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5792 sats \ 21 comments \ @0xbitcoiner 22 Feb bitcoin

The European Central Bank Blog

ETF approval for bitcoin — The naked emperor’s new clothes

Bitcoin has failed on the promise to be a global decentralised digital currency and is still hardly used for legitimate transfers. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.

On 10 January, the US Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETFs) for Bitcoin. For disciples, the formal approval confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph. We disagree with both claims and reiterate that the fair value of Bitcoin is still zero. For society, a renewed boom-bust cycle of Bitcoin is a dire perspective. And the collateral damage will be massive, including the environmental damage and the ultimate redistribution of wealth at the expense of the less sophisticated.

[...]

22 February 2024 — By Ulrich Bindseil and Jürgen Schaaf

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0 replies \ @0xbitcoiner OP 22 Feb

ECB reports record loss for 2023 as rate hikes bite, they still have the audacity to come here and spread shameless lies about Bitcoin. Have some decency !

444 sats \ 5 replies \ @south_korea_ln 22 Feb

the ultimate redistribution of wealth at the expense of the less sophisticated

Devil's advocate: it's a fair point.

At the same time, now the distribution of wealth is also at the expense of the less sophisticated, but for different reasons. Reasons based on where you are born and who your ancestors were. Not that different.

At least now, any one can "step in". Even though reality shows that it is still mostly the existing privileged of the fiat world that have spare money to save in Bitcoin.

457 sats \ 2 replies \ @elvismercury 22 Feb

Under-rated point. The existing distribution of resources is unfair by virtually any definition of 'fairness' aside from might makes right. Given that fiat wealth allows you to purchase btc wealth, it stands that the resultant btc distribution will also be unfair by that same standard.

I believe it was @Undisciplined who responded to this critique with (paraphrasing): yes, but after the initial distribution, subsequent btc exchange will trend increasingly toward fairness, as sound money asserts itself. That's where I've come to rest on the matter, personally.

0 sats \ 0 replies \ @03479d0ee6 22 Feb

Exactly this. With bitcoin you won't get more bitcoin just because you have a lot. There is no yield. You have to continue to create value to get more, and in this stage as price increases some will sell, and redistribute, bitcoin volatility also helps redistribution.

0 sats \ 0 replies \ @Undisciplined 22 Feb

I don't recall saying that, but it is what I believe, so I'm willing to accept credit.

I also agree with the point about how it's more fair, for the time being, because anyone can get in early. In the same way that entrepreneurial profits are fair, if you have the vision to get in early (and things break our way), then you earned it by taking on the early risk.

21 sats \ 0 replies \ @Fabs 22 Feb

You know what would've had happened if all of the ~ twenty-one million bitcoin would've been distributed evenly across the global population?

In my opinion, some would've exchanged their share immediately for materialistic wants or because they're simply not interested, others would've lost their share due to bad luck or faulty practices and another group would've held onto it, even increased their stacks.

In that scenario, you'd have people with 0 BTC, people with some BTC, people with BTC, but without access to it and people with stacks of BTC, but with acces to it, or in other words: it wouldn't be that much of a difference.

You will have people whine about it being not fare either way, no matter how you'd go about it.

People like to blame other's for their mistakes.

30 sats \ 0 replies \ @freetx 22 Feb

wealth is also at the expense of the less sophisticated

has there ever been a time in the history of the world, where this wasn't the case?

65 sats \ 1 reply \ @JesseJames 22 Feb

There are a few steps in the recovery process, this one is called "denial" . Also known as "there is a river in Egypt - De Nile" :-)

10 sats \ 0 replies \ @0xbitcoiner OP 22 Feb

Anosognosia: Is Denial a Mental Disorder? 🤠

32 sats \ 0 replies \ @Fabs 22 Feb

Funnily enough I've stumbled upon this blog post earlier today, and honestly?

It reads like the pages of a salty buttcoiner's diary.

Pathetic.

32 sats \ 1 reply \ @03479d0ee6 22 Feb

The funny thing is they don't understand that chart is just euro/usd volatility against btc. Soon the ECB will help that chart go vertical when they cut interest rates.

0 sats \ 0 replies \ @0xbitcoiner OP 22 Feb

41 sats \ 2 replies \ @fm 22 Feb

and is still hardly used for legitimate transfers

no shame

5 sats \ 1 reply \ @0xbitcoiner OP 22 Feb

shameless lies ... mentem com os dentes todos, à cara podre !

8 sats \ 0 replies \ @fm 22 Feb

Roça o ridiculo.. Mas ja sabemos o que a casa gasta

8 sats \ 4 replies \ @JuanMiguel 22 Feb

do normies even read ECB blog posts? yikes

0 sats \ 3 replies \ @0xbitcoiner OP 22 Feb

We need to read to know what's going on and to have some fun.

0 sats \ 2 replies \ @JuanMiguel 22 Feb

i meant normies/fiaters/facebookers, do they read ECB blog posts?

who is the target audience for those blog posts?

i feel like no one reads that shit, besides bitcoiners (when the topic is about bitcoin).

0 sats \ 1 reply \ @0xbitcoiner OP 22 Feb

I agree that most people don't care about this. But we can't ignore that this is what these people say they use as a guide for their followers, and that is dangerous.

21 sats \ 0 replies \ @JuanMiguel 22 Feb

not dangerous at all, they know they can't stop bitcoin, don't worry about this lol

8 sats \ 0 replies \ @0368d36190 22 Feb

let's make them obsolete!