ETFs , Treasury company stocks, bitcoin on exchanges, bitcoin in custodial wallets is all paper bitcoin IOUs and not the real shit. If you want to join bitcoin buy, use and hold real bitcoin. I have no respect for paper bitcoiners. You are feeding the fiat beast and facilitate fractional reserve bitcoin. Your bitcoin buys never need to actually happen and the price discovery is getting fucked left and right. So say no to paper bitcoin. Its not bitcoin!
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I agree. I hope that some if the paper guys will find their way out of this trapp. For the time being it will push the acceptance of bitcoin, but not the real adaption.
Yhea, and a lot people will find out the hard way. It is what it is, but I believe bitcoin will succeed regardless. Simply because there are no bailouts in bitcoin..
i've done deep analysis on the game theory of bitcoin. it's my opinion that it isn't the end of the story, and that it is being (and has been for some time) attacked to compromise it to mutate it into a CDBC USD. segwit, taproot, covenants, bitcoin core filter policies, and the whole twitter-fiat-bitcoin-influencoor complex, IMO they are all part of an attempt to subvert it.
IMO, there is a huge array of lessons we can learn from the history and events of the chain, and that with this in hand, a better protocol will be made, one that eliminates the conflict between users/miners/custodians and exploits web of trust and adversarial oracle principles, and designs that allow ossification for lightning and the whole protocol without the block size problem, and makes it very hard to fork, soft, or hard.
i still need to polish the design further but i will be implementing it. it uses an un-optimizable proof function based on long division (only CPUs do this well) and some other things. oh yeah, might as well drop the link.
when i look at bitcoin's state right now, with USG adoption imminent, all i see is a repeat of the same thing i witnessed in several music-oriented subcultures i was part of over the years. the normies are coming, and they will turn it into fiat. so, i want to at least do what i can to prepare a way to escape from that into a system that is specifically designed to not allow any of the compromise strategies i see being applied.
https://git.mleku.dev/mleku/jericho/src/branch/dev/Jericho%20Consensus.md
it's based on the polycentric law system of ancient Jericho, a city that has 9000 years of evidence of absence of a centralised government.
specifically, money has a big problem without a universally trusted oracle, like we see with central banks. fixing this problem and creating security and maintaining vigilance without causing fatigue on participants is critical to eliminating the tendency to centralize.
i hope i am wrong about the compromise i see coming, but i wouldn't want to have people not pay attention. it was that substack article which pointed out the "mexican standoff" structure of the game theory that started me rolling on this.