Bitcoin maximalism is limiting the growth of Bitcoin.

Retweet for visibility if you agree.

Tweet thread👇
1/ Bitcoin maximalism as a strategy for growing Bitcoin is failing.

The maximalist narrative has lost touch with reality. I say this as a Bitcoiner who started in 2013. I’ve held BTC through multiple bear markets & spent years building apps & protocols on Bitcoin.
2/ Bitcoin maximalism assumes a zero-sum world. However, we’re in an expanding crypto economy.

Attacking developers and new use-cases doesn’t help Bitcoin. It only encourages those developers and use-cases to move to other ecosystems like Ethereum and Solana.
3/ Let’s take stablecoins as an example. Tether used Omni-layer on Bitcoin at one point; now, almost all of Tether’s economic activity happens on Ethereum and other L1s.

NFTs started on Bitcoin (using Counterparty), and now almost all of NFT economic activity is on ETH & others.
4/ We need a strategy to attract more developers and encourage new functionality layers, e.g., for smart contracts or scalability. Instead, the maximalist circles make fun of every new use-case in the crypto industry.

Betting against devs is not what Bitcoiners used to do.
5/ Maximalists have called Ethereum a “scam” for years now. This has not stopped the growth of Ethereum. People who discover ETH or other L1s find a thriving community of builders and apps. They make up their minds based on their findings and not by an angry mob of maximalists.
6/ There are many shortcomings in Ethereum. However, Bitcoin currently has little to offer as alternatives. There are no major decentralized exchanges, liquidity protocols, stablecoins in the Bitcoin ecosystem.

The answer to ETH growth is to build better products for Bitcoin.
7/ Maximalists spend endless hours attacking VC money, whereas the products they use on the internet, like Twitter, Google, Zoom, etc., are all funded by VC money. Sophisticated VC investors are allocating capital to devs building next-generation apps.

Free markets at play.
8/ Instead of painting VCs as evil, maximalists should spend time figuring out why Bitcoin-related projects are so underfunded and unable to produce working products, e.g., spacechains.

There are a few recent exceptions (like Stacks or Lightning) but Bitcoin lags in dev growth.
9/ Bitcoiners were attracted by the Bitcoin experiment. They’ve now turned into naysayers who laugh at every new experiment. 

Guess what? The new experiments are working, and the BTC dominance is dropping.

The only meaningful response is to build better products for Bitcoin.
10/ The counterargument is that Bitcoin doesn’t need anything; it’ll win as decentralized money. Sure, that’s a thesis, but what’s the harm in building decentralized use-cases for Bitcoin? 

The project in the #1 spot should never become complacent.
11/ This thread is not an attack on Bitcoin maximalists, the people. Several of them are my friends, and I understand why they focus on Bitcoin.

This thread is questioning the maximalist strategy. The maximalist strategy is ineffective, and we need to replace it.
12/ In summary, it’s time to build Bitcoin apps to make BTC a productive asset.

We should welcome devs & entrepreneurs. The maximalist strategy served its purpose in 2017 and no longer works; lets focus on the builders now.

Long BTC, long innovation. LFG 🚀

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More from @muneeb

11 Nov
The bullish case for Bitcoin: beyond sound money.

Tweet thread👇
1/ Bitcoin found product-market fit as decentralized sound money.

People are already using it as an inflation hedge.

Estimates for future Bitcoin value range from $10 trillion (gold market cap) to $100+ trillion (subset of global wealth).
2/ The bullish case for Bitcoin as sound money is already well explored.

I recommend people to read this excellent article by @real_vijay:…
Read 10 tweets
29 Oct
Bitcoin NFTs represent Bitcoin culture.

This is a powerful emerging trend.

Tweet thread👇
1/ Humans are social animals. We thrive in communities.

Every community has its own culture represented in stories, art, symbols, and values.
2/ Digital communities have their shared culture going beyond physical borders.

In an increasingly digital world, digital communities become increasingly more important than geographic ones.
Read 13 tweets
24 Oct
I've been politely responding to criticism from @adam3us @notgrubles for weeks.

It's time to set the record straight RE Liquid vs. Stacks.

Please retweet to help educate people.

Tweet thread👇
1/ First of all, I highly respect the contributions of Adam Back and Grubles. We can disagree on some topics, but that does not take away my respect for them.

Let's dive into their criticism of Stacks and how it compares to the work they prefer: Liquid.
2/ Liquid is a federated (closed) network where you trust a handful of signers to operate the network and secure your LBTC (a Bitcoin-derived asset). 

Liquid has no connection to Bitcoin other than using LBTC, i.e., no connection for consensus, smart contracts, security, etc.
Read 17 tweets
24 Aug
Decentralized lottery game on Bitcoin.

How can this work? Tweet thread👇
1/ Satoshi Dice showed in 2012 how popular Bitcoin-based betting games could get.

Now with smart contracts for Bitcoin, developers can build much more sophisticated games. Let’s walk through a Powerball-like game.
2/ First, I’m not a lawyer, and any developer building such lottery games should consider appropriate laws in local jurisdictions. 

I’m interested in the technical design and possibilities.

Putting the legal disclaimer aside, let’s dive in!
Read 8 tweets
19 Aug
The opportunity window for starting new layer-1 blockchains was in 2017-2018.

Some thoughts on the L1 landscape👇
1/ First, let’s separate Bitcoin (sound money) from smart contract platforms.

New money layers (e.g., Bitcoin forks) have failed miserably.

Bitcoin is the clear winner for sovereign money (with recent attempts from Ethereum to compete there.)
2/ Smart contract platforms, however, remain a rapidly growing and competitive market.

The opportunity window for starting new L1 blockchains for smart contracts was in 2017-2018. These platforms typically require 2-3 years of development before mainnet launch.
Read 10 tweets
2 Aug
City governments can embrace Bitcoin and crypto faster than nations.

Miami Mayor @FrancisSuarez is experimenting with crypto to give Miami a Bitcoin-yielding treasury.

A thread on cities and crypto👇
1/ There are at least two ways city governments can embrace crypto: 

(a) cities can put Bitcoin on their balance sheet, and

(b) they can issue a "governance token" to engage their citizens.
2/ Cities like NYC run on billions of dollars. Like public companies, city governments can also diversify their cash balances into Bitcoin.

@michael_saylor wrote the book for Bitcoin corporate treasuries; forward-looking mayors like Suarez might write a similar book for cities.
Read 9 tweets

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