The meaningful shift from Bitcoin maximalism to Bitcoin realism

[FMCPAY_GLOBAL]

Signs pointing to Bitcoin’s steady maturity and growth in the crypto space and beyond are undeniable, making a case for the cryptocurrency being the ultimate digital reserve asset.

There was a time when all cryptocurrencies traded against Bitcoin (BTC). Speculators ventured into other coins when they saw assuring tokenomics or promising hype, but Bitcoin was their settlement coin of choice.

Things have changed. Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market. Perpetual futures over-amplify market sentiment and, more often than not, dominate price action. Much more capital, including from institutional funds, has come into the market lately with only a moderate impact on Bitcoin’s price. So, some former bulls now dismiss Bitcoin as boring.

Is this the end of Bitcoin maximalism? Probably not. But, perhaps, it’s time for more realism.

(Source: Cointelegraph)

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[NotATether]

One word: Why?

Do they really think that Bitcoin maximalism has only to do with trading?

Bitcoin maximalism is defined (in my lexicon) as the superiority of BTC over all the other cryptos, as it is the most mature and with the most usersand highest security (every single commit is peer-reviewed), hence global crypto adoption should be hinged around BTC, not some other coin. Besides, media is already bashing mainly BTC anyway (such as your source) so why not make it the focal point of this counter-argument and hence, for maximalism?

Besides, stablecoins are merely a surrogate for the fiat currencies they represent - what is so special about them that will make the international community adopt a surrogate of a fiat currency, managed by a corporation instead of the govt.?

[hyudien]

There are several sayings that have always been my benchmark and mindset until now. The fact that more Bitcoin is discredited by certain parties is precisely the forerunner that makes us even more interested and stressed about how important Bitcoin is in economic growth. As long as you know, that Bitcoin is the only financial revolution that is the benchmark when fiat falls to the bottom of inflation. So several companies joined forces to use Blockchain technology and regenerate Fiat to stablecoins.

[davis196]

I'm a Bitcoin maximalist,because I think that Bitcoin is better than all the altcoins,tokens,shitcoins,etc.
I'm also a Bitcoin realist,because I realize that Bitcoin cannot dethrone the fiat financial system and cannot serve as a safe heaven,inflation protection tool(at least not in the short term).This makes me both a maximalist and a realist,I guess.
Stablecoins come and go(the algorithmic stablecoin,created by Terra Labs is just an example),Bitcoin Core is here to stay.
Futures are being used as a financial derivative in all the other financial markets-stocks,commodities,indexes,etc.
I've never heard someone on the stock markets to complain about futures/options trading to push the stock prices down.

[Dunamisx]

Signs pointing to Bitcoin’s steady maturity and growth in the crypto space and beyond are undeniable, making a case for the cryptocurrency being the ultimate digital reserve asset.

there's no doubt about this, bitcoin has made a standard that is reasonable enough beyond every creeping doubts of using it as a good source of an investment asset unlike other cryptocurrencies.

There was a time when all cryptocurrencies traded against Bitcoin (BTC). Speculators ventured into other coins when they saw assuring tokenomics or promising hype, but Bitcoin was their settlement coin of choice.

where is now their stand today, all those coins have nothing to write about now, they only experience a quick pump just to deceive investors to bid on them just like in the case of Luna, bitcoin is the master of them all that dictate their rising or falling.

[Fivestar4everMVP]

To me, there is no maximalist in bitcoin, except you think bitcoin is competing with other altcoins out there, bitcoin is the only original crypto coin we have, every other coins out there are nothing but a bet or rather, a suggestion from different folks trying to suggest a better version of bitcoin but clearly, non of them have succeeded as bitcoin has continued to lead the crypto market ever since its inception.
Anyone who is a die hard fan of bitcoin is a die hard fan of the real thing, don't tag or call such person a bitcoin maximalist, there is no maximalism in supporting original things.
We can call or tag those who believe more in altcoin over bitcoin as altcoin maximalist, because they are yet to come to reality, but for those in bitcoin, they are the realist.

[Darker45]

And what are these speculators gaining after venturing into other coins? What have they gained after investing in altcoins because of their tokenomics and promising hype? No other coin has made such huge ROI that it has surpassed Bitcoin's. The history of the prices of cryptocurrencies is an open book. Anybody could freely verify that it is Bitcoin that actually gives you a good return in the end.

And why the comparison between Bitcoin and stablecoins? No other coin could be more boring than a stablecoin.

[o_e_l_e_o]

I'm not a bitcoin maximalist, but rather a shitcoin minimalist.

