Introduction
I myself am a Bitcoin Maximalist and abhorently hate altcoins. I hate them so much that whether originally intended or not I believe they have been a successful deception campaign to slow Bitcoin adoption.
I believe this campaign was orchestrated by the TradFi elites such as Peter Thiel who nurtured Vitalik Buterin through his fellowship program where he built Ethereum, in which Thiel promptly invested into the ICO in 2014. This was the beginning of the crypto industrial complex that has spawned so many altcoins, which many now unfortunately equate with Bitcoin.
That being said there is one altcoin outside of Bitcoin I do like. I like it for the same reason I like Gold and GameStop. It is an asset outside the system with an anti-establishment culture and goal to bring down a key part of the elites control structure, the stock market.
My story
I found Bitcoin after being a part of the GameStop mania back in January 2021. I watched as the world bet against Wall Street and was winning in a major way but then came the exchanges like Robinhood (ironic name) that shut down the buy side of GME and collapsed momentum saving the elites at our expense. This had never before happened in the history of markets, it was a dark day that the world learnt we do not live in a democratic free market.
When I first learnt about Bitcoin, the crypto industrial complex sucked me in with all the traditional talking points of Bitcoin being a slow useless blockchain and the only reason it has so much market share is its first mover advantage blah blah blah. This narrative is extremely believable in a bull market when bitcoin dominance was falling, you are new to the space, have not done a deep dive on it and the Twitter influencers and crypto publications tell you so.
What they do not tell you, conveniently, is these influencers and publications are financially incentivized to lie to you either through being paid or colluding early on to buy up altcoin supply on the cheap before talking about it.
Anyway eventually I learnt what Bitcoin really is, thank god! Including the history of money, austrian economics, game theory, distributed systems etc. Since then I have gone on to work in the Bitcoin industry working with the biggest brands, attending conferences and writing books. But the mission of GameStop as a financial vehicle of rebellion to expose and bring down the elites control structure (public markets) has never left me (or many others I suspect).
Therefore, when I saw SPX6900 I knew it would be a friend of Bitcoin just like GameStop and Gold have been because we have the same mission but different vehicles. I am not equating Bitcoin to Gold, GameStop or SPX6900 but I do know these investors are motivated by the same stuff we are and they will eventually become Bitcoiners too as it is the right technical solution.
WTF is SPX6900?
Long story short, it’s a memecoin/financial movement with a goal to flip the S&P 500 (market cap). Think GameStop but without the ability for exchanges to turn off the buy button because of the proliferation of DEXs and hot wallets.
It is available on the Ethereum, Solana and Base chains which I will be the first to admit are DINO (decentralized in name only) however I think the game theory for them to not act maliciously is good enough for now and with the coming assets on top of the lightning network, we do have ways of addressing this should it become an issue.
Whether SPX6900 succeeds or not in its goal of flipping the stock market, another decentralized financial movement highlighting the corruption of wall street and a vehicle to extract the power and wealth out of the stock market is something every bitcoiner should be behind.
As someone who has worked for a bitcoin exchange and helped onboard hundreds of people I know first hand how most people just don’t get it. After all it is a paradigm shifting technology which is the opposite of almost everything a person has ever known. Its no wonder Altcoins have won in the game of IQ arbitrage collecting the less intelligent (me initially included) and our money into the hands of VCs, influencers, publications, exchanges, founders and many more immoral industry actors.
In contrast, SPX6900 is a super easy to understand coin (flip the stock market/GameStop 2.0) in which normies are taught to DCA, send to cold storage and question TradFi and the Crypto Industrial Complex - a perfect warm up for Bitcoin.
SPX6900 also has:
Unknown creator that left
No team or foundation
Entire supply already circulating
Fair launch (No pre-sale/mine)
Anti-establishment culture (anti-TradFi, anti-crypto industrial complex)
Anti-trading culture
Cold storage culture
DCA culture
Sound familiar?
It is culturally very similar to Bitcoin and I would not go back to the shit show that is crypto if it weren’t for something I actually believed in, never mind bring it in front of you Bitcoiners.
