Are Bitcoin Maxis Behaving like a Sh*tcoin Community?

Popular Bitcoin (BTC) proponents, Eric Wall and Udi Wertheimer, appeared on a recent episode of Laura Shin’s crypto-focused podcast, Unchained. Wall and Wertheimer are long-time supporters of the original cryptocurrency. The duo shared their experience in the BTC community, and about Bitcoin maximalism.

Wall remarks on the early days of the Bitcoin community when the group would discuss various ideas in an open manner. The discussions were followed by a lot of constructive criticism as well. However, Wall noted that the community and the discussions have changed a lot as of today. Wall compared the present-day BTC community with that of a sh*tcoin community, i.e. the dogmatic response to any criticism.

The duo spoke about the philosophy behind Bitcoin Maximalists. Wertheimer said that there are two types of BTC maximalists. One type is a reasonable maximalist, who is not all that interested in the space, and BTC does the job for that person. However, the other type of maximalist, the extreme maximalist, Wertheimer said, is difficult to tell what they believe in.

Wertheimer stated,

“It seems to be defined mostly by non-Bitcoin things. What defines Bitcoin maximalism? Well, you’re not allowed to use Ethereum.”

Wertheimer believed that the extreme maximalism stems from the ICO era of 2017, where most crypto projects were scams. Early Bitcoin adopters, who had made some money by then, lost a lot of funds to such scam projects. This led to many taking an anti-other-crypto route.

Wall further added that Bitcoin today behaves like a “weird cult.” Moreover, Wall said that “Bitcoiners behave like a sh*tcoin community because they follow the same type of leaders,” referring to Micheal Saylor and Charles Hoskinson.

Bitcoin: Criticism, Defi and NFTs

Wertheimer stated that Bitcoin conferences have very few discussions about the technical aspects. Additionally, he noted that the culture does not permit any criticism of BTC. Moreover, Wertheimer highlighted that not much has happened in the BTC roadmap in the last five years. The only thing that stands out is the Lightning Network, which Wertheimer thinks did not make a big impact.

Toward the end of the podcast, Shin asked the duo about Bitcoin’s place in Defi and NFTs. Wertheimer replied that wrapped BTC (WBTC) exists on Ethereum for this very purpose. However, he does say that it is unfortunate that the BTC maximalists ignore this aspect. Regarding NFTs, Wertheimer felt that it is a shame that the BTC community distanced itself from them.

At press time, BTC was trading at $20,761.79, up by 2.5% in the last 24 hours.