Debt, Leverage and Fiat Come to Bitcoin \ stacker news ~bitcoin

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Debt, Leverage and Fiat Come to Bitcoin bombthrower.com/debt-leverage-and-fiat-come-to-bitcoin/

2037 sats \ 13 comments \ @siggy47 11 Jun bitcoin

I can't say I'm happy about all this, but many of the author's points are undeniable. Things are moving quickly.

394 sats \ 3 replies \ @elvismercury 11 Jun

However, this year was a bit of a flip of the script. Rather than promoting HODLing or stacking sats forever, Mallers promoted spending bitcoin and even taking loans against them… debt… because the reality is, as you become an adult, there are things in life Bitcoin can’t buy. There are real moments, real bills quoted and accepted only in USD. This realization helps us understand the simple line Jack quoted:

“Money is a means, it’s not an end.” – Jack Mallers

I think this is progress. The sooner we can throw the stereotypical btc bro narratives onto the shitheap, the better off we'll be, and the bigger chance btc will have to impact the world in truth, not just through religious catechisms.

Reality is a competitive advantage.

13 sats \ 1 reply \ @028559d218 11 Jun

The sooner we can throw the stereotypical btc bro narratives onto the shitheap

What... are the stereotypical btc bro narratives? People into Bitcoin aren't necessairly 'bros'. I am not in fact a bro

21 sats \ 0 replies \ @elvismercury 11 Jun

I wasn't implying that they are or that you are, any more than stereotypes of anything reflect all the participants. But they often exert undue influence, as here.

0 sats \ 0 replies \ @Riberet 11 Jun

Agree with this.

241 sats \ 1 reply \ @Scoresby 11 Jun

In the old system, the people in charge change the rules more or less whenever it suits them.

Isn't Bitcoin only different from this if it has a wide variety of economic actors playing important roles? Bitcoin's rules are hard to change...unless most of the economic activity is taking place in ETFs, treasury companies, stablecoins, and the like. If Bitcoin expands the power of the dollar, it does feel like it risks being captured.

I wonder how much people like Bailey, Mallers, and Saylor think about this.

139 sats \ 0 replies \ @028559d218 11 Jun

If plebs run nodes and use them... we have nothing to worry about. That's why blockspace competition and fee pressure imo is so important

149 sats \ 0 replies \ @028559d218 11 Jun

Throughout the conference, if you heard it once, you heard it numerous times. Bitcoin won’t replace the dollar

Total utter bull****

As a reminder, empires and stability are built on one’s ability to collect, process, and profit from information. Both work nicely in these capacities. So, the undue interest does make sense.

Also total utter bull****. Bitcoin is not a "tool of the empire". It is a tool of the individual.

Money is a means, it’s not an end.” – Jack Mallers Money is a savings technology. Spending is for memories and life.

Yes but Bitcoin is more than money. It is digital capital.

My key takeaway is that what started as an emergent behavior, Bitcoin, has made its way to center stage in 21st-century capital formation. New age dollars are backed once again with layers of sound money and innovative tech rails (stablecoins) that will extend our ability to build the future in both our digital and physical worlds.

Total. Utter. Nonsense. Dollars are backed by

136 sats \ 0 replies \ @optimism 11 Jun

Collaterized sats and leverage has been around since Poloniex. Fiat has been around since Tether launched on Mastercoin - or arguably, since you could buy Bitcoin for Linden Dollars.

What the "новые костюмы" are saying is that they are going to suck banker pipi until they will fully integrate it into the tradfi system. There's no innovation here though, only scaled up exploitation. After all, Bitmex had a good solution for lev'd BTC longs since their inception, but the scammers need more liquidity.

If however you exploit people and businesses that probably should stay far away from debt and leverage, then you may get the liquidity you need.

179 sats \ 1 reply \ @Car 11 Jun

I come to realize in Bitcoin their are two camps. You got to figure which camp you fall into. I know what camp I fall in. The sooner you know the better you will be off. Then at least you can respect everyones opinion, but do your own thing, thats the great thing about being a bitcoiner.

14 sats \ 0 replies \ @siggy47 OP 11 Jun

I feel like our camp is getting smaller every day!

46 sats \ 0 replies \ @0xbitcoiner 11 Jun

Yeah, I think you're right. Probably the Bitcoin conference with the biggest shitcoiner turnout ever!

WTF!

36 sats \ 0 replies \ @Solomonsatoshi 12 Jun

Are stablecoins supposed to enable a competitor to Chinas CIPS and mBridge CBDC based trade payments protocol alternatives to USD/SWIFT hegemony? Stablecoins as a quasi private CBDC backed by USD/UST and/or BTC? Is this what is being suggested or am I missing something?

36 sats \ 0 replies \ @seashell 11 Jun

Debt and leverage coming to Bitcoin feels like history rhyming, not repeating. We watched fiat decay under the same tools. Now those same incentives are creeping into a system that was built to escape them.

Jack’s point about “money being a means, not an end” is fair but we shouldn't confuse that with endorsing fiat habits. If Bitcoin needs to imitate the legacy system to go mainstream, are we innovating or just rebuilding the same trap with shinier rails? Maybe Mallers is right for the world we live in, but not the world Bitcoin could build.