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0 sats \ 6 replies \ @Solomonsatoshi 6 Nov \ on: Be careful what you wish for: Bitcoinization can and will have huge implications bitcoin
The scenario you describe could incorporate a ban on private custody- only institutions could hold Bitcoin.
Thus Bitcoins fundamental purpose to be a censorship resistant P2P payments protocol would have been confounded.
In fact the progression you describe makes a ban on private custody both more effective to apply and more likely.
Is that what you really want?
If so you, like many, are here for the fiat denominated speculative gain, not the revolution.
it is impossible to keep the insitutions out of bitcoin. they are here.
as far as self custody... i may have earlier said OK sure self-custody will be under threat.
but not now. not now at all. there is more energy, more money, more political support, and more acceptance of self-custody right now than ever.
who wouldn't want to hold a lit bit of 'digital gold' soon to be a strategic reserve asset... in a shoebox in their closet? everyone, at this rate, will want it and a certain amount of custody for individuals will be natural
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The ratio of self custody is in steady decline.
The number of hodlers who have not been KYCed is even smaller.
The rationale for holding Bitcoin as a speculative asset is obvious and is the primary reason most private holding are held.
The description and perception of Bitcoin as a speculative commodity is a subtle but powerful undermining of what Bitcoin was established to achieve.
It makes it easier for a ban on private custody to be imposed.
Why would anyone need to hold Bitcoin in private custody if they can have exposure via a managed ETF?
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private custody =/ institutional custody and etfs etc.
private custody lets you spend it directly... and i completely disagree that folks do not know the difference especially now.
mr trump and co reducing/eliminating capital gains taxes on spending i believe is a real possibility now
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Private custody in the form of institutions holding Bitcoin while technically private can easily be differentiated from privately held Bitcoin.
Order 6102 was successful in large part because most of peoples gold was held by institutions which could be relied upon to co operate with the government.
If they remove the CGs on Bitcoin used for MoE I will eat my hat- happily- I do not see it happening but would be very happy to be proved wrong.
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anything is now possible now under Mr trump.
repubs hold the house senate and now white house
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