Memes Part 2: Why Bitcoin Only
This page is all out of order - bear with us!
Bitcoiners may seem crazy now... just wait!
Why Bitcoin only? Couldn't another cryptocurrency come along that's better?
First of it's Kind
Bitcoin is the first cryptocurrency and was optimized to have all the properties of a perfect money. It has a 6 year head start from all other cryptocurrencies! All other cryptocurrencies are pointless knock offs without any real use cases or articulable purpose behind them.
The Pareto principle (the 80/20 rule)
The Pareto Principle 80/20 rule applies to Bitcoin. Bitcoin has already won the battle for network effects and captures 80% of crypto investment dollars.
Over 5,000 other coins are overcrowding and competing for the remaining 20% of the market... making it an extremely difficult task to break out and overcome Bitcoin's dominance.
What are Network Effects?
On aspect of the Network effect is that each additional user added to the network creates value for all OTHER users. If you had the only 2 phones in existence it wouldn't be very useful. However, if everyone person on earth has a cell phone, suddenly you can reach everyone within the network and it becomes so valuable you almost can't function without one.
Try building a new cell phone network... getting people to switch is almost insurmountable!
Money is a Belief System
There may be many new currencies, but only 1 has a cult! Bitcoiners have a toxic and intolerant minority within them that aggressively defend the Bitcoin network. They act like a swarm of cyber-hornets and socially attack Bitcoin critics, sometimes far too aggressively.
Network Sticky-ness
Remember the search engine wars in the 90's? With AskJeeves, Yahoo, Dogpile, etc? People just can't remember that many services, and to the tech victor goes the spoils. The way Google won the Search engine wars of the 90's, Bitcoin has already won as top cryptocurrency. When you have a question you probably don't Bing it!
Even past the pareto principle, there can be only one winner with money. The item in society that can be traded for all other items becomes a money, by default. The most Tradeable item wins the crown, just like how cigarettes do in prison.
Bitcoin is King
Bitcoin is the most liquid asset on earth, meaning it's the most easily convertible and tradeable asset in town. (try liquidating your house, your gold, your art, or your antique collection within 10 minutes!) It is also the one cryptocurrency that can be traded for all others cryptocurrencies; or converted back to US dollars instantly.
Bitcoin is Decentralized
Unlike Fiat, Bitcoin has no throat to choke and is distributed and decentralized across the globe. All other cryptocurrencies aren't actually decentralized to be censorship resistant, they just proport to be. Alt coins have mockingly been called DINO's. (Decentralized in Name Only!)
This level of steadfast insistence on the truth is not for the weak.
Bitcoiners are labeled "Toxic" for insisting Bitcoin is the future despite waves and waves of opposition. Several cycles in, Bitcoiners can be quite aggressive to new comers who haven't done any research.
Some Bitcoiners can be quite harsh and elitist, as they spent countless hours researching Bitcoin before forming their opinions.
Bitcoiners tend to strongly voice their opinions without fear of economic consequences since their money and bank accounts can not be "cancelled".
Bitcoin carries on the values of the Founding Fathers - it encodes the Spirit of Freedom and Liberty!
Time has proven Bitcoiners correct, so there's a lot of toxic "told you so!" gloating that can be off-putting to thin-skinned new folks. The total Freedom of Speech is a change of pace for most people!
You can tell people Buy Bitcoin until you're blue in the face, and yet they will still invest in scams like Ethereum, Dogecoin, and NFTs.
There are many, many scam coins and fake investments promising to be the money of the future.
Most cryptocurrency newcomers have an altcoin phase, some longer than others. Eventually they come to realize that there is Bitcoin, and then there are Sh*tcoins.
If someone uses the term "crypto", it's a dead giveaway that they are at best ignorant, or at worst intentionally deceptive and manipulative. All "Cryptos" are fake, everyone who spends time in the space long enough will inevitably conclude that everything but Bitcoin is an unsustainable Ponzi scheme.
Bitcoin actually stores value into the future, whereas Crypto is full of unsustainable imitations and scams. If your coin has a CEO, it's not the money of the future!
Alt coin investors may do well in the short run, but ultimately go belly up!
Everyone wants Bitcoin when it's at all time highs, no one wants it in the bear market. Smart investors go against the grain!
It's easy to get caught up in the hype and encourage friends and family to invest at the top of the bull/bear cycle. Yikes!
The bear markets are where true Bitcoiners are made. Bitcoin "Hodlers" (a misspelling of holders) laugh off the volatility.
It may sound easy, but holding through the bear markets takes real cajoñes.
What it's like to Hodl Bitcoin:
Most people don't have what it takes to hold through the bear market!
Bitcoin is full of short-term surprises - just when you're certain it will go up, it falls off a cliff! Despite the short-term swings, the only real certainty is that long-term Bitcoin will become more valuable year-over-year as global adoption increases and the active supply in circulation shrinks.
The random price swings of Bitcoin are why Dollar Cost Averaging is the best strategy to buy Bitcoin.
It's only a loss if you sell.... you just have to have the stamina to hold through the bear market!
Don't have weak hands - hold on to your Bitcoin tight!
Selling is for novices.