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According to Urban Dictionary, a nocoiner is a person who does not have bitcoin. But at the same time, all those who do not have bitcoins are not necessarily nocoiner.

Instead, what makes nocoiner a nocoiner is not only the lack of cryptomony of his investment portfolio, but his unquestioned approach concerning it.

The Urban Dictionary’s Definition, published in December, about when the word was widely used in the bitcoin community, continues to describe nocoiners as:

“… most people that lose the opportunity to secure or hold Bitcoin as of when the price was very low and who are now very bitter just because they missed out. Nocoiner eliminates their bitterness on Bitcoin Hodlers, by the means of constantly claiming that Bitcoin will crash, it is a scam, or other types of easily rejects FUD.”

In other words, a nocoiner is described to be full of what philosophers refer to as resentment, defined by La Wik as “a new distribution of pain that goes hand in hand with a feeling of personal inferiority / failure that present him as an external scapegoat.”

As of June of last year Twitter user, with the username “@crackbagged”, took this psychological perception on a post published on Medium, he warns the fellow Bitcoiners that they should not gloat when the price reaches a million dollars:

“Many people whom you talked to about Bitcoin can turn and insult you. You can be accused of witchcraft and throw him into a pit, or something even worse. The inner mind of a nocoiner (a person without Bitcoin) is a very dangerous place.”

Marco Santori, a lawyer who has represented Bitcoin startups since its inception, and now president and legal director of the Block Chain wallet provider, recently shows how dissatisfied, he is with the word “nocoiner”, he tweeted and wrote that “it has a bitter us-vs-them flavor to it” and “smacks of partisan tribalism.”

But the nocoiners take on in tribal signaling at least as bitcoiners. Nocoiner is not just skeptical or even pessimistic about Bitcoin. He claims with epistemic confidence that bitcoin will fail.

Nocoiner not only expresses doubts about the use of cryptocurrency, he unambiguously states that no use of the case proves to the contrary. (A subgroup of nocoiners will argue that only the uses are criminal, implicitly implying a logical mistake in appealing to the law).

Nocoiner mocks the bitcoiner’s evangelical passion, but he is every bit as religious in his convictions – and nowhere near as endearing.

It is believed that the first use of “nocoiner” on Twitter was in February 2017, although the term was apparently used at the 4chan forum for several years. But the nocoiners has existed long before Satoshi’s white paper. As long as humans have walked the Earth, perhaps.

Towards the end of the nineteenth century, Nietzsche compared the nocoiners of that time with the tarantula “In all their lamentations soundeth vengeance… and being judge seemeth to them bliss.”

 

Mea culpa

Letter on the table: I myself was proto-nocoiner in the late nineties, ten solid years before the bitcoin’s Genesis block.

I’m working on a daily finance newspaper of bank (a phrase that is unlovable for our grandchildren), I scorned at the dot-com explosion and regularly gawked at F**ked Company, a website that is rumors of layoffs and bankruptcies at the era’s highflying startups (what a nervous name I thought then).

Incredulous about market assessment for companies without earnings or revenue, I turned my eyes and eagerly waited for the day that the bubble will burst. When these absurdities are over, I mean, we can focus on writing about serious companies. Like all over the country, ha ha.

In my defense, many of the technology companies I make fun of were indeed frivolous, and the majority went belly-up or got acquired. But the Internet has also transformed the economy (although the financial sector less so), and the consecutive mortgages rise and fall are far more unhelpful, given everything considered.

Even the Fast Company is still there, and a gossip site that forged the name of the magazine is long forgotten. It’s rapier subtleties live in r/buttcoin subreddit.

For clarity, the lesson from that time was not that we should hold in the highest regard to entrepreneurs or accept all technologists’ claims unchallenged. Instead, stay open; think beyond the quarterly metrics, Wall Street obsesses over, question your assumptions about how the world will always work, and never confuse a beautiful horse (Global Network, Bitcoin with the flies buzzing around its rear end (Pets.com, Mt. Gox).

In other words, you do not even have to hold or like bitcoin. Just try to a Bitcoiner.