Thanks for writing this, couldn't agree more. I think the market will bifurcate even further with the inevitable approval of BTC ETFs. Non-KYC corn will always be the best (for those that recognize its value), followed distantly by KYC'd corn, followed even further behind by paper claims to BTC (the ETFs and similar tradfi vehicles).

I'd be surprised if the normies didn't rush en masse into paper BTC because they're only concerned with NgU. Sadly, this will act as a regulatory mechanism to ratchet up pressure against the rest of us, clearly a vocal minority, under the guise of KYC/AML or extremist labels.

I could see the logic from regulators as follows: tradfi investment vehicles are safer because of regs/laws -> most normies buy the funds for the NgU tech (stupid) -> regulators point to the funds and say most law-abiding citizens are choosing this option, and the only demand for the other "unhosted" (BS terminology) version is by a minority population of extremists -> thus, we need to criminalize the use of "unhosted" BTC to "protect" the majority of users.

In the end, this wouldn't even stop its usage, only drive it underground. But this is something we need to start actively pushing against, starting yesterday.