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Why this Bitcoin maximalist switched to Bitcoin SV

In a devastating attack on his old crew, longtime Bitcoin maximalist Kevin Pham took over the ship for the rival cryptocurrency Bitcoin SV. By claiming that the former was “adopted by socialists”, he has sparked a new wave of crypto-tribalism on social media. The BSV gets a boost from everything as the coin pumps 20% today.

Pham spills the crypto beans

In an hour-long interview, Kevin Pham explains his motivation for the move that has obviously angered the Bitcoin maximalists on the internet;

In a self-proclaimed trip “down the rabbit hole”, Pham described himself as the “attack dog” of Bitcoin Core who used vitriol to reprimand all other cryptocurrencies. In the interview, he describes himself as nihilistic until he realized he wanted to know more and left Wells Fargo as he opposed capitalism and the perceived fraud it portrayed. He quoted his economics professor who opened his eyes, he added;

“The empirical definition of government is an entity that has a monopoly on life.”

Price is Bitcoin’s best marketing tool, he said after investing early but riding the waves of the market. Part of the reason for giving it up is because he saw the community becoming a “lifestyle brand” with an attitude similar to those wealthy bankers who opposed the whole idea. The Bitcoin SV community was more open and diversified, according to Pham. The predominantly American BTC community, on the other hand, is blind to international outside opinions on use cases.

This rejected the narrative of Satoshi’s vision, which stressed that Bitcoin is actually used for payments in the chain, and not an instrument for increasing personal wealth. He added that BTC’s small block size had resulted in a shift in value to alternatives like Litecoin or Monero. He also believed that it was hypocritical of Bitcoiners to allow ASICs to centralize mining but not to allow larger block sizes to centralize nodes. The main opinion of the interview was that BTC was taken over by socialists;

Sorry, BCH is dictatorial.

BTC was taken over by socialists.

– Kevin Pham (@_Kevin_Pham) February 25, 2019

Trader Kevin McCarty went on Twitter to break the interview down and stated that Phan disagreed with the overall maximalist stance;

Pham thanked McCarty for the summary and largely agreed;

Thanks @BigKevMcCarty, I think this is a fair round-up of my views from a BTC perspective.

– Kevin Pham (@_Kevin_Pham) February 26, 2019

The reaction continued, with many questioning the often immature reactions of many;

“Wait wait…. Why is everyone so motivated that @_Kevin_Pham supports $ BSV? I thought everyone was a $ btc HODL’ing OG? So you should have an abundance of all the coins that come from hard forks. Unless you are not telling the truth. “Crypto influencers” would definitely not lie … right? “

Crypto-tribalism is raising its ugly head again and losing the entire philosophy behind the technology. These arguments are necessary to evolution, but the childish manner in which many, including prominent industry influencers, respond to social media is often more damaging than anything else.

The personal attacks of BTC people are increasing.

BSV’er are not telling me that I did not warn you and take the necessary precautions.

– Kevin Pham (@_Kevin_Pham) February 25, 2019

Either way, Bitcoin SV is having a great day in terms of price as it pumps 20% and challenges Binance Coin for its place in the top ten market cap crypto assets.

Image from Shutterstock | Video Credit: CryptoTradersPro

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