Replying to Avatar Enki

So this is something that has genuinely bothered the hell out of me.

People at My local meetup and even on nostr unfortunately have been excited about these Bitcoin backed loans. And maybe my view is completely distorted here, but aren't we just recreating Fiat 2.0 and giving more opportunities for regulatory capture to happen to Bitcoin?

I thought the whole purpose of Bitcoin was to build something better. Not just recreate shitty fiat mechanisms. People applaud it as calling it adoption, but it just seems like steps backwards to me.
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Leathermint 8mo ago

Late stage fiat. The silver lining is that, if Bitcoin wins (it will), then these schemes will not be sustainable. I do think that those schemes are accelerating fiat collapse and some people who don't stop playing with them soon enough will get hurt.

Bitcoin back bonds and treasuries give me a weimar republic vibe. Im pretty sure people were getting that type of loans too to profit from the collapse of the mark.

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Enki 8mo ago

Yeah, I guess that's true. And I guess also in the long run, another silver lining is that as long as none of this crap affects how I can use Bitcoin personally then I guess I really shouldn't care if people are playing Fiat games. People will get burned, but imo that's part of playing Fiat Games.

At the end of the day, I can still send a vendor like you, Bitcoin, without a third party giving me permission, so I guess it doesn't really matter, and I don't have to put my Bitcoin into these schemes.