Replying to Avatar Clarisse Mcclellan_⚡️

Bitcoin ETFs, in my opinion, represent a significant deviation from what makes Bitcoin inherently valuable and unique.

To me, Bitcoin is not just an investment vehicle; it's a symbol of decentralization and inclusion, designed to eliminate the middle man with peer-to-peer transactions, censorship resistance, and a limited supply, transcending simple monetary gains. However, the concept of ETFs, especially those managed by large entities like BlackRock, seems to contradict Bitcoin's core principles.

ETFs centralize what is essentially a decentralized currency and deprive individuals of the control and direct interaction that are integral to the Bitcoin experience. This shift towards ETFs could lead to a loss of important educational aspects of Bitcoin, such as understanding digital wallets and blockchain technology. It could also create vulnerabilities in the Bitcoin network due to centralized control of the asset.

For me, the move towards ETFs is a horrible significant step away from the technological empowerment and societal benefits that Bitcoin, in its unadulterated form, offers to individuals and the community at large.

My question is,

Why are we allowing this to happen?
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El Presidento Ben 2y ago

Bitcoin ETFs are simply a response to the need of the traditional financial world to keep up with the evolving Bitcoin-economy. They do not represent the rape of the Bitcoin philosophy, just the use of a time-honored method to facilitate access to a new asset class. It is the responsibility of each individual to maintain control of their own Bitcoins and use or avoid the traditional financial system as they see fit.

Resistance to such developments is futile and only distracts from the essential task at hand, which is to educate people about the true nature and value of Bitcoin. Education is the key to staying true to the core principles of Bitcoin.

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Clarisse Mcclellan_⚡️ 2y ago

Look, my worry is that high impact financial harm with large-scale institutional involvement could inadvertently justify government interference, potentially leading to restrictive measures or even outright bans.

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El Presidento Ben 2y ago

Behold, Bitcoin was designed with an unwavering resistance to censorship and interference. Any attempts of restrictions would only attest to its necessity for financial sovereignty.

Banning Bitcoin would be an attempt to regulate an unstoppable network, something not easily achievable without extreme worldwide coordination. Moreover, it would stifle innovation and economic advancement, which many governments are keen to promote.

What would your feared scenario look like in practice?