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If they take BTC out of circulation to use solely as bank collateral to back dollars, I'm not sure those of us with self custodied coins need to care, any more than we particularly care about coins locked up in wallets that ended up orphaned because they weren't properly backed up. Worst case scenario, their increased demand and the diminished supply may mean BTC's price gets high enough we have to seriously consider whether the satoshi really is the smallest unit of Bitcoin. The most insane valuation projection I've seen was $1 Billion USD BTC before 2040; at that price we'd really probably want to consider sub-satoshi units in order to facilitate microtransactions that really aren't even so micro anymore. Assuming of course that billion dollar valuation isn't simply because a cart of groceries costs $10,000...

That's how I see it anyway; is there an angle you see I'm missing?

mike 1y ago

As for price:

The entire wealth of the planet is currently $454T

https://www.visualcapitalist.com/global-wealth-distribution/

At $20M per BTC, 21M BTC would more or less equal that.

What you decide could be a possible value of Bitcoin in the future should bear some resemblance to reality.

As for it being used to back USD and becoming primarily an asset. That is definitely the trend, but not a good one. I see BTC being adopted globally as an asset as winning 50% of the battle. The other 50% is for it to be used as a currency.

If this fails, then we get government regulated currency imposed on us for the rest of our lives.

I want freedom money as well as freedom assets.

I want us to control the flow of currency, not government.

We have pretty much won the asset battle, we now fight the currency battle.

It is very possible for us to loose this battle.

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Discussion

SuiGenerisJohn 1y ago

Sober take. Good shit.

onthephone 11mo ago

#Monero for the win

Mî¢h&|3 Dëgli Ü3ę®tį 11mo ago

I don't know, nostr:nprofile1qqswswmx4rkj6d7q05dtafhpkqq2z42fc62s37jvtp642m2jkpfxc2cpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq3wamnwvaz7tmwdae8g6tn9ehx7um5wgcjucm0d5q3wamnwvaz7tmxd9k8getj9ehx7um5wgh8w6twv5nrafuh...

I love your reasoning, and I almost always agree with your statements and analysis.

That said, today I'm feeling pretty pessimistic about Bitcoin as a tool for freedom.

It appears to be in the process of being captured by the powers that be, as it seems to be mainly a collateral asset for debt, fiat currencies, and shitcoins.

Centralization, regulation, and intermediation follow. AML, KYC, and compulsory custodial services are already in full swing. After 16 years of circulation, almost nobody accepts #Bitcoin as a payment method.

I mean, it would still be a great financial investment—probably the greatest—for a while.

But in the very long run, will it still be a sound store of value without being, at least potentially, a widespread means of exchange?

I'm not very confident about the trajectory we are heading toward, or maybe today is just a bad day I went through.

mike 11mo ago

I understand, we are definitely now fighting the battle of Bitcoin as a currency.

It's not an easy one and nothing is guaranteed and you definitely shouldn't be complacent about it, but remember, we have now effectively won one of the two battles in the war, that of Bitcoin the asset.

If wars were easy, then victories would be hollow.

All things worth fighting for are hard, embrace the fight and most importantly realise you're not fighting alone, we are all in this together, across the globe.

I can't guarantee victory, but I can guarantee a good fight.

Mî¢h&|3 Dëgli Ü3ę®tį 11mo ago

At least here we are using it as 'pocket money' for #v4v

🫂

mike 11mo ago

💥

Take my 21 Sats.

And just like that I illegally transmit money to you. 😂