Bitcoin is being hijacked buy Wall Street and everyone is excited. 🤦♂️
You know they will leverage the shit out of it and rehypothecate.
When the shit hits the fan they will try to manipulate it and when that clearly won't happen they'll fork away and blacklist the current chain transactions.
#induecourse
We must not let this happen. I believe in the ingenuity of cypherpunks.
They'll have to show proof of reserves for audits. I think we'll be fine. And if not, it's a screaming argument for why not your keys not your coins is important.
Can you imagine BlackRock getting liquidated and finding out there are no bitcoin bailouts?
WILL BE GLORIOUS
Just another test. Tick tock
This happened before.
I think the "good" people's republic of America will have much more trouble forking bitcoin then you think. Never give up your nodes or your miners.
Every hodler should buy an Apollo, point it at Ocean, and save the planet.
Agree on the leverage and paper bitcoin. The banks will get wrecked. Paper hodlers will be wrecked. No bail outs in bitcoin world.
They will try to force a bailout and the masses impacted with blindly follow
Would you mind explaining to this ignorant pleb what that sentence about Apollo and Ocean means?
I agree, even if they do fork it, the odds of it going the way of bitcoin cash and other shitcoins is very high.
Bitcoiners remember, you mess around with yield hopium and off chain nonsense like hypothecated exchanges, you will get wrecked. A painful experience many of us learned in the early days.
I think paper bitcoin is inevitable. There will be many shakeouts as they come to terms with the new reality of absolute scarcity and 24/7 global settlement.
Of course, where there's profit to be made off of suckers, profit will be made. Thing is, there's no absolute scarcity in paper bitcoin. Shakeouts will happen until a shakeout becomes "too big to fail"
Yeah ngl im a bit disgusted by the people cheering for the ETF.
/shrug.
I don't really like it but I also recognize that something like this was probably inevitable. We're definitely getting into the stage where corporate entities try to capture Bitcoin via regulation. or at least much more overt attempts.
If #bitcoin can be hijacked by a bunch of Wall Streeters then I don’t need it. It failed its purpose.
Bitcoin is not static, it doesn't just Work / Not work. Bitcoin is the network and the current consensus. What we do defines whether it works or not.
Such is the nature of things. Let’s see how it plays out. Wall Street was always going to become involved.
Much like gold, bitcoin can outlast any institution or regime. How it is treated and viewed will change over time. Such is life.
THEY WILL GET REKT AND IT WILL BE HILARIOUS.
😂😂😂
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I agree but think it through further. After they fork to save their ass, jurisdictional arbitrage will fuck their fork. Remember Bitcoin's incentive structure is that everyone is holding a gun to everyone else's head. You think Saudi, Russia, China, ect want to own Blackrock/USAgov Bitcoin? It will be ugly and scary but they will get rekt.
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It is precisely those outside forces that will try to collude to save their asses.
I think you are underestimating the incentive of greed. Anyone of those entities would glady watch the others burn for a larger slice of the pie. Deep diving into Bitcoin's incentives and human nature gives me so much hope against the darkness.
They're not hijacking it. They will be the ones that get hijacked in the end.
And they'll be rekt in the end. Bitcoin is permissionless, nothing we can do to stop them.
And there's nothing they can do to stop us.
There's no hijack as long as it stays proof of work.
Self Custody, and go sailing.
idiots everywhere
I hope they fork it so I can dump on them.
