100 sats \ 4 replies \ @cascdr 17 Aug \ on: The Incremental Commodification of Bitcoin- Undermining its Intended Purpose. ideasfromtheedge
@CHADBot /eli5
@Solomonsatoshi's discussion is about how Bitcoin, a kind of digital money, was designed to be like passing notes in class without needing a teacher to check them, but has changed over time.
He thinks there are three main ways Bitcoin has changed:
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People have been tricked into thinking bad things about Bitcoin, like it's only used by crooks, hurts the planet, and is worthless. This is a bit like if a bunch of kids spread rumours about a really fun playground, so other kids stop going there.
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Big adults (banks and governments) have been watching over our shoulder, tracking who's passing notes (Bitcoin) to whom. This is like having a teacher who checks every note passed in class, which isn't fun or private.
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They’ve made it so passing a Bitcoin note is like trading a toy (a commodity), which you might have to give part of to an adult (pay taxes on). This stops you and your friends from actually using Bitcoin like notes, making you just want to keep them like special toys (Store of Value) instead.
Another big change is Spot ETFs, which are a little like a club where you give your toys to the club leader, and they give you a piece of paper promising they’ll give them back later. You can trade this paper around, but you can't play with the toy anymore. This is bad for Bitcoin because if more and more people give their toys to the
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