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Brendan Bernstein @BMBernstein
, 7 tweets, 2 min read Read on Twitter
Price declines are necessary & beneficial.A CC can only win with resolute buyers /holders. Dips test conviction and ingrain indispensable dip buying behavior

If the raison d'aitre of a CC is gains, it'll fail when price inevitably falls.The change in top10 since 2013 shows this
Monetary assets have extremely strong reflexivity. The lower they go in mcap, the less useful they are. Holders and dip buyers are necessary to reverse this process

Assets without a strong ideological base disappear. There's not enough conviction to step in and buy the dip
BTCers may seem crazy. And it's b/c they are!

It’s near unfathomable to think some 1s and 0s made on the corner of the internet can take down govt backed currencies

Yet buyers continue to come back

This is why the top 10 changes so dramatically, but BTC remains on top
Every time there is a crash, bitcoin gets even stronger.

Dominance in terms of market cap % is a terrible metric. What matters is the asset that is #1. And BTC hasn’t had 1 day without being the top asset by both market cap and liquidity.
BTC % mcap has gone down but its fended off a coordinated attack from bcash and 100s of alts. The “flippening” with Ethereum never happened despite the massive amounts of funding behind it

BTC % “dominance” has trended down but its dominance today is orders of magnitude higher
BTC maximalism is descriptive

It describes why the best money is the largest and the most liquid. Why BTC has and will continue to remain the #1 asset. And the positive feedback loops that will continue to ingrain this dynamic.

Crypto crashes strengthen this case.
Other alts dissolve without a price boom. BTC is the only asset that has shown that it doesn’t need a bull market to continue to exist.

The top 10 today will look as ridiculous as the one from 2013.
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