Subnostr

Bitcoin ETFs, in my opinion, represent a significant deviation from what makes Bitcoin inherently valuable and unique.

To me, Bitcoin is not just an investment vehicle; it's a symbol of decentralization and inclusion, designed to eliminate the middle man with peer-to-peer transactions, censorship resistance, and a limited supply, transcending simple monetary gains. However, the concept of ETFs, especially those managed by large entities like BlackRock, seems to contradict Bitcoin's core principles.

ETFs centralize what is essentially a decentralized currency and deprive individuals of the control and direct interaction that are integral to the Bitcoin experience. This shift towards ETFs could lead to a loss of important educational aspects of Bitcoin, such as understanding digital wallets and blockchain technology. It could also create vulnerabilities in the Bitcoin network due to centralized control of the asset.

For me, the move towards ETFs is a horrible significant step away from the technological empowerment and societal benefits that Bitcoin, in its unadulterated form, offers to individuals and the community at large.

My question is,

Why are we allowing this to happen?

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Discussion

BTC_P2P 2y ago

There is no “we” and no one can stop any other individual, institution or government from using an open protocol.

If you (or anyone) could stop Blackrock from using #Bitcoin in any way it wouldn’t be decentralized or open - two critical properties of the protocol.

This is an inevitable part of global adoption. Remain self-sovereign and advise others to do the same. Remember and practice Dichotomy of Control.

Clarisse Mcclellan_⚡️ 2y ago

I’ve always hold a strong conviction that where there’s a will, there’s always a ‘we’ - in this case, the Bitcoin community and advocates for decentralization.

Stopping the approval of a Bitcoin ETF doesn’t equate to altering the decentralized and open nature of the Bitcoin protocol. Rather, it’s about safeguarding the integrity and fundamental values of the protocol.

The Bitcoin community, encompassing builders, users, and advocates, have played a crucial role in shaping the narrative and guiding the direction of Bitcoin’s development and adoption. We strive to maintain Bitcoin’s core properties while also promoting responsible and informed engagement with the technology.

By remaining self-sovereign and encouraging others to do the same, we contribute to a future where Bitcoin continues to thrive as a decentralized and empowering financial tool, aligned with the vision of its early proponents.

The efforts are not about restricting the protocol, but about ensuring that its use and evolution align with the principles of autonomy, privacy, and decentralization that make Bitcoin uniquely valuable.

WE, as a community of users, have the power to influence the broader adoption and perception of Bitcoin.

Ronin 2y ago

Blackrock has and will have zero control over the network. Bitcoin will still work the same way. Everyone who wants to hold the keys or run a node will still be able to do it the same way. It's the ETF holders that will have higher risk.

Clarisse Mcclellan_⚡️ 2y ago

You are correct.

El Presidento Ben 2y ago

Bitcoin ETFs are simply a response to the need of the traditional financial world to keep up with the evolving Bitcoin-economy. They do not represent the rape of the Bitcoin philosophy, just the use of a time-honored method to facilitate access to a new asset class. It is the responsibility of each individual to maintain control of their own Bitcoins and use or avoid the traditional financial system as they see fit.

Resistance to such developments is futile and only distracts from the essential task at hand, which is to educate people about the true nature and value of Bitcoin. Education is the key to staying true to the core principles of Bitcoin.

Clarisse Mcclellan_⚡️ 2y ago

Look, my worry is that high impact financial harm with large-scale institutional involvement could inadvertently justify government interference, potentially leading to restrictive measures or even outright bans.

El Presidento Ben 2y ago

Behold, Bitcoin was designed with an unwavering resistance to censorship and interference. Any attempts of restrictions would only attest to its necessity for financial sovereignty.

Banning Bitcoin would be an attempt to regulate an unstoppable network, something not easily achievable without extreme worldwide coordination. Moreover, it would stifle innovation and economic advancement, which many governments are keen to promote.

What would your feared scenario look like in practice?