153 sats \ 6 replies \ @birdeye21 OP 24 Oct 2023 \ parent \ on: Don't get too upset about the bulls***. BITCOIN is the TROJAN HORSE. bitcoin
Bitcoin was designed for these attacks, and if anything, i see spot etfs as a massive signal to us that Bitcoin is trending where we want it to go. The attacks from the powers that be only validate that.
The way I see it, if Bitcoin hyperbitcoinizes, that implies massive flight of capital out of fiat vehicles, including ETFs. When everyone is dumping legacy assets to pile into Bitcoin, will the market not at some point price in the true value of ETFs (ZERO)?
How we actually tangibly solve the paper bitcoin problem is beyond me, but if Bitcoin really does unlock a truly free market, then I'd like to think we can send BlackRock into a withdrawal spiral crisis like FTX and all the rest trying to print paper Bitcoin
Never underestimate the laziness of most people, and their willingness to follow the crowd. You think everyone will be using self custody rather than buying shares with the accounts they already have? Pension funds, retirement accounts? It's hard enough getting people to withdraw their bitcoin from coinbase.
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It's hard enough getting people to withdraw their bitcoin from coinbase. cancel
It's impossible to withdraw from your pension and buy bitcoin, unless you're 57 (in my country anyway). So yes, people will be buying the ETF, because it's the only way to make that inaccessible money work for you, no matter how hardcore a bitcoiner you are.
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I get your point. People do that now buying MicroStrategy, which is a de facto bitcoin fund, or GBTC. What I was saying is that your average person would not want to self custody even if they can.
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No i am betting that the vast majority in the short term will get their Bitcoin tied up with custodians. Fiat will "infect" Bitcoin. Maybe for our entire lives this will be the case.
But in the long term, I'm also betting that wont really matter if Bitcoin is to win like we think it will. I'm fully (maybe delusionaly) aboard the wave that we'll have the entire world in control of their own money.
But we're still in the dark ages of Bitcoin right now. How the tech developments play out to get us there I have no clue, but it's clear that UX is trending easier and easier. If people are that lazy, then Bitcoin UX will meet that level of laziness.
Have to keep in mind, everything I'm saying is assuming the conclusion: Bitcoin will hyperbitcoinize.
If that's to happen, then we'll get these other kinks worked out.
Whether or not that happens in our lifetimes is another question, but that is (one of) the end goal of bitcoin. Get the middleman out of the money. Period.
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We're on the same page regarding the future. I wish I could stop thinking about that Keynes (of all people) quote:
"In the long run we're all dead."
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Yep. Cant ignore the problems we have to solve with bitcoin now, but the good thing is that they give us more adoption points and opportunities to learn
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