Anyone who actually spends some time looking at technical details and not just chasing get rich quick scams will reach a similar conclusion. Once you've been in this space for more than a few years, you'll start to recognize the same patterns emerging over and over again. I first saw it with ICOs, promising the world, promising better technology, promising unbelievable risk free returns, promising to dethrone bitcoin, promising to revolutionize money. They have, without exception, not achieved any of this, and the vast majority of people who bought them have lost all their money and are left holding worthless bags. Then came IEOs, ITOs, and a bunch of other acronyms, which all made the same promises and have again all fallen flat. Next was DeFi. Let's look at Luna to see how well that's going, shall we? The new kid on the block is NFTs, and anyone who thinks that paying tens of thousands of dollars for a drawing of a monkey is either revolutionary or sustainable is a moron.

Lots of people who are new to the space get sucked in by such promises, unaware of the many thousands of dead coins which came before which made the exact same promises. They either lose money and rage quit the space altogether, or they hang around, start learning, and slowly but surely stop chasing shitcoins and just buy bitcoin instead.

[fiulpro]

The fact is all the Altcoins that are in the market still credible are very few we got DOGE LUNA ETH and they are also not performing very well, the volatility is much more as compared to the volatility of Bitcoins, literally they are going down 38% as well which is quite concerning for the holders but a golden chance for the traders. For me I do not think am a good trader since trading does not only need a lot of time and effort it's also sometimes dependent on your luck therefore I choose to hold bitcoins and other Altcoins do have good opportunities ofcourse but then again the price of Bitcoins right now is perfect for buying.

[KingTin]

Personal I think bitcoin will always suffer from volatility because the hard capped supply and inelastic supply.
Given more and more leveraged play in Bitcoin, including Microstrategy and miners getting loan to get more miners, volatility may only get worse even, could easily crash anyone's life, a business, an economy who do not handle the liquidity well enough.

I am very certain a more digitalized USD will play an ever larger role in the next decade or so, along with Bitcoin.

It would be nice if bitcoin price acted more like gold, that would have made the case for bitcoin as a digital currency and less of speculation.

[stompix]

Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market.

Bruh, after what happened with UST, I wouldn't talk for a few months about "stable" coins, and certainly not how they are the "pillars" of the cryptocurrency market.

Is this the end of Bitcoin maximalism? Probably not.

When you see that every bitcoin killer to date has ended in the same way, with the best of the best in terms of altcoins being forever in the shadow of bitcoin and never once managing to decouple from the price swings caused by Bitcoin, with all the other hype falling one after the other, from the rise of the first altcoins with different mining algos, then the PoS madness, the Defi hype, the smart contracts, NFT, blockchain games, every single token and altcoin not managing to do anything special and just sticking pump and dumps, it's not about being a bitcoin maximalist anymore.
You want to gamble, you chose altcoins, you want to be somewhat safe in this madness and with a clear goal in sight you choose BTC

The fact is all the Altcoins that are in the market still credible are very few we got DOGE LUNA ETH and they are also not performing very well,

I wouldn't call "not performing well" the thing that Luna goes through, more like a swan song, I've never thought I could see something like this, even if we talk altcoins:

Personal I think bitcoin will always suffer from volatility because the hard capped supply and inelastic supply.

I prefer volatility seeing what elastic supply and infinite coin printing can lead to.

[wxa7115]

There are several sayings that have always been my benchmark and mindset until now. The fact that more Bitcoin is discredited by certain parties is precisely the forerunner that makes us even more interested and stressed about how important Bitcoin is in economic growth. As long as you know, that Bitcoin is the only financial revolution that is the benchmark when fiat falls to the bottom of inflation. So several companies joined forces to use Blockchain technology and regenerate Fiat to stablecoins.

Exactly when we have seen politicians and other people in power talk about any other coin except bitcoin? Personally I only recall politicians mentioning ethereum recently, stable coins and some of the most notorious scams, every other comment they make about this market is related to bitcoin and no other coin.

This show us very clearly which coin is the strongest by far, those in power know that if they can destroy or at least tame bitcoin then the rest of the coins will not matter at all, which is why they concentrate almost all their efforts against bitcoin, and even with all of that pressure bitcoin is still here.

[Slow death]

There was a time when all cryptocurrencies traded against Bitcoin (BTC). Speculators ventured into other coins when they saw assuring tokenomics or promising hype, but Bitcoin was their settlement coin of choice.

as long as altcoins remain shitcoins, as long as they remain get-rich-quick scheme projects for creators, as long as they remain a pump and dump and copy/paste scheme, people will always look at bitcoin as the safest and altcoins as the least reliable

Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market.

