My post brings up the trajectory not use case of BTC. It may shine some light on why Jack Dorsey also said without P2p bitcoin will fail. What i want people to be aware of is two things that even now after reading my post people wont recognize:
1.) Its clear that people will accept CBDCs and total monetary capture in the real commodity with only a promise that Wall Street will pump their bags. This gives government unlimited power over people who claim to want freedom money. Its regulatory capture of BTC eventually if not already because governments still have leverage to shut down big businesses and supply chains.
2.) BTC from this point on in the current trajectory appears to be defined by the products Wall Street provide and already the banks are rehypotheticating Btc based on this, the same happenes to Gold until China and Russia said ok enough is enough. It wont be a million dollars like even the great Samson Mow suggests in this environment and if no one is spending BTC in the real economy its destined to eventually become less important as time goes on by design.
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This goes for #btc and any other #cryptocurrency
Unfortunately I agree but the arguement for the last 14 years was that BTC was not crypto its something more because it has to be. BTCs raise happened because people recognized we have to at least try to break the debt based system. Then the people that became millionaires are trying to convince everyone after us that Microstrategy/blackrock ETF shares owning 10% of the supply is good for bitcoin.
That "btc not crypto" bullshit is moronic, to say the least. I feel that btc became kind of a religion, with true belivers and true grifters, like any other church. Usualy the true believers are the ones oaying for the grifters good life and maintaing them in positions of power. Case in point: microstrategy. The moment they began talking about etfs I knew it was ovet and it was time to find a good oportunity to liquidate. A shame realy, cause this was a beautiful idea, but I am out.
Of *course* people will accept CBDCs. This should be expected. They will not leave the incumbent until forced to.
As the old adage goes, “bitcoin will be forced upon them” due to economic reality. Either because bitcoin is so valued OR because they need the economic freedom in one way or another.
You might say, “but they control the fiat on-ramps and off-ramps”. And you’d be right. But that won’t stop its usage, because at the end of the day bitcoin is and will be used to purchased goods and services between merchant and buyer - no other intermediary needed. The level of authoritarianism endured will dictate how bespoke the goods/services are. And it will be different from nation to nation. The eta of globalization and global trust (which is needed for the kind of coordination you suggest) is *fucking over*.
Wall St’s usage of bitcoin and crypto at large is just going to be a fiat money making scheme, for the most part. It can largely be ignored unless you’re primarily interested in trading out your sats for fiat.
Infrastructure like mining and hosting is unlikely to go away due to the fiat-making schemes. Left to its own, this *could* result in regulation around who gets to mine - which is an issue. But the bitaxe projects and others have already shown that this will only lead to further decentralization as the people fabricate their own machines off of the (unprofitable) others. This plus nodes continuing to be easy to run should give anyone a great deal of confidence.
But it ain’t gonna be a fun ride. Anyone who has thought this isn’t a war and that the masses would just adopt bitcoin have been deluding themselves.
We have a long, long road ahead of us. I think maybe some people are just now waking up to this.
