WE'RE DOING IT, WE'RE F***NG UP BITCOIN
Cat JPEGs
Rehypothecation
Fiat loans against Bitcoin
Companies using debt to buy Bitcoin so they can stop doing anything useful
Countries securing debt with Bitcoin
Seedless storage
ETFs
ETNs
Bitcoin Bonds
Back in 1944, we at least waited for the gold standard to start before f***ng that up.
We need more toxic maxi
Let this cycles flavor of rugging begin
Really this is what it comes down to.
When and how hard is the 🍿 question
To quote a famous British plitician:
'Many forms of Money have been tried, and will be tried in this world of sin and woe. No one pretends that Bitcoin is perfect or all-wise. Indeed it has been said that Bitcoin is the worst form of Money except for all those other forms that have been tried from time to time.…'
I guess it isn't Bitcoin doing all those things. It's just that it can be used for all those things. It doesn't change Bitcoin.
Gresham’s Law 😞
Everything except JPEGs is really a fiat derivative.
JPEGs are the proof of concept for storing immutable information; there’s nothing to be sold here tho unlike NFTs which pretend there is. Don’t throw the baby out with the bathwater on this one….just because we’re too retarded to actually use this feature of data anchoring to chain does not mean we won’t use this for layered complexity. Everyone sees stupid jpegs and thinks all data is bad.
Imagine if the universe couldn’t inscribe data to its particles beyond “money”…..
