901 sats \ 11 replies \ @bitcoin_rationalist 7 Nov 2023 \ on: Some thoughts on the game theory that results from btc wealth bitcoin
Hate to say it but this is a benefit of bitcoin etf
I think I know what you're getting at, but say more about what you're thinking on this one so I don't put words in your mouth.
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ā¢ Have 1 BTC worth of bitcoin in an ETF
ā¢ Robber comes to your house and puts your thumb in garden shears ā¢ Robber says "give me your bitcoin" ā¢ Say "call Larry Fink bro, it's in a brokerage sitting next to my TSLA stock"
ā¢ Robber comes to your house and puts your thumb in garden shears ā¢ Robber says "give me your bitcoin" ā¢ Say "call Larry Fink bro, it's in a brokerage sitting next to my TSLA stock"
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It also gives us all plausible deniability of direct ownership, without even using the ETF.
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The main robber you will likely have to worry about is the state. In an ETF you are handing your corn to them on a silver plate.
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DO NOT invest more than a tiny proportion (single digit percentages) of your net worth in one of those ETFs. Do so knowing full well you intent to cash out within the next 2 year period or are otherwise setting alight your wealth.
Those ETFs and paper claims are going to go to zero, the underlying assets will be confiscated. Read the book The Great Taking if you want to know how. Legal precedent already exists. It's been in the making since the 1970s. The likes of JP Morgan, BlackRock and (in their own words) "The Protected Class" will take the underlying collateral inside those ETFs. There is not enough collateral for the paper claims that exist in the system. You will likely not even see 25% of what you believe you are "owed", the legal documents clearly state you are owned nothing in the mathematical certainty that it will all unravel.
Yes we may even see some high-profile bitcoiners under wrench attacks to get people thinking like @blue_words. To think that it is "safer" to trust others with their wealth. Don't be so weak minded. That is the type of psychological trickery and attacks on individual sovereignty that will occur in this crumbling society. They don't even need to 6102, if you trust them and have this philosophy.
If what is written in that book comes to pass, it will be the biggest confiscation of wealth in human history. It is all laid out, across all Western countries. It may however take more time to play out though, at the top of the next bubble. Once they have enticed the world-in with manic ATH prices and provided Bitcoin with "credibility". Persuading you to buy their toilet-paper IOU rather than pristine BTC.
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FWIW what i wrote above is not how I think, I preach cold-storage self-custody all day erryday. I'm guessing that normies would think like that.
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Glad to hear it š I just hope people are aware that they are playing with fire, having money in:
- the banking system
- any stock
- ETFs
- any paper derivative
I would say there is greater than a 50% chance at this point that this will be how it unravels. CBDCs only get introduced on the back-end of that. Not before. It's a one-time bail-in, that would happen first. The wrench attacks may only come after.
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š¤£
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deleted by author
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security through obscurity!
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