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‚According to #Hayes, if #Bitcoin becomes just another state-controlled financial asset, it risks losing its value as it relies on constant movement and usage.‘ 👍

https://u.today/end-of-bitcoin-btc-arthur-hayes-exposes-pitfalls-of-bitcoin-etf-derivatives

Kasso 2y ago

I disagree with him. An approval of any etf doesn't change the blockchain, miners or users of bitcoin. It also doesn't change bitcoin's code nor the way consensus is reached.

This is old fiat thinking and not seeing that this fiat system is dying right now in its current form.

In the long run, large corporations and governments will settle their transactions on the main chain and so will individual users of bitcoin. Bitcoin in layers on top of it will be viewed as just bitcoin.

Did the internet became just another controlled type of communication?

No, it didn't. Us using #Nostr right now is the proof of that. And so will it be with #Bitcoin 😉

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Discussion

Anti Spasti 2y ago

I think at one point it might be easy for them to sell fake bitcoin they never had.

The mainstream will never ever care about self custody or privacy at all.

If ‚fake spot etf bitcoin‘ will be pushed by Blackrock, Fidelity etc. to the masses just like e. g. the Vatikan pushes Christianity today we obviously have lost.

No one will be interested in this 0.1 - 1 % hardliner ‚not your key’ mantras. 🤷🏼

Kasso 2y ago

What happened in the past with companies that faked bitcoin they never had?

That's right, they went bankrupt.

Anti Spasti 2y ago

True. I hope this time it won‘t be different if that happens. 👍

Kc 2y ago

Maybe it will be taken a bit differently if it's a SEC approved company that's going down after a rug pull 😉

Kasso 2y ago

I think You mean a bail out. That would mean that they'd have to buy a lot of bitcoin on the open market to stay solvent. That would pump the bitcoin price a lot. Btcoiners wouldn't have any problem wih that, I think. 😅

Kc 2y ago

Yeah, no. I really meant a rug pull. After a bail out they probably won't have to go bancrupt. But yes, it's also possible that they would be bailed out.