The last few months have been quite the ride for the crypto community, especially with Bitcoin surging past $40,000 and now hovering around $44,000. This surge brought a year-to-date gain of about 170%, showcasing the industry as more than just about crime and scandals. However, not everyone’s celebrating; “no-coiners,” a group that shuns cryptocurrencies, are notably unimpressed.
“No-coiners” are one of the factions in the crypto world, akin to Bitcoin maximalists and the XRP Army, who, as the name suggests, steer clear of crypto investments and vocally discourage others from partaking. Their stance often stems from the belief that cryptocurrencies are fundamentally flawed or associated with criminal activities.
Since the collapse of the Web3 bubble in 2022, no-coiners have found plenty of evidence to reinforce their stance, citing instances like the downfall of Sam Bankman-Fried’s fraudulent empire and the failure of many blockchain projects built on excessive greed and hype. Criticizing crypto has evolved into a sort of industry niche, enabling authors to build a reputation based on their disdain for it.
Notable figures like computer scientist Molly White, known for her satirical “Web3 is Going Just Great” blog, and programmer Stephen Diehl, whose essays criticize the crypto ideology, have garnered attention in this realm. There are also authors like Bloomberg’s Zeke Faux, whose witty but superficial book, “Number Go Up,” coincided with the recent crypto downturn.
Lately, no-coiners have been triumphant on social media platforms, flaunting every crypto price drop and scandal to justify their views. However, the recent surge in prices has posed a challenge to their convictions, given the industry’s resilience despite adversity from the government and media. While the price hike partly results from speculation, it’s also driven by larger entities like BlackRock embracing crypto and the increasing adoption of blockchain tech by banks.
Despite these shifts, it’s unlikely that the no-coiners, whose public personas revolve around anti-crypto sentiment, will change their stance. While these critics offer valuable insights, some appear somewhat obsessive, like Diehl, who’s penned numerous essays on the topic. Additionally, some are simply unpleasant. Personally, I’ve had to resort to blocking Twitter users who continuously criticize my crypto writing.
Interestingly, some extreme no-coiners bear a resemblance to the kind of eccentric crypto devotees they condemn. Spending all their time hating on something seems rather bleak, and they might not be the life of a dinner party. Yet, amidst the colorful tapestry of the crypto world, they add their distinct flair, keeping things intriguing.
