In the latest episode of the Bankless podcast, Vitalik Buterin extended his blog post, “InDefense of Bitcoin maximalism.” In fact, he also touched on why he thinks maximism is good, why he should ridicule the concept, and what lies between the ends of the maximal rope.
In response to a question about Buterin’s thoughts on extremism, he said:
“In fact, there is a collection of things that the Ethereum community underestimates, but on the other side that Bitcoin’s biggestists are unaware, there is a much bigger argument.”
Excessiveness, etc …
Bitcoin’s maximalism comes from the deep-rooted belief that crypto is superior to all other altcoins on the market, based on the strength and security provided by the network. Ethereum acknowledged some of its favor with Bitcoin, and the co-founder argued that:
“The earliest projects in the industry are the most authentic.”
He further argued that crypto assets such as Bitcoin have true cultural and structural advantages, making them powerful assets worth holding and using. He added that Bitcoin is a good example of a good cryptocurrency.
But that wasn’t the only thing. Buterin made it clear that he did not support everything the maximists believed, adding that the maximists tend to ignore some of the pressing issues that exist.
Viewpoint shift
He said he would address the question of how extremism affects the crypto market.
“The culture of extremists is unnecessarily hostile. It is hostile to US governments, large and small governments. It antagonizes other cryptocurrencies.”
Bitcoin’s minimalist supports the idea of making room for other cryptocurrencies on the market. They do not consider Bitcoin to be anything but a “good store of value”. For example, Ripple CEO Brad Garlinghouse believes that the tribalism surrounding Bitcoin and other cryptocurrencies is driving the growth of the $ 2 trillion cryptocurrency market.
Bitcoin’s maximalism is always present, as certain classes of cryptocurrency societies always support it. But modern maximists are becoming more flexible.
For example, Grayscale found that over 87% of Bitcoin owners also own another cryptocurrency.
A compromise
When it comes to finding the midpoint between the avid Bitcoin maximalist and minimalist, Vitalik Buterin explained how Ethereum is trying to find the midpoint. According to him, it protects the core and at the same time interacts and appeals with different groups with different ideas.
“Ethereum is a decentralized center, with limits on one side and limits on the other. I think the Ethereum community is doing its best to take advantage of both.”
