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27 sats \ 9 replies \ @Solomonsatoshi 3h \ on: On relative earliness bitcoin
The idea that the legacy fiat powers would just sit by and allow Bitcoin to invade and takeover their hegemony is common but misguided.
Faced with an asymmetric new competitor standard practice for existing monopolies and cartels is to capture and control them.
This is what the bankers have done to Bitcoin...and nobody even realises.
With a cunning combination of tax obligations arbitrarily imposed upon anyone using Bitcoin as a MoE and the threat of withdrawal of fiat banking access to any business daring to accept Bitcoin use of Bitcoin as a P2P payments protocol has been obstructed with huge success.
Extensive FUD against Bitcoin has also contributed and the master stroke is allowing it as a speculative commodity which has enabled bankers to profit by providing ETFs.
The rapid accumulation of Bitcoin into US domiciled institutional custody is significant. Within a few years they will at current rates hold most Bitcoin ever issued.
That results in capture and control of most Bitcoin in a form that inherently prevents its use as a P2P payment protocol.
It also inflates the price, blinding with greed, the majority of Bitcoiners, to what is happening.
Without most people, even Bitcoiners, realising the bankers have captured and controlled Bitcoin- rendering it a harmless and easily manipulated speculative commodity...soon to be mostly held by US institutional custodians.
Bitcoin no longer poses any real threat to the fiat debt slavery bankers cartel and their key market advantage- hegemony over MoE/payments.
I'm not 100% clear on whether you think the price will survive this centralization and capture. If so, you seem to be saying that, contra this comment, price can be high while actual P2P use is negligible. Yes?
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Clearly in the short term it can be as the process of institutional capture and control relies upon acquisition of market share.
But longer term can Bitcoin which was built to provide an independent censorship resistant alternative to the fiat monetary system, hold value when its custody has been captured by legacy financial institutions?
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That's my question to you.
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It is your question but my interest is not so focused upon future price as you are, but rather future functionality.
My point is Bitcoin appears to be likely to fail as a censorship resistant alternative to the fiat monetary system given the growing capture and control by legacy fiat operators.
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You ignore the premise of my argument and then get lost in future price speculation...exactly as they have engineered.
'The idea that the legacy fiat powers would just sit by and allow Bitcoin to invade and takeover their hegemony is common but misguided.
Faced with an asymmetric new competitor standard practice for existing monopolies and cartels is to capture and control them.
This is what the bankers have done to Bitcoin...and nobody even realises.'
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You don't actually have an argument, you have a bunch of vaguely conspiratorial statements about what "they" are doing that I have tried to assemble into an argument for you by getting you to clarify one of the mechanisms you're waving at.
But now I'm bored of this and no longer care.
The two are related. If the price is high, then perhaps it will be captured as you say.
If the price is de minimus, then nobody will give a shit, there will not be giant institutional demand, and I can't see how how the scenario you describe is possible.
As best I can tell, your entire argument depends on how you answer the question, unless you can present logic where a bunch of institutions have conspired to control a worthless asset.
I don't see it, personally, unless you think the institutions also control ... Dash, for instance.
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You ignore the premise of my argument and then get lost in future price speculation...exactly as they have engineered.
'The idea that the legacy fiat powers would just sit by and allow Bitcoin to invade and takeover their hegemony is common but misguided.
Faced with an asymmetric new competitor standard practice for existing monopolies and cartels is to capture and control them.
This is what the bankers have done to Bitcoin...and nobody even realises.'