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0 sats \ 1 reply \ @mega_dreamer 30 Jul \ parent \ on: Where Them Cypherpunks At?! (Bitcoin Magazine, Shinobi) bitcoin
I agree, instead its just becoming more and more conformant and KYC based asset.
Personally I'm very concerned by bitcoiners rooting for bitcoin treasury companies buying more bitcoin.
No one has been thinking what this will do bitcoin if a "Black Friday of 1929" like event occurs in our stock markets. In such event, the stock traders will not give a shit whether the company is backed by BTC, gold or dirt. They will exit as soon as they can. Thus forcing these bitcoin treasury companies to liquidate BTC at any price. The aftermath will be catastrophic for bitcoin.
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0 sats \ 0 replies \ @fiatbad 30 Jul
Exactly.
On the other hand, if Bitcoin is being used widely for commerce, it would be the money everyone runs to during a Black-Swan.
Ultimately, it needs to actively threaten the current system. If it is not, it is failing.
I'm conflicted about whether it is threatening fiat in a sustainable way.
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