Nostr

The ETFs were inevitable. Wall Street are the epitome of “in it for themselves” and it became too clear that there was huge money to be made here so they wanted in, and they always get what they want.

From Bitcoins perspective, think of the ETFs as a way to more efficiently dump fuel on the fire. A pipeline for capital which is going to send the price this cycle in an unprecedented way that can’t simply be switched off by Gov as they’re doing for retail on-ramps which are a garden hose in comparison.

My concern isn’t the ETFs centralising Bitcoin the network, or it’s consensus. My concern is this is the sovereign game theory starting in earnest and nobody is talking about that.

They’re on track to have 10%+ of coins by the end of the year - that’s a gigantic honeypot for the USGov to 6102 and possibly use to repeg the dollar to Bitcoin rather than gold. Luke Gromen is the only person who has articulated how/why, watch 5 minutes of this: nostr:note1ca3k9r6akrp847jmx9zxa8d3lcu4tv369qyjtw0r4evy5huaktrq44myvl

THAT would be a problem. That’s hyperbitcoinisation in a way that we DO NOT want. They would be using our sound money in the fiat system, no table overthrow or reset - just fiat games which Bitcoiners will have to deal with.

The upside here is that, Wall Street and the USGov have never played this game. They’re on our turf and it is completely alien to them. They’ve never had to deal with meatbags custodying Trillions in wealth behind a few keys, nor a whole bunch of now rich anarchist types who want to smash their system and have money to fund their schemes..

This is where Bitcoiners get to go on offence. If they hold 70% of the corn when it hits $1 Million+ then we have a well funded army to go out and recruit more people through that positive vision, to grow the network rapidly, to demonstrate a better way.

Don’t sell corn to Larry Fink - prepare for shit to get real.

f0xr 1y ago

The problem they might run into with pegging a fiat currency to Bitcoin, is that Bitcoin works better than fiat already. Pegging fiat to gold works because fiat works better than gold for commerce and transactions. But Bitcoin transaction>>>>>>>bank wire, lightning/e-cash>debit card, and so on.

So all they'd accomplish by pegging to Bitcoin, is to instantly reprice everything into Bitcoin for us. Then it would be completely seamless for the NPCs to say "oh so I can just use Bitcoin directly like I do cash and avoid the headaches with banks and taxes like cash, I think I'll do that."

And pegging to a hard currency "for real" (redeemable) kills the banking system's ability to create unlimited credit/debt. Without that ability the whole system collapses tomorrow. So I think things would have to be really desperate for the parasite class before they tried that.

But who knows, today we have bonds down, dollar up, and Bitcoin up. That's the kind of crazy action that might push things to "desperate" levels faster than I expected.

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StackSats.IO 1y ago

You’ve identified the upside with the immediate god candle of repricing, now let me tell you about the downside.

Every nation state in the US sphere now wants Bitcoin for international trade and they don’t have any. How do they resolve this?

They go get KYC lists from every exchange and start hunting down everyone who ever bought it in their jurisdiction. Any business which has reported it on their taxes too.

People say they don’t have the manpower to enforce this - this scenario is now an existential risk to these Govs, they will muster up the resources. This will become priority numero uno, overnight.

They will remand Bitcoiners who don’t cough up under the guise of National security. Forget about “rights”, they won’t exist. New laws will be created as needed and Bitcoiners will have a choice between handing over their keys or indefinite gulag (if the authorities can’t locate the seeds and outright steal it). They’ll have the media rile up their NPC drones about evil Bitcoiners and the people will be turned against them too - after all, why shouldn’t we “tax the rich”.

Fiat forcing hyperbitcoinisation is not a good thing. Yes they’d have to be desperate to try it, but does anyone here think this situation isn’t headed for desperate times? That the US empire won’t go to such lengths to maintain its power? That other nations won’t go hunting people for resources without which they will cease being able to be a government?

Mindaugas 1y ago

Well, the attempt would be futile. There are two things I will never do at any cost: go to serve the state in military, and give up my bitcoin. Well, I might give up a wallet with a few sats and maintain that is all I had if that helps them go away. But I might also get more guns than the state and kindly ask them to fuck off. As nostr:npub1ck7pm46mpx49rjaqpc93xlc7u8668fnze4un9zjwkvvsrn84820srlqqwq once said: "I don't give a fuck what's legal, I can buy the senate and change the law if I want to!". A loose quote from memory. And he said it while burning USD banknotes 😁.