market is not going your way, but they stuck it out none the less. They took the heat, held their positions, defended Bitcoin and as it moves past the trillions Dollar mark, these people should be rewarded for HODL’ing.
They’ve seen the scam shit coin cycles before
Since all digital currencies are grouped together by normies it’s hard to see through the noise and fancy marketing.
Bitcoiners have seen every scam and shit coin project plague the industry stealing money from investors.
They’ve become hard to it so if you’re going to step to them about something like oh doge coins going up why not buy it you’re going to get your head ripped off, out of love.
It might seem salty or close-minded to you but they’ve just seen it all play out before.
They’ve had to take the financial strain
I speak to Bitcoiners from all over the world; many are not in a fortunate position and held Bitcoin at times when they needed money. Instead of liquidating their Bitcoin position, they made other arrangements, worked extra hours and took on additional strain to keep their Bitcoin.
Commitment like that should be rewarded, so why not let them celebrate their gains. It just seems like a lot of salty people trying to take shots because they didn’t get in.
They’ve had to delay gratification
Many Bitcoiners like myself didn’t strike it lucky and picked it up for a few pennies. We had to set aside a sizable part of our disposable income to acquire the Bitcoin we have and believe that it would provide a return. That capital could have gone into other investments or spent on things you could enjoy.
Bitcoiners have had to delay gratification, and they should be allowed to enjoy their investment paying off. I don’t see that as toxic.
To some, it’s toxic; to others, its protection
I don’t condone all of the things Bitcoiner say and do; there are plenty of things I tend to disagree with as a holder myself. Just because you own the asset doesn’t make every idea coming out of your mouth a great one. However, I do think they get a bad rep for viciously protecting something that not only benefits them but all who get into the space.
I would much rather have these disagreeable people willing to stand up for the asset class than the bunch of yes men in the fiat system. Claiming to be doing a job to save us while enriching themselves in the process.