Going full maxi: Tensions flare as Bitcoin expert maintains that altcoins are scams Going full maxi: Tensions flare as Bitcoin expert maintains that altcoins are scams
Bitcoin maxi Jimmy Song condemns all altcoins as scams that deserve the regulatory smackdown that's coming.
2 min read
Updated: Jul. 12, 2023 at 2:44 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coder and Bitcoin maxi Jimmy Song reiterated long-held views that all altcoins are scams — renewing the debate around the inherent vulnerabilities found with centralized projects.
Song goes full maxi
In a tweet response to Chainstore Labs CEO Bruce Fenton, Song said altcoins are responsible for hindering Bitcoin adoption — adding that they “deserve the punishment coming to them” — in reference to regulatory efforts that are expected to designate most altcoins as securities.
Moreover, he drew a clear line by refusing to help the industry lobby for more “Bitcoin-like” regulatory treatment across the board.
“I won’t help them against the state or anyone else. We are not “in this together.” They’re vulnerable because they’re centralized, and that’s their own fault.“
Fenton had called Song out on being a “Bitcoin Statist,” unwilling to admit the BTC regulatory greenlight makes him a “bootlicking authoritarian.” This was a response to a Song post in which he slammed Bitcoiners with altcoin sympathies as the “bootlicking authoritarian[s].”
“If you are in this space and don’t get that altcoiners and central control are the enemy I don’t understand how to help you.“
The posts reignited the debate around the merits (and fallacies) of Bitcoin maximalism, with ShapeShift founder Erik Voorhees taking the latter camp — rhetorically asking why are Tether, Uniswap, and Monero scams.
A Twitter user pointed out that the issue boils down to new users being unable to distinguish between established altcoins and obvious money-grabbing scams.
Voorhees replied using an analogy of people having difficulty eating a balanced healthy diet. Yet, society still allows individuals to make their own dietary choices — a situation that is equally valid with cryptocurrency investing.
Are Bitcoin maxis right?
Bitcoin maximalists are accused of toxic narrow-minded attitudes toward the rest of the digital asset space.
However, in a 2022 blog post from Ethereum co-founder Vitalik Buterin, the issue of what’s at stake — namely self-sovereignty and being free from overreaching government— cropped up.
Buterin argued that the endangerment of freedom and autonomy, and all that hinders Bitcoin in realizing its goals, especially dishonest, “grifter cryptocurrencies,” has fabricated a level of frustration that can present as toxic.
“What if Bitcoin maximalists actually deeply understand that they are operating in a very hostile and uncertain world where there are things that need to be fought for.”
In defense of maximalism, he said it is a reaction to the realization that most altcoins are scams.
“Intolerance is unavoidable and necessary to protect newbies.”
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Jimmy Song is a Bitcoin Core Contributor and former VP of Engineering for Armory.
Erik Voorhees stands out as one of the foremost advocates and entrepreneurs in the Bitcoin space, recognizing the digital currency as a groundbreaking invention with transformative potential for humanity.
Vitalik Buterin stands as the pioneering force behind Ethereum, a transformative community-driven platform that fuels the cryptocurrency ether (ETH) and underpins a myriad of decentralized applications.