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Any answer I give will probably get dismissed as cope 🙁

It is worrying that on‑chain activity looks down. The last major fee spike from pure BTC demand was years ago - maybe 8, at least 4. That doesn’t look like an adoption curve. And who’s selling now, when even nation‑states are adopting?

I doubt OGs are selling. Institutions might take profits off‑chain in big chunks. For everyday users, wallets haven’t improved much, so adoption is either whales or plebs relying on custodians.

Plus, who knows how much batching, SegWit, and Lightning have absorbed demand so fees don’t flare up like before?

moonsettler 4mo ago

i personally think we (as in the cyberpunks) lost this one. bitcoin failed to build out defenses against regulatory capture through completely centralized and compliant valuation mechanisms. and it is getting massively diluted with paper and derivatives and frankly wall street affinity scams.

i fail to see any reason this would improve and not get worse and worse.

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moonsettler 4mo ago

and like clockwork, the cope i hate the most:

moonsettler 4mo ago

our "job" was to make it possible, and leave it up to people. not to make excuses for our failures and frankly for the premature capitulation.