> I try not to judge what other people do with their permissionless money.
Bitcoin ETFs are not permissionless money. Like all wrappers they are just a claim to ownership, not the real thing. This is not an opinion, it’s a fact. Which is precisely what the quote from Satoshi implies - main benefits are lost if third parties are put back into the equation.
Value is subjective
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Try using marshmallows to build your house Timmy.
Value is not purely subjective. It requires an object that can objectively fulfil the goal.
You can have your cardboard in the desert, I’ll have my bottle of water.
Reality is objective
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