According to Urban Dictionary, a nocoiner is a person who doesn’t hold bitcoin. However, the meaning of term “nocoiner” has evolved in the past few months. Being a nocoiner is all about the sanctimonious attitude of those who don’t hold bitcoin towards those who have bought bitcoin. It means you are not necessarily a nocoiner if bitcoin doesn’t form a part of your investment portfolio.
Nocoiners are those who didn’t buy bitcoin at a low price (thinking it is a scam) and are now bitter about missing out the opportunity. Nocoiners are usually well-educated professionals like economists, investors, socialists, lawyers, etc. who play an essential role in spearheading discussions around new asset classes.
What makes nocoiners a nocoiner?
- Nocoiners think that there is no use case of blockchain technology or bitcoin
- They keep telling you that bitcoins have no underlying asset, so one day it will crash, and your entire investment will be equal to zero
- Some of the nocoiners believe (or pretend to believe) that bitcoin is beneficial only for criminals, scammers, and terrorists due to its anonymity
- They frequently remind you the outcome of dot-com bubble and tell you that blockchain technology will see a similar fate (but they won’t discuss how the internet has changed the economies)
To put it simply, nocoiners are full of what psychologists call “ressentiment.” La Wik defined ressentiment as “a reassignment of the pain that accompanies a sense of one’s own inferiority/failure onto an external scapegoat.”
My take on nocoiners
Nocoiners are similar to frustrated fringe elements (minus violence) who couldn’t find a partner but preach that teen or premarital sex is immoral. They are also like wannabe riches who couldn’t muster the courage to take risks or put themselves into the grind but claim (without any evidence) that all rich men have acquired wealth through unethical or illegal means. The critical lesson from the dot-com bubble was that we shouldn’t accept all technologists’ or tech commentators’ claims unchallenged. Instead, we should keep our eyes and mind open, think beyond the quarterly results of listed companies, look beyond media hype, and question our assumptions about how the economy and technology works. More importantly, learn to differentiate beautiful horses (like bitcoin or world wide web) from the flies buzzing around their rear end (like Mt. Gox, Pets.com, etc.).
In Marc Hochstein words, “you don’t have to hold or even like bitcoin. Just don’t be a nocoiner.”
(Image credit: Reddit)