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111 sats \ 5 replies \ @kepford 7h \ on: I'm not sure if this is good or bad bitcoin
I've said it till I'm blue in the face. Any new asset that has achieved a level of understanding and acceptance will become something the current system adopts into their current systems. Gold ETFs don't predate gold but if there was a new discovery of an element and it had actual utility it would eventually be traded.
That's it. Bitcoiners get to worked up about "the right way". Bitcoin isn't an ideology. Just as gold isn't. Oh course its creator had one and we all have them but bitcoin just is.
So there is nothing really "wrong" with any asset? ETH? Ripple? Tether? Mortgage backed securities? It's just the people who trade them?
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Good point. In a free market without regulation investors will sell you dog shit in a paper bag if they can get away with it. But has the current system ever made sense? People trade US debt around and have the nerve to call something that is on the 38+ Trillion in the hole “a safe haven”
So should be be surprised that MBS, ripple and eth found a market for traders
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I see @kepford's point. It's like Nic Carter's attack on bitcoin maxis for treating bitcoin like a religion:
I'm sort of guilty as charged. I do think it is different and ideological.
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The market is the aggregate of individual opinions. ETH may be useless. I think it is. But I'm in the minority. Point is, this is just how it works. The world isn't gonna wake up loving Rand and Rotbbard tomorrow. I think we see bitcoin as much more than an asset. But the reality is gold isn't even understood the way I and many hard money people see it. Why would we think bitcoin will be different? If bitcoin is what we think it is people won't have to understand it to be affected.
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