Navigating through cryptocurrency websites, one can often encounter the word “nocoiner” on par with other crypto slang examples like “HODL,” “bear,” “bull” and so on. Online dictionaries usually define a nocoiner as a person who does not possess any bitcoin, not even a fraction. Ok, so why don’t they and is there anything wrong with such people?
In his column for Coindesk, Marc Hochstein, the managing editor of this media outlet focused on cyber assets, brings to the point another issue with nocoiners. And it is not that they merely don’t want to purchase digital coins.
Hochstein emphasizes that there are lots of people who have not bought bitcoin, yet not everyone is called a nocoiner. So what is it?
A nocoiner is not only a person who does not own bitcoin, but it is a person who, at the same time, is prudish about the most known cyber currency in the world.
At the dawn of bitcoin, when its price was below $100, the nowadays nocoiners actively claimed that this phenomenon is a scam and it does not deserve any attention from the financial sphere. However, after bitcoin’s value has become more significant and after its price skyrocketing to unprecedented rates, including the mid-December 2017 surging to $20,000, deep inside nocoiners started regretting not purchasing BTC when it was affordable for them.
The fear of a lost opportunity, mixed with the fear to accept being wrong has led to a situation whereby nocoiners keep “predicting” the darkest hours for cryptocurrency based not on the figures and logic but a subjective opinion, poisoned with failure.
Getting Back at Bitcoiners
Some bitcoin enthusiasts have even stated that dealing with a nocoiner can be a disturbing experience. For instance, a Twitter user under the nickname @crackbagged said the following:
"The people you told about Bitcoin may turn on you and assault you. You might be accused of witchcraft and thrown down a well, or worse. The mind of a nocoiner (a person who has no Bitcoin) is a dangerous place."
But Hochstein adds that nocoiners are not just pessimistic about BTC, they usually inevitably claim that bitcoin will undoubtedly face the failure.
Additionally, the editor said that nocoiners don’t merely discredit the possibilities of this currency, but they also make fun of bitcoiner’s evangelical passion.
What is The Problem With Opposing BTC?
To explain this matter, Hochstein admitted that once he was a proto-nocoiner, a long time before blockchain and bitcoin were established. This happened on the verge of a new millennium, right at the time when the world was experiencing the dot-com boom.
At that moment, the current Coindesk’s editor was working for a daily financial newspaper and kept mocking about dot-com boom and F**ked Company, a site which published unverified information about layoffs and insolvencies at the period of skyrocketing startups.
“Incredulous about market valuations for companies with no profits or even revenues, I rolled my eyes and looked forward to the day when the internet bubble would burst. Once this nonsense is over, I thought, we can concentrate on writing about serious companies. Like Countrywide, ha ha,” wrote Hochstein.
Indeed, a plethora of firms which irritated Hochstein, he acknowledged, at that era, were careless and carried lots of risks with them. But the thing is that with time internet did alter the financial sphere. On the other hand, the following mortgage boom and failure were way more devastating than the dot-com crash.
Ultimately, what Hochstein learned from that epoch was not that each and every person ought to worship risky entrepreneurs or endorse all the tech trends which appear on the market, no. Instead, the lesson was to remain an open-minded person, inquire about new technologies, as one day they may transform the whole world. Hochstein calls everybody to question how the society, business, financial systems, etc., will function in the future.
At the same time, the editor stresses, people should be careful and keep in mind that not all is gold that glitters. It is better to distinguish a thoroughbred horse, what he calls the internet and bitcoin, from flies annoyingly humming around the horse, which were Pets.com as well as Mt. Gox in real life.
Hochstein summed up his column with the following statement:
“In other words, you don't have to hold or even like bitcoin. Just don't be a nocoiner.”