Slept on it...
Still think government front running bitcoin before the general public will lead to a dystopia of a future much like today, just 1000sats opposed to $1000 biweekly.
Discussion
I don't think they'd even need to do that though.
They'll just confiscate the amount of Bitcoin they want whenever they want in sales taxes and income taxes from normies. No rush for that.
2100 when they own most of the bitcoin after getting individuals to sell through inflation, taxes, etc:
"Actually, Bitcoin is money."
The biggest difference in my opinion is the government can’t print more bitcoin so they are still limited in how they spend and acquire more. Being open network anyone (individual, institution or gov) can enter or exit the network or their own free will this is also not the case with fiat. There is no perfect way to distribute a new form of money but bitcoin has a fair way in the fact that the rules of the network apply equally to all participants.
Your right. They can't print more bitcoin, but they do control other factors like inflation, taxes etc that will pressure individuals to sell their bitcoin over time is my guess.
And they'll just use the money printer to scoop it up.
Also. Thank you for that zap yesterday.
I fell asleep before I saw it.
My son thanks you for being able to have organic fruit and yogurt for breakfast today opposed to chemical cereal. 💜🫂
🫡
I meant what I said I believe in you buddy
Glad you spent it on a healthy breakfast on your son, you’re a good dad. Keep your head up!
Their ability to print to buy is definitely a concern and I would also love it if individuals had more time to accumulate before government get a bag but reality is hardly ever ideal and I still think that the fairness of bitcoin will still be net better for society then the current fiat cesspool of crony capitalism and distorted market pricing and manipulation. I don’t think that bitcoin magically makes everything a beautiful utopia but I think it will cause gradual improvements.
70% of the bitcoin is in the hands of private individuals. at a certain point, they will be more powerful than the government. you're probably right that govts will try to get the bitcoin out of the hands of the people, but once fiat is worthless or back on a commodities standard, the govt isn't going to be able to afford to use its money to oppress the people.
my view is that we are more likely to enter a golden age of free markets that generate wealth Venetian style than 1984-scale poverty and tyranny.
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Too many simps leaving their coins on Coinbase et Al.
what percent of the 70% have their bitcoin on exchanges?
Great question. Probably 50%
how do you know? i think something to look at is how many hardware wallets have been sold. if the hardware wallet companies are staying in business, that's a clue re where the bitcoin is.
i understand that some people use hw to store shitcoins, but i suspect that number is low since in general they don't know what they're doing.
in 2024, the hw wallet market was estimated at $474m. if the avg prive of a hw is $150, that comes to 3.1m devices sold. that's just for 2024.
even if you assume everyone has 3 devices or people are upgrading to better devices each year, the market is projected to grow to a $2.4b industry.
this does not suggest that 50% of bitcoin is on exchanges. this suggests people value self- or shared- custody solutions.