BDMD = Bitcoin deniers myths debunked This is a series of short posts about Bitcoin myths and nocoiner fallacies, debunked or explained. BDMD #1 - Bitcoin was hacked / will be hacked BDMD #2 - Govs will shut down internet, so Bitcoin is dead BDMD #3 - Bitcoin is illegal because it is not legal tender

Bitcoin is like all other digital currencies, nothing new

Almost all other digital currencies are centrally controlled. This means that:
  • They can be printed according to the subjective whims of the drivers.
  • They can be destroyed by attacking the central control point.
  • Controllers can impose arbitrary rules on their users
Being decentralized, Bitcoin solves all these problems. Read more - Bitcoin commandments.
DarthCoin will not accept that Bitcoin will be put in the same shit-bag with shitcoins, stablecoins, tokens, CBDC etc….
It is a very important distinction between Bitcoin and ALL the rest of “cryptos”.
When you say “crypto”, it doesn't mean as cryptography, it means bullshit crap shitcoin, lies, deception.
When you say Bitcoin, it means FREEDOM, ultimate financial power for a sovereign individual.

What is a shitcoin?

Some definitions we can found on the Internet:
  • A pejorative term used to describe an altcoin that has been rendered useless.
  • A cryptocurrency of little or no value, usually a newcomer to the Bitcoin craze, a copycat cryptocurrency.
  • A currency without a future. It can still be used for investing and profit.
  • A currency that has a small group of people in charge of the consensus and who can change it at will like a board of directors of a central bank.
  • Any cryptocurrency that the person talking about it does not like.
A more detailed explanation we can find on Investopedia.
Since there is no clear standard definition, I would offer this:
“A shitcoin is a crypto asset that does a poor job of achieving its stated purpose.”
Photo courtesy of https://www.zerofuckscoin.com/ – you can buy it there! it is not a joke

Here are some more resources to read and learn why is Bitcoin ONLY:

There’s Bitcoin and then there’s shitcoin

What is Bitcoin Maximalism?

In 2014, Ethereum founder Vitalik Buterin popularized the term as:
“The idea that a competing multi-cryptocurrency environment is undesirable, that it is wrong to launch ‘yet another currency’ and that it is fair and inevitable that the Bitcoin currency will take a monopoly position in the crypto scene. It is one stance that building something in Bitcoin is the only correct way to do things, and that doing anything else is unethical. “
I consider myself a Bitcoin monetary maximalist. I don’t see any other options on the market that compare to the solid monetary properties of Bitcoin. However, I also believe that not all assets must necessarily have all the properties that Bitcoin offers; there is room to make other risk / reward tradeoffs to achieve different functionality at the expense of weaker security.
Bitcoin is hard money; other tokens are not. Many don’t even try to be money. In my opinion, Bitcoin supporters need not be more offended by INX than BNB or LEO. I certainly understand the defensive attitude towards competing cryptocurrencies, but attacking digital assets that aren’t trying to be money or outright scams smacks of insecurity.
Shitcoins are everywhere. I suspect that I have more experience than most Bitcoin developers when it comes to other protocols, having built infrastructure on top of quite a few networks during the years that I worked at BitGo. I am well versed in Ethereum cheats.
Many shitcoins are scams, although not all; I guess you could also label me “minimalist shitcoin”. I have no qualms about using a shitcoin to achieve a specific purpose that could not otherwise be achieved with Bitcoin.

ICO, IPO and STO oh my!

