0 sats \ 4 replies \ @siggy47 24 Oct 2023 \ parent \ on: Don't get too upset about the bulls***. BITCOIN is the TROJAN HORSE. bitcoin
We can point out the differences between the three all day. Most bitcoin has already been mined. A massive price appreciation would cause almost all the "diamond hands" to sell to captured entities like etfs. Your points about cross border payments, centralized mining, etc are all valid. It's just that after the confiscation it will be quibbling about crumbs (newly mined bitcoin)
Confiscation is about the only valid method I see. But that’s difficult to imagine in todays world - it’s very different from the one in which it was achieved in the USA with gold.
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I'm sorry. I shouldn't have used that term. I didn't mean literal confiscation. I meant basically bribing all the self custody holders like us with an enormous price appreciation. In mafia terms-make us an offer we can't refuse.
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Ah, ok.
It just seems to me that the US holding some amount of real BTC, while supporting Bitcoin investment vehicles (even if ‘paper’) further legitimizes bitcoin as a commodity and increases the market cap , and in turn helps stabilize its value in time.
I suppose it might bolster the dollar at least for some time, but I wouldn’t be too concerned about that personally. Is that a nightmare to you or do you foresee the dollar somehow remaining perennially due to this new scheme of the government and Blackrock? If so, I’m still unclear as to precisely how that will be achieved.
It doesn’t stop us holding it and transacting with it, ultimately, and anything that fails to do that is really supporting it.
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Despite everything I'm saying I'm still buying as much bitcoin as I can. I just think it won't be smooth sailing.
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