Bankless Leaving the Bitcoin Religion with Nic Carter
Jul 5, 2022
Nic Carter, a partner at Castle Island VC and host of On the Brink, shares his journey from Bitcoin maximalism to a more nuanced stance. He discusses the backlash he faced from the Bitcoin community after investing in Web3, highlighting the rigid and intolerant nature of that culture. Nic also reflects on Bitcoin's long-term sustainability amidst current market challenges and emphasizes the importance of open discourse and innovation in the crypto landscape. He encourages staying engaged in crypto even during tough times, citing opportunities even in a bear market.
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Cyber Hornets Attack
- Nick Carter's VC fund, Castle Island, invested in Dynamic, a Web3 wallet startup.
- This investment triggered backlash from Bitcoin maximalists, who viewed it as a betrayal.
Bitcoin Maxi Motivation
- Bitcoin maximalists act as a sort of immune system, protecting Bitcoin from perceived threats.
- This behavior can lead to intellectual stagnation and hinder Bitcoin's evolution.
Bitcoin Maximalism as Religion
- Bitcoin maximalism is a quasi-religion with its own eschatology and strict doctrines.
- Maximalists' intense emotional investment in Bitcoin amplifies the pain of market downturns.