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0 sats \ 11 replies \ @SwapMarket 5 Jun \ on: Obvious question is Obvious: Where the hell is everyone??? bitcoin
In ETFs
ETFs are 'make-believe' Bitcoin ownership. To really understand it you have to interact with keys which means self-custody.
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Yes but they and corporate Treasury usage and hodling now account for the vast majority of use.
Sweet FA of us still hope and want to use Bitcoin as a MoE...and when we do we are rarely able to do so in compliance with the law....that's no accident!
Bitcoin MoE use has been successfully, and very slyly OBSTRUCTED and prevented from posing any real threat to fiats MoE hegemony.
The result is that Bitcoin is not sustainable long term.
Bitcoin with its reducing block subsidy can only ever be sustainable long term if it develops to provision mass scale MoE.
Traditional payments providers charge 1-3%- Bitcoin does not need to charge that but it does need a growing demand for onchain transactions to support a healthy mining community long term. The development of that MoE growth has been slyly but determinedly blocked.
As a stack and hoard SoV/speculative commodity there will not be enough miner revenue generated to preserve the security of the protocol as block subsidies decline.
Bitcoin will decline inevitably, the way things are going, if its failure to gain mass scale MoE adoption continues.
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maybe blocked for law-abiding retailers in the developed countries, but alive in well in unbanked third world and is growing in cross-border trade to avoid sanctions. try blocking that.
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But in nearly all developing countries Bitcoin MoE is explicitly outlawed and so those using it are doing so at risk.
It is estimated that 70% of humanity lives under an autocracy and nearly all autocracies prohibit Bitcoin use as a MoE.
Actually in the developed liberal democracies retailers can technically accept BTC payments without too much complexity and tax obligation implications if they use an application/provider that converts BTC sales to fiat immediately, but virtually all their customers are going to be breaking their tax recording and reporting obligations and so too few customers willing to take that risk prevents mass scale adoption.
The 'liberal democratic' states obstruction of MoE use is subtle and sly, but also very effective.
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Why does it bother you? I don't care how other people use Bitcoin. For my goals, it functions perfectly and with low fees.
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Network effect has been blocked.
You ignore this out of arrogance or ignorance.
Bitcoin has been redefined into a harmless speculative commodity plaything held and controlled increasingly by bankers and only used as a MoE on the very margins and almost always outside the the law.
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yes, I use it outside of the law, as intended. freedom borderless money is not subject to any government's laws. only hardcoded consensus rules. most official businesses are enslaved by the system and cannot be free. same for most individuals.
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I do too but my point is that most people are not using it regardless of the legality of using it- they do not even see/understand the importance of money free of censorship and state control.
I would love it if more merchants in my city accepted Bitcoin but they don't- because nearly all Bitcoiners here are stacking for speculative gain, not for MoE freedom...and if they use any of their sats for MoE they will almost certainly be breaching tax law unless making detailed record and collation of all expenditure.
The legal MoE use of Bitcoin has been made so absurdly inconvenient as to effectively obstruct any chance of mass scale adoption.
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The Empire Strikes Back. Spend non-KYC, fuck the taxman, don't get caught.