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0 sats \ 3 replies \ @Solomonsatoshi 11 Jun \ parent \ on: Will Bitcoin Follow the Internet's Path to Practical Centralization? AskSN
If use of Bitcoin as a MoE does not grow then it fails to become a practical p2p payments alternative to fiat money.
It becomes instead a KYCed and taxed speculative commodity that is almost exclusively hoarded, and not used for MoE.
And this is exactly what is happening.
Bitcoin growing as a MoE is compatible with ETFs acquiring Bitcoin.
Bitcoin grows as a MoE if it's used as such. With or without ETFs. ETFs acquiring Bitcoin just make number go up which push Bitcoin into a more valuable store of value. Which is necessary for it being used as MoE. Bitcoin is antifragile in this sense.
Just needs to stay decentralized and secure as a protocol. And luckily, unlike shitcoins like Ethereum, that does not depend on who holds the coins.
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If you don't get it yet I don't have the time or patience to try to explain it to you.
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Of course I would prefer everyone to do self custody, run their own full node, and have more than their proportional share of the hashrate. The thing with freedom money is that people do with it whatever they want, not what you wish them to do.
But our discussion started with ETFs going against Bitcoin becoming a MoE. And even if ETFs also have negative consequences, they're still inevitable. And they signal growth and adoption of the network.
It's naive to expect that some valuable freedom internet money is not going to be speculated with in the most comfortable way to do so in traditional financial markets. And if that prevents the coin from being usable as a P2P MoE, then any freedom money that could have ever been inveted is doomed.
Bitcoin is fine. It's just continuing to grow as a store of value an medium of exchange.
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