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After some contemplation. I used to feel sorry for people who sought yield on their Bitcoin. Now I think I may actually despise them.

I’m aware that they have no idea what they are doing. But not your keys not your Bitcoin isn’t just a personal best practice, it’s how Bitcoin functions. The commingling of fiat practices into Bitcoin’s value is an attack. If you’re not holding you’re own keys you are complicit.

I don’t view myself as a toxic maximalist but I do understand.

Uthallan 2y ago

It's more a survival instinct leftover from the savagery of Fiat land than a practice. People have to escape inflation via investment and it takes time and understanding to shed that mindset. Pity is preferable over contempt

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Discussion

Anthony 2y ago

I think they are worthy of contempt. You are participating in making Bitcoin not scarce by chasing yield on the scarcest thing that has ever existed. You are diverting demand and helping to create a paper ecosystem that empowers the worst kind of scammers.

I know that reality will catch up to them eventually. But I am no longer in the sympathetic camp. I’m in the “You got what you deserved you degenerate piece of shit” camp now.

beefcat 🥩⚡ 2y ago

they are misguided for sure. imo bitcoin is not an investment. it's a tool for investing maybe, but otherwise it's saving.