What is a cryptocurrency maximalist?
A cryptocurrency maximalist is someone who believes that their chosen currency or coin is the only one worth caring about.
The social media of choice for said maximalists is often Twitter, although they are known to inhabit other social media platforms. They will write regular ‘tweets’ about their chosen coin and will comment on other peoples’ tweets about their coin and other ‘lesser’ coins.
Maximalists are often passionate people and a maximalist will usually post regularly, which can be beneficial to some. For example, many maximalists will actually post important news about developments of their chosen currency and those who have significant followings can influence others to invest in their coin too; sometimes even causing a small increase in price.
Additionally, some maximalists invest a significant amount of time into researching their chosen coin and are able to educate newcomers to the cryptocurrency space about the coin; why it is useful, why it is of value and why others should be paying attention to it. A maximalist can provide a lot of good to the cryptocurrency community, being an educator, a spreader of news and an overall positive impact to people’s lives.
Whilst the above can often be positive, what a maximalist says may need to be taken with a ‘pinch of salt’.
Yes, a maximalist could post educational content, but who is to say that this content is 100% correct? A few maximalists are intelligent people who generally post very informative content, see Galgitron for an example of someone I would personally call a maximalist in a positive sense – he doesn’t generally post sensational content and never pushes people to buy his favoured currency. However, many maximalists aren’t Harvard scientists with PhD’s and incredible intellects. Many will not fact check all of the content they share or write about and can often mislead the general public who follow them, leading to the false sharing of misinformation which can be damaging to a cryptocurrency project.
Additionally, many maximalists will post almost daily if not weekly about ‘100 ……. coin will be life changing in two years’ or ‘Ignore the haters, …… will be worth $….. By 2022’ and whilst it is relatively harmless in most cases, some people who are new to the cryptocurrency space can get wrapped up in the ‘hopium’ which these maximalists deal them. There is no doubt that some people have put good amounts of money into coins, believing they will be a millionaire tomorrow, only to be sorely disappointed.
The most damaging situation is one which occurs often on Twitter. This is when two maximalists for different coins come to a disagreement in the wild.
On some rare occasions, the maximalists can be polite to each other and even have an educational debate which ends in mutual respect and an accepted ‘let’s agree to disagree’ pact. But make no mistake, the majority of maximalist arguments are damaging to the community. Some of the most furious debates are between the Bitcoin and XRP maximalists and these arguments often gain significant exposure. Lots of other twitter personalities get dragged into the argument and usually they are full of rude and aggressive comments.
No one ever wins, everyone loses. Instead of spreading positive news throughout the community which attracts newcomers, potential purchasers of a cryptocurrency see these maximalist arguments and are instantly put off investing in said coins. The negative impact from these arguments is for two-fold reasons;
- False or negative news or FUD is often quoted in these arguments which the newcomer could believe or be fearful of, causing them to avoid investment in said coin.
- The newcomer sees the specific cryptocurrency communities which said maximalists belong to as immature spaces or worse; as full of indoctrinated people who have ‘drank the kool-aid’ so to speak. It makes each cryptocurrency seem like a scam or pyramid scheme which the maximalists and their loyal followers have been fooled into believing in.
The conclusion here is when researching and investing in cryptocurrencies, feel free to follow some maximalists and feel free to be fond of specific coins yourself. But, always diversify and always be open-minded to other projects with other use cases.
If you can only take away one thing from this blog post, it is do your own research.
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