No it isn't. Because by design their holding has no bearing on your stack. They can't control shit and the vast majority of supply is already in circulation.
The protocol does not care for the custodians. That is a decision on the individual user.
#Bitcoin launched as a silent protest against the fractional reserve banking system on January 3, 2009. BRAVO!! 👋
THEN you all wanted institutional adoption by the very system you protested against on that date. #WTF?
You all THEN lobbied for sensible regulation because you thought you could make a deal with the same devil you protested against on that date. Shockingly you failed.
Now there are 12 institutions and 1 custodian that are about to centralize ownership of #Bitcoin FOREVER thru #ETFs.
Now MY freedom and MY way of life is in jeopardy because of YOUR stupidity.
Someone needs to LOGICALLY talk me off this ledge @ nostr:npub1uyz4w2w4rcphk0q5arzkutrecgscxwzajj4dkvh9mjyqjtxslm6qea8632 nostr:npub17u5dneh8qjp43ecfxr6u5e9sjamsmxyuekrg2nlxrrk6nj9rsyrqywt4tp nostr:npub1zjx3xe49u3njkyep4hcqxgth37r2ydc6f0d7nyfn72xlpv7n97ss73pvrl nostr:npub1t8a7uumfmam38kal4xaakzyjccht4y5jxfs4cmlj0p768pxtwu8skh56yu nostr:npub1ydua4nhjuj36k6hrjkj5kn0zrz8su6xcl76rvvuaxhrnngu7xccqsmutvr nostr:npub1jg552aulj07skd6e7y2hu0vl5g8nl5jvfw8jhn6jpjk0vjd0waksvl6n8n nostr:npub1qg8j6gdwpxlntlxlkew7eu283wzx7hmj32esch42hntdpqdgrslqv024kw nostr:npub1menrmd24ejnp9dk38au0vzw0fe9xsr25jdtdndj0eukapxz7vdps8sl4nq nostr:npub1sn0wdenkukak0d9dfczzeacvhkrgz92ak56egt7vdgzn8pv2wfqqhrjdv9 nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m nostr:npub1excellx58e497gan6fcsdnseujkjm7ym5yp3m4rp0ud4j8ss39js2pn72a @s
Discussion
Prove to me that those wealth managers won’t shill those #ETFs to such an extent that those #ETFs suck up the supply. Price doesn’t matter because EVERYONE is for sale.
Then prove to me that the lack of supply WONT raise doubt about the ability for most other crypto exchanges other than Coinbase the custodian (who rely on commissions from Bitcoin) to continue as going concerns.
Then prove to me that re re re hypothecation among every SEC Gatekeeper back office WONT occur.
Then prove to me that those same banks WONT start mining and possibly gain significant hash power on the network.
Then prove to me that in 5 years the majority of #BIPs WONT be proposed by THAT SYSTEM and WONT lead to censorship on the #Bitcoin network.
I appreciate your attempts and thank you. But I’m not convinced.
Anyone else? Please! I’m going thru a horrible spell.
I don't need to convince you of any of that, because simply: if all of what you said was to happen, the cypherpunks would just fork from a previous unspoiled Core version.
Your stack is safe. It's the safest it can be.
By design.
Even further, like what happened with BTC cash, the ensuing dump on their fake corn would make your stack even bigger.
This may be our only saving Grace. I tried to convince everyone in the room at BitDevs in 2018 that futures was NOT a good thing. That we might do exactly that. #Fork They have theirs and we have ours.