Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate - Ep. 417

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 8 November 2022

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Lyn Alden, founder of Lyn Alden Investment Strategy, and Udi Wertheimer, a recovering Bitcoin maxi, talk about Bitcoin Maximalism, how Bitcoin is developing, and what’s the future of Bitcoin’s security model. Show highlights: What the definition of Bitcoin maximalism is whether BTC maximalism is toxic whether Vitalik Buterin is still a bitcoiner and how Bitcoiners became the 'token police', according to Udi why Lyn thinks Bitcoin has been attacked by the media since the beginning the attacks by Bitcoin maximalists on Nic Carter and Andreas Antonopoulos how adoption kicked in during previous cycles and why it benefitted BTC what the different types of Bitcoiners are what developments are being made around Bitcoin the importance of Bitcoin being permissionless what the use cases for Bitcoin are and whether it’s still a highly speculative asset whether people care about using decentralized payment tools how Lyn defines ‘ultra sound money’ and why she thinks that Bitcoin is better at that than ETH whether Bitcoin’s security model needs to be fixed why being able to run a node is essential for censorship resistance Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Udi: Twitter Substack Previous Unchained episodes: Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’ Lyn: Twitter Website Previous Unchained episodes: How Will Inflation Impact Crypto? Is Ethereum a Good Investment? Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin Episode Links Previous Coverage of Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Bitcoin’s culture and security Bitcoin Maximalism Is Dead, Long Live Bitcoin Maximalism by Pete Rizo Setting the record straight by Nic Carter The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis Geeks, MOPs, and sociopaths in subculture evolution by David Chapman Surprisingly, Tail Emission Is Not Inflationary by Peter Todd Justin Bons’ thread on BTC security model A (brief and incomplete) history of censorship in /r/Bitcoin by John Blocke Ultra sound money Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, everyone. Just a quick note before we begin. Unchained is doing its annual survey.
0:05.5	Head to surveymonkey.com slash R slash Unchained 2022 to tell us how you think we're doing and how we
0:11.2	could improve, whether we're being on the podcast in the newsletter or in our premium offering.
0:15.8	Looking forward to hearing your thoughts. Again, the link is surveymonkey.com slash R slash Unchained 2022.
0:22.6	And you can also check the show notes for the link. As for today's episode,
0:26.6	this debate over Bitcoin maximalism between Lynn Alden and Udi Wertheimer started off in a
0:32.0	Twitter thread and ended up being a really thoughtful discussion about the Bitcoin community
0:36.8	and how Bitcoiners should handle the ways in which Bitcoin is distinct from other crypto assets.
0:42.4	Lynn makes a strong case for all the ways in which Bitcoin is unique, especially in terms
0:46.7	of how decentralized it is. While Udi wonders why Bitcoiners have turned themselves into the token
0:52.3	police and why morality forms the basis of the identity for a number of Bitcoiners. He takes
0:58.4	a more practical approach looking at how people have recently been entering the space and pointing
1:02.7	out that they're probably not starting with Bitcoin. Lynn pushed back, noting that Bitcoiners have
1:07.7	been entering in bottom-up communities in developing countries. What was interesting to me was that
1:12.4	they actually agreed on a number of things but have different conclusions. I'd be interested to
1:17.3	hear what you think, either on Twitter or if you're in our discord, then over in that forum.
1:22.4	And now on to the discussion with Lynn and Udi.
1:29.6	Hi everyone, look at Unchained, your no-hype breed source for all things crypto.
1:33.9	I'm your host, Laura Shin, author of The Crypto Beans. I started covering crypto seven years ago
1:39.7	and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency
1:44.0	full-time. This is the November 8th 2022 episode of Unchained. Want to keep up with the biggest news
1:49.6	plus market updates in crypto? Get Unchained in your email every morning Monday through Saturday.
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