Also, if you want a bitcoin standard you need the government on board……there are millions of people who do not have the wherewithal to think on their own. Unfortunately, they need to be told what is legitimate and what is worth something and they look towards their government, experts, and financial planners. I don’t know about you, but in all these years I’ve only been able to convince 6 people to hold bitcoin and one of them I sleep with and the others have been a result of me sleeping with the first. Mu hope is that once they do buy it, they eventually self custody, and then make some gains which maybe leads them to learn more and to further expand their understanding of what they hold.
Discussion
Upon further reflection, I’d ad if you want it accelerated then you need them. Eventually, we will get there, but it’d be nice to have it before I die 😂.
Bingo. The Bitcoin standard is not 8 billion self-custody lighting nodes and cashu mints. I wish it was, but it's not, and that's not our fault.
Take banks being able to hold Bitcoin as an example. Most people would love a Bitcoin savings account at their traditional bank. Is it captured Bitcoin? Yes. Is it a Bitcoin standard? Still yes.
If you think Bitcoin fails because of fractional reserve or scaling limits or mining regulations or bitcoin loans etc. etc. You haven't thought it all the way through. Dishonest people fail. Honest people win. That's the game Bitcoin presents and that's why it continues to win.
They can FAFO if they want, but allowing it into the financial system like this is a huge positive development.
It blows my mind that the president of the US is even talking about any of this. Senators too. I don’t know how people can’t see that all of this means we are winning. Trumps trump. I think a lot of people weren’t around in the 80s and 90s.
Why don't you vote for better money?
Doesn't work like that. Better money needs to be organic. Cannot be created by a politician. I can vote for politicians who will be more friendly to my better money though.
And yet you are describing two contradictory systems. One which relies on the permission of the state and the other which does not. Voting does nothing to secure bitcoin.
Wow it doesn't? I thought that was part of the white paper.
I'm not sure what is complicated about this. I use better money - Bitcoin. It exists like a force of nature. It doesn't need my vote. But I do also vote for politicians who will promote my better money.
What happens when KYC is mandated on all transactions and a unrealized gains tax is levied relative to yearly returns?
Guillotines? Idk. You don't have any more of a plan then I do. At least I'm trying to support people who won't do that.
My point is white market bitcoin is no different than voting for better dollars. You have to be willing to use bitcoin without permission (black market) in order to gain it's main value prop (tax avoidance)
The better the tools become, and the more people who transact + mine, the less the risk of punishment becomes.
I disagree with you here. Governments don’t need to legitimize Bitcoin. Bitcoin is legit because it works and they can’t stop it. Governments are not the ones that legitimized a gold or silver standard. Reality is what does these things. Government adapts to the world and tries to find the best way to take advantage of them. This is what history shows us.
I’m not saying it’s not legitimate. I’m saying that millions of people can’t do their own research, think for themselves, and need to be told what is “legitimate”. The market will eventually will educate them, but If we want the adoption of btc to accelerate then these people are reliant on the information provided to them by the “experts”.
Those people will now buy trump coin, wrapped Bitcoin, and eth because of the government.
Maybe, but I think the same people who would’ve bought them before will. I don’t care about them. Small fry.
I don’t care about them either but you mentioned above that the millions of people who can’t think for themselves need a government or group of “experts” to tell them to buy Bitcoin. But this same group is now telling them to buy shitcoins. So this is causing more harm to people and many will associate that harm with all of cryptocurrencies including bitcoin.
The same group? It’s the president, Donald Trump and his family. Sure, many gamblers will get wrecked, but I don’t see financial advisors, pension fund boards, the boards of large wealth funds, money managers advising their clients to buy trumps fucking meme coin. He will milk dumb people, like rich people have always done. It sucks, it’s immoral, and is absolutely unethical, but that has no effect on the mission and what has been accomplished. He’s one man. I care more about the others who will be integrating btc into every nook and cranny and making it such an integral part of the world’s financial underpinnings everyone in the world will have exposure to it, without even knowing.
I’ll be very surprised if endowments, SWF, pension funds, and legitimate nation states buy meme coins.