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100 sats \ 3 replies \ @tenuous 17 Aug 2022 freebie \ on: Operation Tornado Dust 🌪️ 💸 🔒 bitcoin
Can someone help me understand what evidence actually points to shitcoins being bad for bitcoin? And if shitcoins go down, who is to say that benefits bitcoin?
I am not talking about the impact on an individual getting rekt. But why do some assume that shitcoin money would map 1:1 back into BTC?
I have heard way more stories (including mine personally) about shitcoins leading people to BTC than vice versa.
I am confused. Your last paragraph contradicts the earlier two. If shitcoins lead people to bitcoin, then why wouldn't said shitcoin's demise increase interest in bitcoin, which to the shitcoiner seems more and more stronger and stable by the day? It will definitely not map 1:1, but majority of the value will find its way to bitcoin (apart from the few people who can't seem to live without their animal nfts, who would just go to the next shitcoin in the queue)
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A few alternative scenarios:
- Someone gets rekt on a shitcoin and becomes a fiat maximalist for life, lumping bitcoin in with shitcoins.
- Someone had no knowledge of bitcoin, but learned about it through (celebrity nft project). They organically learn about bitcoin now having skin in the game.
If bitcoin is what we believe it to be, it will absorb the value eventually. But in the present cultural reality NFTs or DeFi are just things tech people are interested in. And they happen to help the larger cause of removing money from state. And they teach baby steps into self sovereignty and permissionless tech. Hate to break it to you but a lot of liberal NPC-types are repulsed by "freedom talk" but might be enticed by stablecoin yield. Baby steps.
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Well, yeah there a spectrum of people out there, no doubt. You can't account for all of them and predict their actions. As for the separation of state and money, that's not something that happens overnight. Might take half a century even, who knows, but i hope it happens sooner.
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