paper bitcoin is here
Discussion
Who would have thought 🤔
Maxis could have learned from Monero's experience. But instead of seeing the price suppression of Monero for what it was, they cheered on Monero NGL from a perspective of superiority.
And embraced the Trojan horse that are ETFs with open arms.
If Satoshi's whitepaper matched 2024 reality it would read: Bitcoin - a fully surveillable KYC IOU financial institution to financial institution transfer mechanism without going through a central bank.
I don't always follow plain npub's but when I do it's for a reason 👍
Lol. Gunna go stack some extra.
Yep, this is to be expected. Let's be honest here, if (as) this continues, do we just replicate the gold/silver paper markets with base-level bitcoin? I don't see many new "bitcoiners" scrambling to secure their private keys, just like (hisorically) I don't see many investors in gold/silver going through the process of self-custody. On average, people are sadly ignorant, bitcoin can't fix ignorance. So, what are the next steps to prevent paper bitcoin from destroying actual price discovery? This problem has not been solved for the other forms of honest money.
Honestly, I don't know. The only way to 'solve' the problem is by shaking out the weak hands. Naked short sellers need to get rekt. When that short seller is Blackrock, how many dirty tricks do they have up their sleeves to avoid getting rekt? It's gonna get real ugly. The bitcoin price will be manipulated. People selling real bitcoin will get a watered down USD price thanks to uncle Larry's shenanigans.
As we move from a dollar standard to a bitcoin standard the ETF arrangements will become more and more onerous. Eventually the USD will fail and then everything changes. Impossible to make predictions about what happens after the chaos starts. It will be a disorderly dismantling of the existing system and a mad rush to safety.
I sincerely hope Blackrock does not survive the transition but my inner cynic knows they probably will.
Yeah, this is really tricky. Even by shaking out weak hands and destroying short sellers it seems as though that wouldn't resolve the rehypothecation that would be the ultimate fate of paper markets. As long as people have trust in the institutions selling them watered down crap (1:150 paper contracts for instance) they will buy (reference my previous comment on ignorant masses). People buy paper silver/gold in droves, people happily trust USD (though that is waning to a slight degree). The core problem as I can see it is trust. If people don't trust institutions, they won't show up to purchase its products or engage in its schemes. Ignorance breeds trust, skepticism/knowledge(?) demands veracity. How do we precipitate a decline in trust of fraudulent institutions, how do we nudge this rather than waiting for them to collapse upon their own weight??
A bitcoin standard where paper bitcoin is equivalent to private key bitcoin is no different than our current fiat system, except that more institutions get to play the money printer game as they create paper contracts.
This all brings me back to your mention of disorder. Sadly, to me, it seems the only way you can create honesty out of fraud is through massive pain. Most people choose to take their health seriously right after the cancer diagnosis. Hyperinflation educates people on monetary systems. DUIs, firings, broken marriages wake up alcoholics. Ugh, sounds depressing, but feels real. If the bigs can be nudged to failure sooner than later, if the average person's trust in institutions gets rekts much sooner than later, I think the transition to a more honest system could be less destructive/disorderly.
We humans are a trip.
yah. am afraid you are right fren. I hope we are wrong. but so far it seems we are right.
You buy the one coin that has been through the process of naked shorting for the last 5 years. And because naked shorting can only go that far is now delisted from almost all centralised marketplaces.
That in return means they cut entry and exit points and liquidity for the normies but they gave up on control of price in exchange for outlawing it.
1) place metal disks in strong box
2) sleep soundly
For sure. I've not parted with a single bit of precious metal, it does have an impeccable record (even though it is subjected to the paper scams as well). None of us know how this craziness plays out as the multipolar world (read globalist world) takes shape. POW crypto lead by king bitcoin is unbelievable tech, I love it, and it holds incredible promise. The lizards, however, are transparent now, and consistently reveal they have no boundaries, follow no rules are not guided by morals/principles/etc. So, whatever tricks they employee, the "we" need to be clear eyed and prepared on multiple fronts, IMHO.