Murad Mahmudov has reignited our x timelines, but you may have noticed that these days the “former” bitcoin maximalist doesn't post much about bitcoin.
For the uninitiated, Murad is a x.com/PixOnChain/status/1843426592590282790″>bitcoin Maximalistalthough he has drawn the culture's ire for taboo ideas: see his 2021-2022 adoption of bitcoin assets wrapped in other blockchains and, more recently, his incessant writing about a “memecoin supercycle.”
It's a far cry from their posts from around 2018, when they could be seen on “The Pomp Podcast,” saying things like “bitcoin is the strongest and most solid currency that has ever been invented in history.”
So how did you go from that admission to advocating a portfolio of PEPE and GIGA, your most recent mantra that you should “invest in cults”?
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From now on, crypto Markets will be increasingly dominated by Memecoin Bubbles until the eventual bitcoin Standard.
It really is that simple.
– Murad (@MustStopMurad) twitter.com/MustStopMurad/status/1810704212814414122?ref_src=twsrc%5Etfw”>July 9, 2024
Well, it starts with the previous post, one of the few that made me think that Murad is right.
To be clear, what we are talking about here is a complete disregard for the idea that believing in bitcoin as a currency requires one to have some kind of moral duty. While this has become fashionable lately, advocated by people like Michael Saylor and Jimmy Song, I have never seen a convincing argument that bitcoin maximalism requires one to abandon financial speculation.
It is simply a moral choice, extrinsic to the technology, and one that everyone is free to make for themselves. Yes, it is bad to scam people. No, no one can stop you except you.
In this sense, Murad seems to be pointing out that in this next cycle he intends to take advantage of the x.com/MustStopMurad/status/1816177518644433065″>general collapse Confidence continues in the land of altcoins and is simply going against the grain.
Leaving aside the moral question, there are many things I like about Murad's thesis. I would venture to say that most bitcoin maximalists would agree with most of it.
Basically, it is betting on two concurrent trends that really get to the heart of the movement:
- bitcoin is truly on its way to becoming the world's dominant asset. It is completely mispriced at present and will one day be the only remaining crypto asset and the world's money.
- The crypto VC apparatus is slowly collapsing. Despite its years of supposed technological advances, there is little to show for it in terms of engineering. All altcoins x.com/MustStopMurad/status/1843083068816736275″>will fail to compete with bitcoin, and we are starting to see this because retail investors just buy random memecoins.
All this is to say, is it really that hard to believe that between these two truths there will be a complicated period of complete cryptographic degeneration?
In my opinion, you don't need to speculate on this to think it's funny.
Expect Murad to become more relevant as this thesis develops.
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