  • ICO: Initial Coin Offering (generally unregulated, available to anyone)
  • IPO: Initial Public Offering (regulated, available to all)
  • STO: Security Token Offering (regulated, often only available to accredited investors)
The past week has surely proven to be a shit storm:
  • Bitcoin maximalists hate INX because it uses Ethereum
  • Ethereals hate INX because it’s not DeFi without permission
  • Cypherpunks hates INX because it requires AML / KYC
Many people were motivated by the terms of INX’s IPO and considered it an ICO, however it was the ICOs that took most of its attributes from traditional IPOs!
A problem at stake, especially on social media, is that few people are going to invest time in RTFM. In this case we are talking about a 163 page prospectus. This results in the spread of a ton of ignorant shots.
Another issue is likely due to the broader audience the INX IPO is reaching. I suspect that most people in crypto have never participated in an IPO or read a prospectus before.
Why do I find regulated STOs interesting? One of the main differences is that with an IPO, investors have a clear contract that is legally enforceable. You have real rights, not just an empty promise in a whitepaper. The offering is overseen by a regulator authorized by the US government with the sole purpose of protecting investors from scams and unnecessary risks. I believe that these protections have value; History has shown us that ICOs offer no rights to investors and due to a lack of oversight and accountability they are more likely to be scams. Note that I am not claiming that all crypto token offerings should be regulated, only that it is good that issuers have the option to go this route.
Why have I continued to advise this project for several years even though the token is launching on Ethereum? While I certainly would have preferred to launch it on a different network, the decision was already blocked for pragmatic regulatory reasons when I joined. Although I was skeptical and still believe that Ethereum is a suboptimal option from a technical point of view, I have come to see that the desired properties for the INX token make it platform independent, similar to Tether.
So that you have a simpler idea: almost all shitcoins (they are thousands and thousands) have been created based on a false idea “that we are going to create a better currency than Bitcoin”. But this is like copying being God … nobody succeeds :).
But yes, there are some shitcoins that at first have not been totally shitcoins. They have been created in order to TEST some new things in cryptocurrency protocols, not to make it direct in the Bitcoin code, so as not to spoil it with things that can be bad. Examples: Litecoin (LTC) and Monero (XMR) and a few more. These are not bad currencies in themselves (like thousands), they have been created more to protect the father of Bitcoin from problems in the development of these functionalities. Only then, some smart people have decided that they can get some money by putting these coins on the market and presenting them as alternatives … and many fall into this trap.
It doesn’t matter what type of Bitcoiner you are. You can be a maximalist, a pragmatist, a maximalist, a jerk, or a multi-currency.
Bitcoin doesn’t care if you are:
  • theist or atheist
  • minority or racist
  • anarchist or statist
  • tolerant or intolerant
  • liberal or conservative
  • feminist or misogynist
  • authoritarian or libertarian
  • homosexual or homophobic
  • terrorist or counter-terrorist
Bitcoin is the currency of the enemies.
I hope that I have given you the idea why NO SHITCOINS! I don’t want to get dirty talking about this shit anymore. If you want to see examples and explanations of many shitcoins, here is a page dedicated to this: https://www.shitcoin.com/
No mercy for the shitcoiners Darth!
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Thank you Darth!! You're a legend!!!
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This series of BDMD posts are to share by all of you with all your nocoiner friends that still have questions.
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I'll do it. From now when I meet a shitcoiner, I'll slap this post on his face.
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22 sats \ 1 reply \ @siggy47 11 Oct
Great post, of course. I like the use of the term "shit-bag". I guess it could also be defined as a wallet that can hold your shitcoins, as in: "I better store the seeds to my shit bag in a safe place. "
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Reading your old posts, lots of it still coming true.
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I love this post. However in my humble opinion it's a little hard to follow.
For me it's simple... is a token:
  1. Proof of work and
  2. without an 'ico' or an unregistered securities offering. and
  3. is it decentralized!!!
Meeting these criteria, the requirement for anything to have value excludes 99.99% of crypto. It leaves a few proof of work coins and tokens... LTC/BCH/BTC/BSV and maybe XMR.
Between BCH/BSV they are down 95% in hashrate and value relative to bitcoin. They are functionally dead. Ltc makes other compromises to make it 'faster' or cheaper - but it's BS bitcoin is the most decentralized with the best security, finality, long-term value and Layer-2 Lightning.
XMR is interesting... the only other that actually interests me outside of Bitcoin. But I also think it makes too many tradeoffs to be 'private' and 'untraceable' and cannot be global money for billions of people. Privacy on the internet ultimately is sort of a myth anyway.
Thank you Sir Darth
Edit: Note that Ethereum... is neither proof of work (#1) and also had an unregistered securities offering (#2). And then #3 is questionable also.
Which basically means it is worthless and goes to zero :D Good day!
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You are still bargaining... not a true bitcoiner unfortunately.
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I have my own ideas Sir Darth. They've got me this far and I'm sticking to them!
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A bitcoiner should always have:
  • integrity
  • consistency
  • truth
  • morality
You can't have these if you still bargain (play with shit) about other shitcoins.
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I've never bought or used anything other than Bitcoin.
And being able to defend why-Bitcoin-only is really important. There will be criticisms from others in the coming years and a lot of volatility - and being principled is important. Having an honest discussion of why bitcoin only is relevant and needs to be honest.
Edit see #718791
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I feel like this is the ethos of Darthcoin.
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You are new to Bitcoin...
I lived long enough in Bitcoinlandia (12+ years) to see all the damages done by shitcoins all these years. I am really tired of all this bullshit and people must understand why Bitcoin only matters.
I recommend you to read and pay attention to all links mentioned in this post. THIS IS NOT A JOKE or personal vendetta.
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No, l mean that l feel this is your purpose, to expose shitcoins for what they are. I whole heartedly agree with most of what you say.
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Ah damn it, I forgot to add this funny and very good video:
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🤣🤣🤣
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