Idealistic radicals have the tendency to get kinda disappointed when reality hits. And reality is strongly suggesting that Bitcoin success also means that institutional investors are here to stay, whether we like it or not. I get more worried about nihilistic radials willing to set the world on fire for their idea of what Bitcoin should be than about corporate capture of large amounts of BTC. Dealing with the inherit freedom of permissionless protocols is not always an easy thing to deal with. Time to grow up, and keep building!
Discussion
Good point. "If it doesn't happen my way, I will burn you all down" is leftist thinking.
The good news is that #Bitcoin offers both. Anyone can self-custody their Bitcoin, which I highly recommend. However, mocking corporations and wealth funds for offering Bitcoin to their clients with easier custody solutions isn’t the right approach to drive Bitcoin adoption. Instead, we should welcome these efforts, as they help bring more people into the Bitcoin ecosystem.
💯 I do hope that self-custody remains a viable alternative despite recent transactions costs peaks, as i care about self-sovereignty deeply, but institutions are here to stay. It would be great if people could moderate their appetite for destruction of what they disagree with and concentrate on building and including people instead.
we don't need to be inclusive about backdoor fractional reserve banking
Who is “we”… fortunately Bitcoin is permissionsless protocol with no authoritarian entity deciding what “we” should be or do, because it amazes me how many people interested in freedom turn into tyrants the minute things do not go their way
If Bitcoin's value does not come from its utility as a medium of exchange, it is essentially a Ponzi scheme. At least with gold you can use the gold as a decoration. No such property is present for Bitcoin. As long as some people somewhere can use Bitcoin as peer-to-peer cash, it will be valuable to them, and on this basis custodians, institutions, and governments can hold it without a contradiction. On the other hand, if Bitcoin is exclusively the property of custodians, institutions, and governments, who do not seek to use it as a medium exchange, and who bar everyday people from using it as a medium of exchange, Bitcoin's value should be roughly zero in the long run. It lost its utility. I want Bitcoin or something like it to become money along with gold and silver. Fiat currencies are the problem and Bitcoin is a potential solution. I think if you are in Bitcoin for a buck you're just scamming the folks who buy it from you in the future.