How Altcoiners Use Bitcoin To Rent Seek – Bitcoin Magazine

This is an opinion editorial by Jimmy Song, a Bitcoin developer, educator and entrepreneur and programmer with over 20 years of experience.

“We are all in this together.” So say the altcoiners when regulators are bearing down on them. Also altcoiners: “Bitcoin is wasteful, outdated and toxic.”

The weird frenemy status that Bitcoin enjoys among altcoiners is as arbitrary as it is confusing. On the one hand, they try to present a united front because clearly, Bitcoin adoption is greater than that of any altcoin, or even the entire space of altcoins combined. On the other hand, they criticize Bitcoin whenever they get a chance to build interest in their own coin. Altcoiners practice self-interested mental gymnastics worthy of the most partisan politician.

The reason for their flip-flopping inconsistency is due to monetary incentives and in that light it’s fairly easy to understand. They will argue for whatever will pump their coin. There is no sin so grave, no security exploit so big, no rent-seeking so obvious that altcoiners won’t excuse it for the sake of the pump.

Some Bitcoiners find their behavior annoying, some find it irrelevant. This is understandable because in many ways altcoins really have nothing to do with Bitcoin. Yet to ignore them would be a mistake, because they are causing tremendous amounts of harm.

This news is republished from another source. You can check the original article here

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