THE “THEY’D NEVER DO A 6102 ON BITCOIN” CROWD ARE GOING TO LOOK LIKE ABSOLUTE IDIOTS WITHIN 5-10 YEARS, TOPS.
THEY ALREADY SOUND LIKE IDIOTS TO ANYONE PAYING ATTENTION.
Discussion
LIKE, JFC. ALL THAT CORN IN THE ETFS IS BASICALLY ONE GIANT PILE OF SITTING DUCKS, CUSTODIED IN A READY-TO-SIEZE PACKAGE AT COINBASE. MIGHT AS WELL HAVE A PRETTY BOW ON IT. 🎁
Silverlining : they will have to screw up their currency bad for a 6102 to be worth the trouble. Corn would have to be at least a milly. At that point, bitcoiners will be able to dictate some of the terms of engagement
Certainly a possibility but the generalization of KYCed bitcoins may be good enough to reach the end goal: control.
Got me thinking :
Gold ownership is irreversible. But with bitcoin, if a seizure is really unpopular, there is a remedy : forking.
I mean. The government has to identify the corn they are seizing. If it's really unpopular, a fork that reverts those txs may survive and seizure does nothing.
People buying these shares are not thinking 5-10 years into the future. They're missing one of the most important features of Bitcoin & that's ok.
At the end of the day man, a 6102 is confirmation that this stuff is as valuable as gold. It's recognition that it's of enough strategic significance that it warrants violating people's property rights.
It will be a massive win for Bitcoin. The real battle will be with the plebs who control their UTxOs. Can they weather the attack by maintaining exclusive access to their secrets? Will they just hand over their keys for millions in fiat denominated debt tokens?
I think the 6102 play was a reasonably low risk with the UTxOs controlled by so many geographically dispersed individuals. The centralising effect of the ETFs increases the incentives for it to the point that it's almost a foregone conclusion.