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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/

Petroit 2y ago

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.

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Discussion

Hynek 2y ago

I agree, but the last sentence is almost certainly false.

Petroit 2y ago

Well, yes. I could have phrased it better. But in an essence I believe you know what I meant. 🤔