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41 sats \ 3 replies \ @Undisciplined 29 Oct \ on: The Daily Zap — Latest News and Updates alter_native
I think I get the argument about "vampire attacks", but unless those third parties were otherwise going to use the bitcoin network, that kind of usage isn't costing bitcoin anything.
If the ETF custodians and investors (for instance) were not going to use the bitcoin network in either case, then all their doing is reducing the supply of circulating bitcoin, which increases the purchasing power of bitcoin users.
The think you're right. If someone is not gonna use Bitcoin network, how can he even think of harming it. The thought of 'vampire attack' is correct but this ETF thing is not close to that.
Yesterday, we read something about paper Bitcoin and we, all Bitcoiners', just need to put brakes on letting more percentage go into the hands of ETF and centralized channels. I don't know exact figures but except for Satoshi's wallets, most of the top Bitcoin holders are centralized entities. I only doubt one day they all might join hands together and start distributing paper Bitcoin.
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If bitcoin does what we're anticipating, then those ETF holders will be able to convert them into bitcoin at some point in the future, because bitcoin will have won the race for monetary supremacy.
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I hope for the same. I believe Bitcoin will eventually win but I also believe that it won't be an easier ride and there will be speed breakers almost after every mile.
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