0 sats \ 2 replies \ @028559d218 20 Aug \ parent \ on: People don't have bitcoins to spend bitcoin
I mean... the protocol only means what the node-runners say it means. the protocol is based on the running on nodes. As long as you can run a node, hold your own keys, use a coinjoin when you wish... it's not really 'captured'. The etf people can't do anything except buy and sell shares they cannot make a bitcoin transaction with the etfs.
Captured in terms of the ETFs tying up an ever growing proportion of the total amount of Bitcoin available and by continuing to change the narrative and perception and actual use of Bitcoin by most.
Sure a small minority might still be able to use Sats as a Moe but the majority are using it as a SoV speculative commodity and not as an alternative to fiat MoE.
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in my opinion in the long run it doesn't matter. hodling is still using... and people are holding (even if its the etf) as opposed to other things. holding and saving is using... and eventually imo people want to use and spend directly because it's more efficient
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