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But the dilution will only get worse if it's done systemic and thus people will get the real thing. It's not gold. You don't have to leave your house to get the real asset. For many it will click and the price will diverge accordingly. And it's our job to educate more people on the true value of Bitcoin. I'm glad you are the only "believer" who's "giving up" I know of but we can also track that to alert others that still want to fight.

"see, this is what people get completely wrong."

What do they get wrong? I think you see a conspiracy that can and will eventually get revealed and then it's game over for paper bitcoin.

moonsettler 4mo ago 💬 1

it's not necessarily a conspiracy, that's not my point. i think it likely is, considering where the capital is allocated in this world and what their interests are. if they take bitcoin seriously at all they are looking at ways to sabotage the fuck out of it.

the thing is masses buying paper "bitcoin" debase every bitcoin holder, because that's how price discovery works in a centralized setting completely detached from the underlying scarcity. and when the size of entities is large enough, you won't be able to "short squeeze" them. no you are not calling bs on JP Morgan by taking your corn into self custody.

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moonsettler 4mo ago

i kept telling people why a decentralized low-trust market valuation that interacts with the scarcity on a daily basis is important to turn this whole awful dynamic around.

if free range bitcoin provides an arbitrage opportunity to walled garden "bitcoin" that would create a force to suck bitcoin out of regulated high-trust markets where the massive debasement takes place. but we don't have that defense. the forces work out in the opposite direction right now.

all valuation happens inside walled gardens and at bifurcation the free range bitcoin will trade at a discount because it has reduced utility compared to "clean" coins.