I never really thought bitcoin would help social inequality, I always thought it would make it worse. I.e. poor ppl are bad with money, low iq, bad foresight, and bitcoin can’t be reappropriated so the game is playing for keeps. The etf action is only confirming this. Poor ppl are barely keeping their heads above water, how is Bitcoin going to save them? They are just growing more bitter and disillusioned. It’s opt in, if you don’t buy any bitcoin it’s not going to do you any favors. Ppl have to save themselves.
Discussion
The ops with their socialist utopia ideals never held water. It is haves vs have nots, and the resentment will only grow from here. This is why opsec is so important. The poors will feel morally just going after Bitcoiners, since we got “lucky.” Street smarts are so underrated
The poors have huge egos like what they do matters to bitcoin. But it couldn’t be further from the truth. We just needed to get the rich ppl with actual wealth to protect to get it. That’s happening rn. It doesn’t take many rich ppl to move the price given how much social inequality already exists after all this money printing. 1 billionaire adopting bitcoin is more material than a billion broke ppl with nothing to save.
There aren’t many wolves and sharks in the world, it’s mostly sheep
Normies will continue to miss out on bitcoin, bc it’s not “fair” that others bought in cheaper than them. But the rich know there is no such thing as fair, that is a socialist utopian ideal
Most of the normies that had any hope to make it got flushed out in the Celsius / ftx frauds and are all in their feels about thinking it’s all a scam since they did not have the foresight to self custody. Now that ETFs exist, regardless of what the orange pillers parrot, this is no longer needed. They can just let the experts handle it like anything else. So the Wall Street suits showing up in 2024 actually have a big advantage over the class of 2021 normies bc they don’t have that baggage to overcome
Saylor is right about orange pillers taking on too many fights and it distracting from the main point, to have the best form of capital that exists. Diplomacy is needed, it’s probably time to grow up and stop shooting ourselves in the foot every chance we get. It probably doesn’t matter anymore anyways, the torch has been passed. I know that I never have to ever explain bitcoin again, Wall Street is on it now. It’s in their financial interests to do so. The positive feedback loop works for all Bitcoiners, even the “enemies”
Only ever got my dad and one of my best friends to achieve wholecoiner+ status. A couple people texted me recently asking about Bitcoin and I just told them I lost it all on BlockFi and that I’m not into it anymore :/
NGU and ETF should bring more normies 🤙🏽
If the poors and working stiffs still have access to bitcoin once it is at TAM (not guaranteed, given scaling challenges), then they at least have access to the benchmark for savings
And if bitcoin does become the unit of account too then their wages could be sticky against general deflation
And if the use of credit for housing and the use of housing for savings drops, more will be able to afford homes
These are decent wins for the little guy and much more fair than the present system
But no, Bitcoin is not going to save poor people from themselves
Agree with a lot of that. But I think even if it doesn't reduce inequality, it will drastically shift who accumulates the wealth. And that's a benefit to everyone. A world where the guy building modular thorium reactors in every town becomes a billionaire is a much better place for everyone than the world where the guy building surveillance software or bombs or bioweapons or "financial engineering" becomes a billionaire.
What do you think about etf and confiscation risk? I see the argument, but I don’t agree. I think etf is better than nothing for people who can’t or won’t self custody. Seems like another OP argument
Near 0. The US isn’t going to destroy its long standing property rights and free markets over it. The more logical move was to pivot and adapt, which they did. It’s a moronic take at this point
Especially with Europe collapsing and descending into Orwellian tyranny, USA wins by simply not getting worse, like you said
Look at where the Canadian money flowed in after the trucker convoy. And where the Chinese miners settled. It’s not a reach. It’s the safe bet
I doubt we are going to have to relocate to El Salvador lolllll but that’s always an option. A bad one, but still an option