Imo the biggest threat to Bitcoin isn't governments adopting it or a bunch of ETFs
It's if the majority of mining is performed by the state (or regulated by the state)
This could enable large double spends especially considering huge stockpiles of coins are now also held by regulated custodians
Then what? Theory is node runners just fork the network to before the double spend
But of course this is a huge mess, individuals could lose billions, even trillions, will make block size wars look like child's play. Our $5 DCA up against Saylor and blackrock and the money printer.
Bitcoin is a network effect technology and also based on people's confidence in it as a reliable savings technology - the network and confidence could be shattered
This threat is already here today, while we celebrate the hash rate blowing up we are ignoring it's all happening with public miners under the thumb of the USG - and it gets worse every month.
I suggest that we need to take responsibility for mining much more seriously - little 1 TH bitaxes aren't gonna cut it unless tens of millions of people are doing it, which is unlikely.
Anyway just rambling maybe useless fud, I'm tired and hungry, but this keeps me up at night