Contrast that with Solana for example:
Public founders
Solana foundation
Unknown total supply (constant inflation)
Pre-sold coins to privately to investors before launch
Pro-establishment (pro-TradFi, pro-crypto industrial complex)
Pro-rading culture
Exchange/hot wallet culture
”Gambling all in on the next shitcoin” culture
Now which one do you want the masses to choose from if they’re not coming to Bitcoin yet?
A second chance with the GameStop crowd
If SPX6900 continues to gain traction it will inevitably garner the support of the original GameStop investors who will want to be a part of the GameStop 2.0 that is SPX6900. We can then turn them into Bitcoiners as expressed earlier.
I think the GameStop Stock as a vehicle of rebellion is over but the movement is alive and is looking for an alternative asset to achieve its mission.
Obviously SPX6900 does not have openly disclosed hedge funds shorting it that could become insolvent posing systemic risk to the broader traditional financial structure. But if SPX6900 does gain traction and suck capital out of the S&P 500 that would pose sysetmic risk to the broader financial system achieving the same mission as GameStop.
Why we should try to take down the S&P 500
To answer that let me ask you a few questions:
Do you like Palantir building databases on you and your loved ones without consent?
Do you like Mark Zuckerburg reading all your private conversations?
Do you like Big food companies poisoning the food supply?
Do you like pharmaceutical companies profiting off our sickness with no incentive to cure us?
Do you like companies using regulatory capture to destroy local business and monopolise industries?
Do you like the merging of private and public enterprises?
Do you like that regulators work for the companies they regulate after their term is finished?
Do you like politicians trading company stocks which they regulate to amass net worth’s completely out of proportion to their salaries?
Do like that companies get to regulate themselves?
Do you like that some companies get to borrow money for literally 0% interest while the rest of us don’t?
Do like that the middle class is being hollowed out by governments and banks inflating currency that is then pushed into the stock market to increase the power and wealth of the elites?
I’m sure you can come up with your own to add to this short list.
To clarify, I am not against companies or capitalism or markets but I am against crony capitalism where there is no free market and centralization accelerates, hurting everyone else along the way from small businesses owners to regular workers.
Hyperbitcoinization fixes most of if not all of these issues but how do we speed it up when most people still don’t get it or are against it?
Align with Financial cultural movements against the system and slowly convert them into bitcoiners.
Remember the stock market is and will continue to be used as a weapon against Bitcoin, broader freedom tech and the population at large.
We should do all that we can to:
1. Encourage Divestment for the S&P 500.
2. Encourage investment into decentralized assets that can be self-custodied.
3. Convert to Bitcoin maxis.
Memecoins are ironically Bitcoin’s best friend
Why? because it highlights the separation of Bitcoin and (crypto) everything else. For years bitcoiners have had to grapple with people trying to explain why crypto is not bitcoin and why they got scammed on HEX coin has nothing to do with Bitcoin.
But memecoins expose altcoins for what they really are “tokens” with a narrative and no actually useful technology that are an insiders game. When people buy memecoins they know they are investing in something that has no “technical” value so if their investment deteriorates they don’t feel lied to or harbour resentment towards Bitcoin by equating them.
Memecoins aptly achieve the same mission Bitcoiners have been trying to do desperately for years with questionable success given the existence and growth of the crypto industrial complex. This is not only my opinion but it is born out in the data with Bitcoin dominance rising and the only coins in crypto that have outperformed Bitcoin significantly being memecoins or memecoin trading infrastructure coins.
Memecoins do not threaten Bitcoin in any way as they are not trying to be sound money. But they are a way for people to express themselves and their frustrations against the system. They will come to Bitcoin when they are ready, many already have.
Conclusion
SPX6900 can drain the crypto industrial complex (altcoins) and the traditional financial industrial complex (S&P 500). Then Bitcoin can drain SPX6900 with time as people see the need for a technical solution (sound money) to fight the system not just a cultural one.
I believe this ironically will accelerate hyperbitcoinization more than almost anything else which I never expected to say having had to research all the new bitcoin developments that come out as part of my day job (lightning, e-cash, payjoin, ZK proofs, stablecoins on lightning etc. ).
Disclaimer:
Please don’t trust anything I said, go verify everything for yourself.
I am NOT telling you to sell your Bitcoin or buy SPX6900. I am simply telling you about a friend that we bitcoiners will have in the coming months/years and we should do everything we can to support and eventually turn them into bitcoin maxis like we did with GameStop in 2021.