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26 sats \ 2 replies \ @Solomonsatoshi 7 Apr \ on: MONEY CLASS OF THE DAY: We Were Wrong—It's Over econ
mBridge...you failed to mention it or are unaware of it. it is a real thing and is all ready to go.
China is already enabling trade payments for Iran and Russia and the Saudis recently joined mBridge while BIS abandoned its support for mBridge because it is already a potential competitor to the USD/SWIFT hegemony.
But lets ignore these facts and pump Bitcoins prospects shall we?
Bitcoin has already largely been captured by the USD fiat bankers via KYC, mining, ETFs and other forms of US domiciled institutional custody.
The application of taxation assessment and liability to each and every Bitcoin transaction in almost all jurisdictions has effectively relegated Bitcoin MoE use to those prepared to ignore the law.
Like us.
Everytime we zap we are probably breaching our respective tax jurisdiction obligations.
Plus the narrative of Bitcoin as a speculative commodity has largely succeeded in changing people perception and use of Bitcoin removing it as a credible threat to USD payments hegemony.
Most Bitcoiners ignore the above facts and evidence in blind NGU hopium- and it is not that there is no hope but that they ignore the real challenges that confront Bitcoin.
I think bitcoin isn't going 'up', simply because of the limited knowledge about it.
It is associated with 'crypto' basically beanie babies, rather than gold or risk-off assets.
The vast majority of the people buying the ETFs I would wager have no idea how Bitcoin works, have never made a transaction, or even 'looked' at the mempool in any way to understand the energy preserved in Bitcoin when you custody it.
If people have never 'used' it, how can they understand it? At least exchanges give you 'option' of withdrawal, an etf doesn't even provide that. It doesn't say you're buying 'sats' but shares... of the Bitcoin that they hold.
How many prospective etf-buyers even 'know' what a Sat is?
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Yes ETF buyers are missing out on the core value of Bitcoin- self custody, direct control and the ability to make censorship resistant P2P payments free of intermediaries.
The ETF operators are playing on peoples ignorance to capture and control a large slice of the Bitcoin protocols custody and liquidity- I believe they are doing this deliberately and with ill intent...to obstruct Bitcoin liquidity and prevent/limit it posing a growing threat to fiat MoE hegemony.
Hopefully as fiat is increasingly failing more people learn the true power and freedom Bitcoin can enable.
Just hope enough people value freedom over being farmed by rentseeking power grabbing fiat bankers and their lobby captured politicians.
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