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314 sats \ 3 replies \ @tomlaies 17 Dec 2023 \ on: Not so toxic rant, but this ETF stuff made me realize something bitcoin
I doubt that will happen.
It's a nice pessimistic doomer story.
But that's not how economics work. When there is a market demand (people want to own keys) and there is a supply it creates an arbitrage situation. Despite it not being possible anymore for a cartel to monopolize supply, even if there was someone will give in and exploit the arbitrage situation. No cartel/oligarch likes seeing their competitors make arbitrage profits. As soon as a second one gives in there is competition and a race to the bottom in margins.
Capitalism is the natural state of economics. When there is demand and there is supply, the two will be matched. It's inevitable.
This is all hypothetical tho, it's too late for a cartel to ever monopolize supply on Bitcoin UTXOs anyway now.
Read the next part of what I said. It will be passive, not active. No 6102 or anything like that but things like psyoping on chain fees passively does this.
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I read it.
I agree there will be fractional reserve paper money denominated in Sats. I agree these products will have advertisements for them. I disagree there will be advertisements against owning own keys. Because that's simply not possible as a realistic goal to enforce.
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I agree. They won't even mention keys. It's a passive low-key (no pun intended) thing.
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