in

Fiatcoiner vs. Shitcoiner vs. Bitcoiner — Which One Are You? | by Sylvain Saurel | Nov, 2021

Fiatcoiner vs. Shitcoiner vs. Bitcoiner — Which One Are You? | by Sylvain Saurel | Nov, 2021


The first category is what I would call Fiatcoiners. As you probably know, the traditional currencies you use in your daily life, such as the US dollar or the euro, are called fiat currencies.

A Fiatcoiner is someone who will trust these fiat currencies which have no intrinsic value except that your governments guarantee that they do and force you to use them.

For the US dollar, it is frequently said that this currency is backed by the US military. This refers to the many wars America has started around the world to ensure the hegemony of its currency over the current monetary and financial system.

It must be said that the American dollar gives an exorbitant privilege to America. It is as if the rest of the world pays for the standard of living of Americans. America cannot afford to lose this advantage that power like China now wants to challenge to reach its goal in the coming years: to become the first world power.

If you are an ardent supporter of the US dollar or any other fiat currency, you are among those who have blind faith in the actions of central banks and governments. Or maybe you are simply resigned to the current system that you think is immovable.

If it makes you feel better, you should know that the current system has only just turned 50 years old. It was established by Richard Nixon in August 1971 in a unilateral manner. If it has made it to 50 years, it is unlikely to make it to 100 years in my humble opinion.

This system suffers from seven deadly sins that will lead it to bankruptcy. The original sin is the absolute power of money creation given to central banks. A minority of people who are not representative of the people can thus make decisions that impact (negatively most of the time) the vast majority of people.

The Fed has just printed more than 35% of all US dollars in circulation in the last eighteen months while blowing its Balance Sheet over $8.5T through a massive asset purchase program of at least $120 billion each month.

You might think that this doesn’t affect you directly, but it is this ultra-accommodating monetary policy that has allowed American billionaires to see their wealth increase by more than $2.1T over the same period, while the poorest are now suffering more than ever due to inflation that just reached 6.2% in America in October 2021.

To be a Fiatcoiner is to accept the idea that the rules of the game can change constantly and that you are not in control of the fruits of your labor. You are condemned to see your purchasing power inevitably collapse over time or to spend your money on useless things that the consumer society will soon push you to buy.

The other solution is to invest your money to beat the effects of inflation, but this possibility is reserved for a minority of people. You are thus stuck in a vicious circle of generalized impoverishment within a failing and not fixable system.

Aware or not of the flaws of the current monetary and financial system, some people are looking for ways to earn more and more money. Buoyed by the success of Bitcoin, the world of cryptocurrencies seems to them to be an ideal opportunity to earn a lot of it. The advantage is that the returns can be much higher than those obtained in the stock market.

You have understood that we are now coming to the category of Shitcoiners. A Shitcoiner is someone who will pounce on all the cryptocurrencies that are making the buzz and will see their price pumped by whales looking to make the most money from the gullibility and greed of novice investors.

In October 2021, we saw a perfect example of what a Shitcoin is with the cryptocurrency SHIBA INU whose price quickly exploded before falling back down afterward. Currently, the dumping is not over yet as the market cap of SHIBA INU is still way too high compared to the real utility of this Altcoin.

It seems that some whales are still waiting for opportunities to manipulate the price and take money from beginners. The problem with these Shitcoins is the opacity that surrounds them and the concentration of tokens in the hands of a few individuals. Ten people concentrate 72% of the SHIBA INU supply at the moment. So you can see how easy it is to manipulate the SHIBA INU price if these whales coordinate.

And of course, they do!

So it’s probably not in your interest to go and risk the fruits of your labor on Altcoins whose price is manipulated and which can disappear at any time. When I say this, some people object by telling me that there are big returns to be made with these FOMO (Fear Of Missing Out) driven Shitcoins from time to time.

Of course, I’m not going to deny that. You can also go play roulette in Las Vegas and win a lot of money. But is going to a casino a reasonable investment for your future money?

I think the answer is obvious. You have to understand that even though Shitcoins can be attractive because of the money they can sometimes earn, they will never be a long-term investment to secure your future regarding money.

What you need is not always more money, but rather to regain control over your money. You need to be able to constantly check not only what your money is doing, but also what is happening within the monetary system you are putting it into. Bitcoin allows you to do just that.

With Bitcoin, you are guaranteed that 1 BTC today will always be equal to 1 BTC in 21 million in 5, 10, or 20 years. You don’t have to take my word for it, just check. Run a full node on the Bitcoin network, and you’ll be able to verify everything yourself. You won’t be dependent on a third party anymore.

With your full node, you’ll be in control of your bank and no one will be able to censor you in your use of your money. No one will be able to confiscate the fruits of your labor for arbitrary reasons. You will be the only one in charge.

With Bitcoin, you’ll have access to the best savings technology in the world. Bitcoin has a NgU feature, which is something virtuous and even necessary to always attract more users. The latter can then get out of the impoverishing trap of the current monetary and financial system voluntarily and peacefully.

By opting for the Bitcoin system, you are making a bet on the future. A better future for the many. Bitcoin is not perfect, but Bitcoin continues to evolve for the benefit of all its users, as evidenced by the Taproot upgrade that was just activated on November 14, 2021.

Without any leaders, Bitcoin belongs to you as much as it belongs to other users. This leaves something unprecedented with the American dollar system: individual success with Bitcoin benefits all users of the system. In this way, Bitcoin reconciles individual interests with those of the collective.

This may seem trivial, but the impacts are enormous in reality. Bitcoin is a hope that we can all have an alternative system in the future that is fair. A protective system that changes the game and puts the people back in the game.

Nothing says that Bitcoin will succeed in its revolution of course, but it is currently our best chance. That’s why choosing Bitcoin is a no-brainer for me.



Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?

Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

New Innovative NFT Use Cases that Might Change the World

Growth DeFi to Disrupt the Decentralized Cross-Chain Farming by Launching a Revolutionary Hybrid Bridge System

Growth DeFi to Disrupt the Decentralized Cross-Chain Farming by Launching a Revolutionary Hybrid Bridge System