NGU is the only thing that matters. The only reason bitcoin matters is because NGU. All the other benefits derive from that simple function. NGU and I get to voluntarily participate in NGU and no one can stop NGU and no one can take NGU from me and my family.
If NGD (structurally), the incentives break down.
NgU is priced in fiat dollars. I was told Bitcoin would destroy fiat, and that’s the only thing that matters to me.
The good thing about NGU is that it has onboarded a ton of people, many of who stopped giving a shit about NGU after learning about what they were holding. I'm one of them.
I agree with that. I got into Bitcoin because of anarchy, and figured NGU was just something cool I can show my wife until the dollar collapses 😅
NGU is measured in purchasing power, which happens to be compared to fiat since it is the most liquid money technology in use today. If bitcoin’s purchasing power does not increase over time (4+ years), it is failing in its primary value proposition - a money tech that is superior in its ability to transmit value over space (instantaneous, permissionless) and store value over time (inflation-resistant).
If Bitcoin is an expensive rock that nobody can afford to move, and we are stuck on custodial lightning wallets while the government tracks every sat we spend, then Bitcoin has lost its primary value proposition and deserves to die.
If there is a softfork and it offers to scale Bitcoin and give us privacy, but I see NGU on another fork that BlackRock wants, then I’m choosing freedom over NGU.
Someone will still be able to move them, that’s the beautiful thing. Free markets work.
As soon as BlackRock takes their (hard) forked btc-derivative shitcoin business elsewhere, the mempools will clean up and bitcoiners with a long time horizon will benefit from the credibility afforded by the ETFs. NGU over time.
Everything is good for bitcoin as long as NGU structurally (at least some) every halving cycle.
There will be an ETF rug …what that looks like and who is the perpetrator, who knows. But there always are bad actors and there always are wipeouts and this wipeout will go from $500k to $100k…those who are convicted will benefit from the opportunity to stack at $100k when the fair market price of bitcoin is $10M+ (current USD purchasing power)/btc
