August 9th 2022 - Bitcoin Maximalists Are Having a Field Day with Tornado Cash

Bitcoin maximalists might be close-minded, insufferable or toxic, but their claims, whether ultimately right or wrong, fall on fertile ground in present conditions. And the most valid and the most convincing claim is actually making some sort of point.

According to Bitcoin maximalism, all other cryptocurrencies are inferior to Bitcoin. According to the toxic Bitcoin maximalism, those crpytocurrencies aren’t just inferior to Bitcoin, but ultimately harmful to anyone who uses them. And the only way to prevent being financially ruined is to stay away from any non-Bitcoin cryptocurrency.

Such notions were laughed at during the latest bull run, when the altcoins made gains unimaginable for Bitcoin. Not so much during the current bear market, in many ways accelerated by Terra/LUNA debacle and cascading collapse of major lending services and their tokens. In other words, if someone had listened to Bitcoin maximalists and sold all of his non-Bitcoin assets, he or she would avoid being in the world of hurt.

The major target for Bitcoin maximalists right now is Ethereum, the second largest cryptocurrency and the only one with a bit of foreseeable chance to replace Bitcoin from the top. Ethereum is currently leading the minor rally that happened at cryptomarkets in past month. The conflict, which is becoming increasingly unpleasant due to Ethereum developing its own brand of maximalism, has recently gained political and ideological dimension, mainly over the issues of Proof of Work vs. Proof of Stake.

Main argument of Bitcoin maximalists in the debate is that Ethereum is centralised and, as such, not only prone to market manipulation by major stake holders, but also open by control of state entities in a way that make mockery of “crypto” part of “cryptocurrency”. The latest decision of US Department of Treasury to sanction all ETH addresses connected with Tornado Cash mixing service and apparent willingness of all US-based business entities to comply with such demand shows how easily someone’s privacy and financial freedom could be compromised even in cases where “not your keys, not your crypto” doesn’t apply.

This decision and all the fallout it would create is likely to add more argument to the Bitcoin maximalists. The only way for Ethereum and its backers turn the tide in the debate is to convincingly reject the latest developments and find some ways to make Ethereum gain privacy features, even at the expense of the financial and other gains that might come from being tied to business and state institutions.

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