I use Stablecoins (USDT) but I don't trust stablecoins, honestly I see stablecoins as something dangerous and not credible, I wonder when did governments start chasing stablecoins for regulatory issues

[Flexystar]

Bitcoin is neither under the impression of maximalism and realism, it's more or less free will acceptance. They made it so that we can ease of banking on day to day basis however over the period of time people made it into way to earn, profit, stock it and much more. Just like another share market it became asset eventually. Otherwise I am sure there would have been similar craze and outlook towards bitcoin as it was in the mid decade. It was something new, everyone wanted to have the full bitcoin and that slowly gained the framework of whole trading stuff.
However, one fact remains unchanged. Bitcoin is getting mined and those who are serious about bitcoin like institutional investors are stacking up bitcoin in cold storages! Irrespective of that its already realised asset others does not matter.

[naira]

Stop that bullshit, Bitcoin is not going anywhere. Talking maximally and realistically is not easy. After what happened to LUNA and UST, you should think more about how badly the controlled system is. Look at Bitcoin, it can grow in an instant and go up which will just leave media bullshit.

Be idealistic and critical of the opposition trying to bring down Bitcoin, because they actually admit that the system they are running doesn't really control Bitcoin at all.

[avikz]

I am not sure what the correlation between bitcoin maximalism and trading pair! Earlier, we didn't have much choice of trading so people used to trade based on the bitcoin price of an asset. USDT stormed into the market and quickly became the main trading currency for many because of the calculation convenience and easy capital conversion during falling markets.

It's all about choice! Maximalism is a mindset and the world of trading operates on available options which increases the horizon for traders.

[KingTin]

Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market.

Bruh, after what happened with UST, I wouldn't talk for a few months about "stable" coins, and certainly not how they are the "pillars" of the cryptocurrency market.

Is this the end of Bitcoin maximalism? Probably not.

When you see that every bitcoin killer to date has ended in the same way, with the best of the best in terms of altcoins being forever in the shadow of bitcoin and never once managing to decouple from the price swings caused by Bitcoin, with all the other hype falling one after the other, from the rise of the first altcoins with different mining algos, then the PoS madness, the Defi hype, the smart contracts, NFT, blockchain games, every single token and altcoin not managing to do anything special and just sticking pump and dumps, it's not about being a bitcoin maximalist anymore.
You want to gamble, you chose altcoins, you want to be somewhat safe in this madness and with a clear goal in sight you choose BTC

The fact is all the Altcoins that are in the market still credible are very few we got DOGE LUNA ETH and they are also not performing very well,

I wouldn't call "not performing well" the thing that Luna goes through, more like a swan song, I've never thought I could see something like this, even if we talk altcoins:

https://i.imgur.com/kzR49Fe.png

Personal I think bitcoin will always suffer from volatility because the hard capped supply and inelastic supply.

I prefer volatility seeing what elastic supply and infinite coin printing can lead to.

UST is algo stable, the biggest ones are not the same. They all run a Hong Kong dollar peg model essentially and have proven to work.

Volatility gives reason to not go bitcoin standard, it's all speculative meaning the number MUST go up.
Even highly inflating USD is beating almost all other fiat out there, including decade long deflating JPY. it's obvious if you trade FX that inflation doesn't really kill the currency competitiveness, it's national growth that the stable value it enables.

[AakZaki]

If bitcoin is said to be boring, of course that's a response for those who only see from one side, not from the side of the benefits that bitcoin will give. Remember that the bitcoin community is very strong, BItcoin is the main reference for all altcoins. Even that stablecoin will not be able to match bitcoin. Stablecoins won't be stable as long as they are in the crypto space, remember that $UST is a failing stablecoin at the moment. this is not the end of the bitcoin mechanism, this is still the beginning of a bitcoin advancement.

[hatshepsut93]

Stablecoins are not exactly competitors of Bitcoin in all senses, because they don't have their own value, their value is the value is the value of a fiat currency that they represent. So, if we talk about store of value coins, coins like ETH are trying to be a competitor of Bitcoin, and Bitcoin still dominates.

Bruh, after what happened with UST, I wouldn't talk for a few months about "stable" coins, and certainly not how they are the "pillars" of the cryptocurrency market.

Algorithmic coins are prone to attacks where it's profitable to crash the market with some clever trick. Centralized stablecoins could be just printing money out of thin air, or they could be closed down by authorities, or regulated almost as tightly as online banks, which negates most of the benefits of cryptocurrency.

[batang_bitcoin]

There are still people that are maximalists no matter what the market is showing them. It's easier and effortless unlike being someone who's too watchful with the market together with alts.
Well, the reality is that anyone can change their position freely and no one's ever going to stop them. Wherever you see the opportunities with your crypto market's journey, you should be fine doing what you think fits your investing style and knowledge.