Bitcoin Maxis: Cult & Conspiracies

Laser Eyes Assemble

Bitcoin cult or conspiracy

Bitcoin Maxis (Maximalists) are those wo think Bitcoin is the best and only true cryptocurrency (Some will also claim it not to be cryptocurrency and just refer to it as Bitcoin. Don't ask me why, I don't understand that logic myself)

They also hold the belief it will be the only financial asset needed in the future. So it shouldn't come as any suprise that all of these individuals will have money tied up in Bitcoin. Not one sane person who doesn't have a vested interest in Bitcoin will validate these beliefs. The most ludicrous claim Maxi's proclaim is the market price of Bitcoin will continue to grow and grow and grow. AKA Number-Go-Up.

The four year cycle & the halving

A popular theory is that if you buy and hold for at least four years, you will be guaranteed a profit. This is known as the four-year-cycle and corresponds to an event known as the halving. 

The Bitcoin halving reduces the block reward in half, meaning Bitcoin miners earn 50% less for every successful block they mine. Currently it costs about $26,000US to successfully guess enough random numbers and find the nonce, resulting in a block reward for wasting huge amounts of energy. That reward is a Bitcoin.

The idea Maxis have come up with is that these halving events drive up demand, which in turn brings more people buying into the market, leading to an increase of the value of Bitcoin. The issue here is the halving, which can be predicted with some accuracy, creates a feedback loop which leads to a self-fulfilling prophecy. This is more of a trend than a guarantee but if you are a maxi, recognition of this pattern is rationalized as profit.

Tether that feeds the Bitcoin

It's important to note that while some frenzy buying may momentarily bump the Bitcoin price at any given moment through the day. Tether, a stablecoin which just recently surpassed the $100,000,000,000 market cap, essentially controls the price of Bitcoin, through issuing loans with its Tether stablecoin. 

Why is that significant ?, well because Tether is printed at will to issue loans, which are then used to buy Bitcoin. Not a single dollar has entered the system here but don't remind Maxis about this point because they will just tell you to "get on your horse and cart and chill" 

Apparently not liking Bitcoin means you live an 18th century like lifestyle.

People like this are either just plain stupid or happy to look the other way when ethically and legally questionable actions take place, that benefit them.

Maxis act like it's all a conspiracy

Patterns, comfortability, regularity and significance. These are feelings and emotions humans both enjoy and recognize well.

Those who begin researching Bitcoin, will soon find indoctrinated Bitcoin investors who will preach, "Why Bitcoin?" and include material or examples that fulfil those emotions, such as the four-year-cycle. 

Consider the following emotions:

Halving approaching, there's your pattern recognition

The event occurs every four years, here is the regularity

Making money and understanding the first two points above, certainly ticks the box for comfortability

Finally, significance, the halving leads to a Bullrun for the markets and that must be considered noteworthy.

This cycle is just one theory or trend that those who become maximalists use to rationalize their involvement in Bitcoin. It's very common that these Bitcoin Maxis will find meaning or overplay things that aren't there. You will even hear of them taking on assumptions that because something has occurred, like inflation for example, then that must mean somebody is behind it, pulling the strings on the inflation rate behind the scenes.

If you are starting to think they share a lot of traits with those who are into conspiracy theories, you are correct. While we can't dismiss that feeling these emotions is part of being human, we should also acknowledge that they do take on all the traits of those who find themselves blindly believing in conspiracies. Conspiracies like the earth being flat or NASA never going to the moon in 1969. 

Apart from the aforementioned reasons, being involved or having knowledge of something which only a small fraction of the world trust or believe, is a very powerful drug. You are right, which means everyone else is wrong and no amount of evidence will change your mind otherwise.

Conspiracies can also have a bad guy who is trying to keep the truth covered up, assert power and somehow benefit from it all. In the case of Bitcoin it's them versus the central banks. Essentially The Darth Vader of the Bitcoin narrative. 

Central banks print money for fun

Maxi's will tell you how FIAT currency (aka the everyday money you use) is dying and how no-coiners only believe it's worth anything because we decided so. 

Let's just skip over that same societal principle is essentially why Bitcoin is worth what it is at any given minute throughout the day. Not forgetting the Tether bank which does print Tethers just to pump the price. 

The kicker and it is an ironic reason, the one straw-man all Maxi's preach, is the banks can just print money at will. Which leads to a weakening of the dollar and an increase in inflation. Then it's all about how Bitcoin is capped to only 21million tokens. 

This capped amount is written into the source code of the Bitcoin protocol and in theory can change but don't try telling Maxi's this simple fact. Maxis believe that once all Bitcoins have been mined, the 21million written in code, that's it, no more will ever exist. Making Bitcoin a deflationary asset and apparently this is a good trait because this designed digital scarcity is supposed to keep the price of Bitcoin going up. This is not only wrong but also a very bad reason to support or buy Bitcoin at all.

The cons & cons of Bitcoin

No central authority, the belief Bitcoin will forever increase in price and apparently the first and best operating deflationary currency ever conceived. All culminate into the world of Bitcoin Maxis and their confounded beliefs that Bitcoin is the saving grace this world needs. The problem, all this is bullshit, much like the value of Bitcoin. 

The Tether stablecoin has and will continue to print Tethers to increase Bitcoin's price. Crypto is fast becoming the favored medium of criminals, terrorists and money launderers and the Proof of Work (PoW) consensus model continues to waste energy at global warming inducing rates of wastage. 

Maxis are well and truly blinded by the potential for profit. Their cult like theories and conspiracies about central banks, are all misguided and ignorant opinions from individuals who have become so indoctrinated into the religion of Number-Go-Up, they can rationalize anything to be a positive, but fail to see all the red flags and problems Bitcoin brings into this world. 

At this time of price all time highs (ATH) for Bitcoin it may be tempting for some to FOMO into crypto, hoping to strike it rich. However, history has taught us about this trend before. This is temporary and it will burst. 

Plenty of families, fathers, mothers, son and daughters will lose everything. Some will lose their lives unfortunately and I put the blame on all the Maxis and even media who dangerously report Bitcoin to have any value at all.

History has taught us to GET OUT NOW!

Please avoid or get out while you can. You might find withdrawing Bitcoin into actual money to be an impossible task when that bubble starts to burst and panic begins to set in. 

Maxi's will call it FUD (Fear Uncertainty and Doubt) They will most probably try to convince many to hold, because they know Bitcoin hasn't any real value. They understand Bitcoin requires the liquid capital of mum and dad crypto buyers in the Bitcoin eco-system. 

Why.. ? well those hundreds of billions of Tethers, currently pumping the price are the real reason Bitcoin is as high as it is. So stay away and don't let these Maxi Bitcoin conspiracies convince you otherwise.