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10 sats \ 4 replies \ @purpurato 13 Feb 2023 \ on: Coinbase, Kraken, Binance-->their business models don't work anymore. bitcoin
This is a very interesting subject, there is clearly an attack on bitcoin and it's no longer covert now. I had hope we would have a smoother transition, but the way things are turning this market will end up underground and this is clearly not good for wider adoption. I don't see how people like Saylor will be able to hold the asset if it cannot go to an exchange that follows all the rules, these guys/institutions simply cannot use Bisq or Robosats.
This begs the question: should we try to fight the system in its own terms and try to legally work this out, or should we just let it go and continue in a way that will tear us apart from the statu quo?
This is an attack on the companies issuing unregistered securities we call crypto, not the social construct we know as Bitcoin. Do not conflate the downfall of crypto with Bitcoin.
This is good for Bitcoin, and this is good for everyone who would have otherwise been scammed by crypto companies.
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I think you are right, but I am not confident that everyone will see it the same way. I think anyone who looks at it long enough, with open perspective, will see it this way, but public sentiment is hard to change once set.
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There is already a social mental barrier to Bitcoin and the scams of crypto being the same thing. Public sentiment is already set. Letting the law sweep up the mess and bring down the companies while the social construct remains unaffected, is a net positive in my view. Don't worry about the company adoption and the bank adoption and the central bank adoption. Just focus on the community building, being a better person, building your community up and educating on the ground about Bitcoin and how its a social construct in depth and detail.
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Yeah I'd say whatever is left of "crypto" will have to take a giant step towards bitcoin for liquidity, establishing trading pairs, censorship resistance, etc. I definitely feel the crackdown is an enormous good. It's the faux decentralized ideologues that just get to me. If you're tokenizing a company, a scam, a gamble, moonshot, unicorn, fine. But when you affinity scam sound money, and decentralization, we end up in the same place we were in the late 90s with .com companies. Amazon and Netflix (hard to believe it was started in 1997) were indistinguishable from all the other scams and were traded as such in March 2000. This year is going to be astounding for bitcoin as soon as we thresh the grain from the chaff. March will probably see extreme volatility.
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