You may have noticed that strange phenomenon called "Bitcoin maximalism" plastering Crypto Twitter during the past months. Everybody and his mother suddenly hates Shitcoins like they were the root of all that's evil (yeah but you can call me cookie. The roof, the roof... okay, enough), and Bitcoin is the only thing you need to care about. Read this article to get an idea of what I think has happened, why this is important and why this is all but unexpected.
The whole of 2018 was a tough year. And parts of 2019, too. Many people have started businesses and / or started living a cocky life, thinking they'd never run out of profits, becoming the new, wealthy elite. But then, 2018 happened: people basically gave back all their money (and more), realizing the dreams they dreamed were nothing but dreams.
They got sour, annoyed, frustrated. Whenever they bought "The Bottom™", markets punched them right in their face, painfully showing them that this was far from the bottom. Again and again. And again. And again. Money faded, frustration grew. Shitcoins. It's not just a friendly nickname for a toy we all love to play with. The name is real. It's shit. Deep and utter shit.
Having wasted most of their money while seeing Bitcoin going up didn't improve on their situation. At some point, they just gave up: "Were they right when they said that Bitcoin is the only thing of relevance in Cryptoland?". This was the preparation of "Bitcoin maximalism", "#stackingsats" and "toxicity". Users who always were Bitcoin-only greatly helped to kickstart the whole thing by spamming Twitter with their "toldya" posts and one shitcoin trader after another folded and became what they think was a "Bitcoin maximalist". Better dump my shitcoins at a huge loss before I don't get shit anymore, right? At least I'll have a new group I can identify with, again.
Bitcoin maximalism grew more and more. Rarely you would have to scroll much on Twitter to find a post with #stackingsats, or @udiWertheimer hating against shitcoins. Hell, they even held conferences about Bitcoin maximalism!
Now, I want you to remember late 2017, the Paradigm Shift. Close your eyes, remember that Lambo feeling you had. This was the top of the last Bitcoin bubble. See the similarities to what's happening now? My guess is that we're currently at a sentiment top which is just about to blow off. Take a look at the Bitcoin Dominance chart (thanks @ItsMeDegam). People got fooled hard into denying Shitcoins whenever possible, they're literally blinded and they don't see what's happening. Bitcoin dominance is slowly preparing its next nosedive, paving the way for the next shitcoin season. And people don't even notice, because they're too busy with their new, comfortable role as "BTC maximalists". I wonder how many of them will do another u turn once we're in the middle of the next season. What's the next term, altcoin maximalist? Whatever it will be, I'm pretty sure they will have always known altcoins will overtake.
Don't get fooled, don't miss out! #packingbags