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 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.
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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.”