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72 sats \ 10 replies \ @siggy47 OP 16h \ parent \ on: I'm not sure if this is good or bad bitcoin
So there is nothing really "wrong" with any asset? ETH? Ripple? Tether? Mortgage backed securities? It's just the people who trade them?
I personally think it's an insult to MBS to name those in one list with Ripple, even though it's still dirty trickery.
USDT is IOUs except it's kind of opaque
XRP is corp stocks
ETH is corp stocks that then diluted through PoW rewards
None of these compare with Bitcoin in mechanism, so the problem is to enumerate them in the same group as Bitcoin, or even "shitcoins". It's not apples-to-apples.
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Kind of my point. Bitcoin isn't just another asset.
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Yes. I think I'm having trouble expressing myself re kepford's point. If you have read Nic Carter's maxi attack from a few years back, he basically criticized bitcoin as taking on an almost religious worship among its adherents. He saw it as just another tool. An asset to be used like others. I think it is fundamentally different. There's nothing wrong with the financial system embracing it. Sometimes I worry that it will stifle adoption, but I could be wrong, and even if it does, that would only be temporary anyway. But, it shouldn't be judged by its performance in that system. Being brought into the financial system, as a treasury asset or through ETFs, will only lead to financialization and rehypothetication like gold suffered from after 2005. It looks like that is ending (temporarily?) for gold and silver now, which is good. Wall Street sees bitcoin, on the other hand, as a risk-on tech asset. That's why gold bugs and financial normies are quick to dismiss bitcoin's store of value properties whenever its 24/7 liquidity is used to bail out some other, inferior asset.
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The market knows that gold was neutered by the etfs. Perhaps the market is waiting to see if bitcoin will be similarly neutralised.
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it shouldn't be judged by its performance in that system.
This is why my SN header says
1sat=1sat. It's a bit of a comforting lie, but it helps focusing on things that matter.will only lead to financialization and rehypothetication
If Bitcoin is an independent asset, then indeed, like gold and housing, it risks being enshittified by governments, corporates and their narration of markets. There is no way to stop it other than by offering an alternative way. We don't need to develop that alternative because we somewhat have it, but, due to the financialization, we're not free from influence of the tradfi system and their shenanigans either, because arbitrage. You wouldn't buy my service if I price it statically in 2015, 2019 or 2023 BTC, because it'd be cheaper to sell less sats for fiat and source it from someone that accepts fiat then; we cannot be free of fiat as long as it isn't dead. And if it dies then some clown will issue stonks or other IOU vehicles in their ponzi at any time and scam people out of their sats that way.
I still do think Bitcoin is the best vehicle we've got as a tool in the financial freedom belt, but it's not going to eradicate greed, manipulation, and ponzis, and it won't be immune to that. I'm ashamed to not be able to formulate a workable vision for a Bitcoin future that is free of bad actors.
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Good point. In a free market without regulation investors will sell you dog shit in a paper bag if they can get away with it. But has the current system ever made sense? People trade US debt around and have the nerve to call something that is on the 38+ Trillion in the hole “a safe haven”
So should be be surprised that MBS, ripple and eth found a market for traders
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I see @kepford's point. It's like Nic Carter's attack on bitcoin maxis for treating bitcoin like a religion:
I'm sort of guilty as charged. I do think it is different and ideological.
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The market is the aggregate of individual opinions. ETH may be useless. I think it is. But I'm in the minority. Point is, this is just how it works. The world isn't gonna wake up loving Rand and Rotbbard tomorrow. I think we see bitcoin as much more than an asset. But the reality is gold isn't even understood the way I and many hard money people see it. Why would we think bitcoin will be different? If bitcoin is what we think it is people won't have to understand it to be affected.
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