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100 sats \ 3 replies \ @nerd2ninja 30 Jun 2022
Well good for them, but I've said before that I personally hope an ETF never comes to fruition. Yes, people have said this paper Bitcoin method will drive up the price or whatever, but honestly fuck the institutions. We're growing up from the ground over here. This natural grass roots growth that maybe even screws over the institutions is what I'm much more interested in.
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27 sats \ 1 reply \ @k00b OP 30 Jun 2022
Most people who know better than I do seem to believe the spot ETF will make the price go crazy. I suspect it's hard for institutions to get their hands on it otherwise.
Also, I get what you're saying, but don't institutions almost by definition hold/maintain/manipulate the world's wealth? And in order for Bitcoin to flippin them, don't we need that wealth to rush into Bitcoin? At some point institutions need to come in if we want Bitcoin to be the new institution.
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100 sats \ 0 replies \ @nerd2ninja 30 Jun 2022
No, and I think a focus on price is a distraction. I'm also concerned about the overall willingness to appeal to the old guard for bag pumping purposes. We doxxed a lot of miners in hopes of defeating the ESG narritive that Bitcoin was bad for the environment and not only did it not defeat said narritive, a lot of our hash power locations are now geographically identified. I've been thinking of ways to repair this such as ASIC based space heaters. I think Bitcoiners need to remember that governments are part of our threat model.
Yes institutions manipute the world's wealth, but they do this by printing dollars to steal from savers to in turn trade for money (often houses aka houses are the money of the 1%). Bitcoin being a limited supply, absorbs this money printing. That's all we've needed. Bitcoin's fundamentals are what will allow Bitcoin and Bitcoiners to flippin the institutional control, not an appeal to it.
A user posted this today: https://bitcoinmagazine.com/business/38-high-school-students-in-el-salvador-earned-a-bitcoin-diploma
I believe this will flippin institutions
This is an initiative in Africa that builds communities and teaches people about sound money: https://www.builtwithbitcoin.org/
I believe this will flippin institutions
I believe new Bitcoin businesses will flippin institutions
I believe the principles of sound money volunteerism by which volunteering builds up people and thereby increases productivity in an economy which uses Bitcoin and therefore increases the amount of goods and services can be purchased with the sound money known as Bitcoin will flippin institutions
Institutions will be flippin'd because the nature by which the system operates is its own poison.
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0 sats \ 0 replies \ @Cornholio 30 Jun 2022
Adoption means Adoption for everyone - including institutions. I think its equally important they are included and if you have a long term mentality on Bitcoin, it literally won't matter whatever the negative aspects they could have in any immediate future.
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0 sats \ 1 reply \ @Cornholio 30 Jun 2022
Could someone explain why they are suing? I thought the SEC was pretty clear in that they view Bitcoin as a commodity. Would this not put it under CFTC jurisdiction or am I missing something?
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0 sats \ 0 replies \ @nerd2ninja 30 Jun 2022
Bitcoin is a commodity, but an ETF is a security.
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