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The cultural atmosphere of the whole ecosystem has altered dramatically over the past few years. “Bitcoin Maximalists” have effectively receded into the background regarding any form of cultural influence or significance whatsoever.
Prevailing narratives, genuine actions, and tangible consequences have become entirely dominated either by the Suitcoiners, ludicrous Wall Street individuals constructing the identical kind of harmful leveraged financial instruments atop Bitcoin that triggered the 2008 financial collapse, or the Degens, utterly debased Ordinals-obsessed cypherpunks with a nonsensical fixation on the idea of conferring ownership to jpegs stored on the blockchain.
It’s frankly somewhat revolting and humiliating that matters have reached this level in this space. All significant catalysts for growth and adoption are drawing individuals into a culture of vacuous suit-think wholly devoid of any comprehension or awareness of the genuine worth that Bitcoin provides, such as censorship resistance and decentralization, or a culture that utilizes these aspects for the most trivial and empty drivel conceivable instead of genuinely meaningful applications that can positively transform lives.
Yet here we are all the same.
These two opposing and self-reinforcing echo chambers are commanding the spotlight. They are managing the largest booths welcoming new entrants into the ecosystem. Yes, individuals can and will forge their own paths, and some newcomers might inadvertently traverse some of those, but most won’t. The majority will find themselves following the Suitcoiners or the Degens.
In this political landscape, I will align myself with the Degens.
Everything they participate in is absurd, foolish, aimless imaginary nonsense, but they at least recognize and comprehend the significance of censorship resistance and the decentralization that facilitates it. They value self-custody and tools that empower them to use their own funds as they wish without needing to seek approval from others.
The Suitcoiners grasp none of these concepts. They disregard self-custody. They believe decentralization is merely a catchy buzzword, or some fixed characteristic rather than a dynamic attribute that can fluctuate. They show no interest in the value that a censorship-resistant, unstoppable monetary network can contribute to society. Their sole concern is generating profits within the safe confines of the legacy system.
Bitcoin starts to lose all the attributes that give it a chance to reshape the world, creating a fair and impartial playing field for everyone if its decentralization is compromised. Without those qualities, it amounts to nothing more than a scarce asset trapped in the legacy walled garden. No permissionless currency, no native internet currency, just another stock that people purchase like an S&P index fund.
This is the path the Suitcoiners will lead us down if unregulated or unchallenged. So reluctantly, I must side with the Degens. I might have little in common with them aside from a genuine appreciation for censorship resistance, but that’s what truly matters in the end.
This article is a Take. Views expressed are solely those of the author and do not necessarily represent those of BTC Inc or Bitcoin Magazine.
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