I respect Micah’s perspectives. He’s one of the few Bitcoin skeptics who has actually studied it deeply.
He’s great at steel-manning some of the risks to bitcoin’s success. Doing this helps make Bitcoin stronger.
But if ETFs kill Bitcoin, it was already a lost cause. Bullish as ever, LFG 🤙
https://achimwarner.medium.com/bitcoin-is-dead-long-live-ibit-e420b99eb32e
The argument that ETFs are going to render mining, and in turn the blockchain, as redundant is not compelling to me.
The whole point of the Bitcoin network is to have a source of truth... An honest ledger. That's all it has ever been and that's what it is right now, and that's what it will be until it no longer serves any useful purpose. An etf is not intended to be the source of truth, It's a derivative.
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