Nostr Web Client

Many bitcoiners think establishment powers are now in the "and then they join you" phase of the struggle.

I don't. I think they're more entering the earlier "and then they fight you" phase.

Or more specifically, they are happy to join in on the price exposure side (i.e. ETFs), but they are fighting against privacy (especially) and self-custody (to some extent). The struggle for financial privacy, custody, and overall self-autonomy is just heating up.

The gradual shift of critics from "bitcoin is a useless speculative asset with no intrinsic value" to "bitcoin is so powerful that direct usage of it must be curtailed" can be dangerous.

calle 1y ago

I'm super black-pilled on the privacy bit. It feels like all hope is lost to achieve any meaningful on-chain improvements for privacy now that the ETF BlackRock suits are on board.

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Discussion

Pepe NOSTRos 1y ago

This is what we are dealing with. Empire whales. They want all the sats. Thats how they work. If they decide its valuable then they want all.

H.M. Murdock 1y ago

Good, privacy should be an opt in feature.

If privacy is on the base layer verification is difficult or impossible. Proof of reserves is no longer feasible. Some entities should be acting publicly.

Bitcoin with layers flips traditional banking, in which the individuals have no privacy but the institutions can move invisibly behind the scenes.

Citizen 1y ago

Yes, feel the same way. Need to innovate quickly on decentralized privacy.