Bankcoin is a surveillance system. Revolut, PayPal, ETF, Robin Hood and other IOU Bitcoin representations are a surveillance system at best, total scam at worst.
Attached is a friendly table from Cryptocurrencies - Hack your way to a better life.
You can also read the chapter here: https://juraj.bednar.io/en/blog-en/2023/06/15/how-to-give-bitcoin-back-its-peer-to-peer-character-and-use-it-to-its-full-potential/
"Cryptobanks" are already going down the same route as their bigger and older brothers. Fractional reserve and interest scam 2.0. Central banks and commercial banks leeching of value in cahoots from the plebs. I guess nothing will stop that if people don't "get" Bitcoin & Monero and just think it's another investment they keep with their centralised and government controlled custodians.
Use Bitcoin as a store of value and convert to Monero (digital cash) as needed. Centralization always leads to involuntary taxation. Taxation needs to ever more surveillance and control until it crumbles down on its own weight.
The good thing is this time no one will bale them out.
I am honestly very skeptical about #bitcoin ETF everybody's talking about.
I have zero confidence and trust in institutions and that the paper bitcoin they will provide will be backed 1:1 by the actual asset. (Not mentioning evaporation of the fundamental benefits of bitcoin itself.)
Maybe it'll be backed 1:1 for couple of days or months, but this will too inevitably break. As everything that is controlled by such institutions. It's just a way for corporations to get exposure to bitcoin price, while it will still be only on-chain self-custody purchases that will actually move the price.
Travel Rule Universal Solutions Technology (TRUST)
Can't make this shit up.
