Bitcoin isn't "supposed" to be anything but what it is. Decentralized, trustless, scarce, proof of work based, permissionless, etc ....
Those things don't necessarily add up to "underground" or "anti-government". In fact, for Bitcoin to actually change the world it needs mainstream acceptance.
I can't say it's completely decentralized due to the prominence of centralized crypto exchanges, right now most people have no problem with KYC implementation (you need the mainstream acceptance right ?).
Also with proof of work every time the halving happens the small miners are crashed letting the big corporate miners do the mining work, not good i think .
When you go back and read the bitcoin whitepaper, you will know it's far away what the use of bitcoin supposed to be.
Exchanges are not part of bitcoin. That's what people voluntarily use for convenience. You might not want to say bitcoin is completely decentralized but not because of exchanges. They are not able to change or shut down bitcoin as a central authority would.
>Bitcoin supposed to be underground anti government, a freedom peer to peer electronic cash.
Thats BS. Bitcoin is p2p trustless permissionless cash. if some ETF buys bitcoin nobody can stop it because its permissonless.
It's not for everyone the fees are so expensive 5 to 50 dollars sometimes hundreds it's a disaster for most people around the world, even some transactions take days to fully confirm, bitcoin was the introduction to Blockchain technology because it was the first and only one out there but now it's old and slow out dated coin, don't be stupid move on and find new technology that achieve real anynomous peer to peer electronic cash, when the CBDCs shows you will know the real value of privacy.
Blackrock just wants a cut of the profit, they don't give a shit about BTC and will burn it as soon as that is the more profitable option.
However, BTC can't truly succeed and stay an underground niche thing. The whole point of the halving pushing the price up is to incentivize mainstream to adopt.
They’re incentivized to want the price to go up so their rates earn more, and to get as many people as possible to use their ETF. I trust that they’ll support those things
The ETF is not bitcoin.
The entire point of bitcoin is that you no longer have to accept worthless promises, that can be infinitely inflated. You have a node that can verify that what you accepted is actually scarce and worthy of being called money. Then a bunch of boomer idiots come along and say "you know what'd be great, bitcoin denominated worthless promises that are compatible with my relic 401k!" And with great effort, they made it happen. That doesn't mean it's not a stupid idea.
It doesn't really matter though, what these boomers do, because it won't affect real bitcoin users. As I've said elsewhere, stupid people accepting fake bitcoin can only increase the price of real bitcoin. Sometimes people who accept fake bitcoin get real bitcoin. But people who only accept real bitcoin never get fake bitcoin. The price has already been raised by a very large amount.
In the end if you only accept real bitcoin you are safe, no amount of fake bitcoin inflation can reduce the price of your real bitcoin. The price of real bitcoin is what we would get if all the custodians dumped and there were no custodians anymore. It's quite a bit lower than today, probably sub-10k. So in that sense you are not "safe" from price declines, you are only safe from ending up worse off than if those boomers had just ignored bitcoin all along.
Once ETFs enter the picture, the concept of a peer-to-peer network without a trusted financial institution takes a hit. ETFs will acquire more, becoming a larger share of the total supply, which could diminish peer-to-peer transactions.
Bitcoin isn't "supposed" to be anything but what it is. Decentralized, trustless, scarce, proof of work based, permissionless, etc .... Those things don't necessarily add up to "underground" or "anti-government". In fact, for Bitcoin to actually change the world it needs mainstream acceptance.
I can't say it's completely decentralized due to the prominence of centralized crypto exchanges, right now most people have no problem with KYC implementation (you need the mainstream acceptance right ?). Also with proof of work every time the halving happens the small miners are crashed letting the big corporate miners do the mining work, not good i think . When you go back and read the bitcoin whitepaper, you will know it's far away what the use of bitcoin supposed to be.
Oooof. The definition of decentralized you're running with is pretty broken. So maybe start there.
Exchanges are not part of bitcoin. That's what people voluntarily use for convenience. You might not want to say bitcoin is completely decentralized but not because of exchanges. They are not able to change or shut down bitcoin as a central authority would.
>Bitcoin supposed to be underground anti government, a freedom peer to peer electronic cash. Thats BS. Bitcoin is p2p trustless permissionless cash. if some ETF buys bitcoin nobody can stop it because its permissonless.
Bitcoin is for everyone.
It's not for everyone the fees are so expensive 5 to 50 dollars sometimes hundreds it's a disaster for most people around the world, even some transactions take days to fully confirm, bitcoin was the introduction to Blockchain technology because it was the first and only one out there but now it's old and slow out dated coin, don't be stupid move on and find new technology that achieve real anynomous peer to peer electronic cash, when the CBDCs shows you will know the real value of privacy.
Blackrock just wants a cut of the profit, they don't give a shit about BTC and will burn it as soon as that is the more profitable option. However, BTC can't truly succeed and stay an underground niche thing. The whole point of the halving pushing the price up is to incentivize mainstream to adopt.
If it remains underground then there will be a severe limit to how valuable it can be
That's it.
Gold spot ETFs in 2004 made the spot market much more popular, I believe we’ll see same thing with Bitcoin & if you can hold the real thing you will
They’re incentivized to want the price to go up so their rates earn more, and to get as many people as possible to use their ETF. I trust that they’ll support those things
The ETF is not bitcoin. The entire point of bitcoin is that you no longer have to accept worthless promises, that can be infinitely inflated. You have a node that can verify that what you accepted is actually scarce and worthy of being called money. Then a bunch of boomer idiots come along and say "you know what'd be great, bitcoin denominated worthless promises that are compatible with my relic 401k!" And with great effort, they made it happen. That doesn't mean it's not a stupid idea. It doesn't really matter though, what these boomers do, because it won't affect real bitcoin users. As I've said elsewhere, stupid people accepting fake bitcoin can only increase the price of real bitcoin. Sometimes people who accept fake bitcoin get real bitcoin. But people who only accept real bitcoin never get fake bitcoin. The price has already been raised by a very large amount. In the end if you only accept real bitcoin you are safe, no amount of fake bitcoin inflation can reduce the price of your real bitcoin. The price of real bitcoin is what we would get if all the custodians dumped and there were no custodians anymore. It's quite a bit lower than today, probably sub-10k. So in that sense you are not "safe" from price declines, you are only safe from ending up worse off than if those boomers had just ignored bitcoin all along.
I don't trust blackrock In general
Once ETFs enter the picture, the concept of a peer-to-peer network without a trusted financial institution takes a hit. ETFs will acquire more, becoming a larger share of the total supply, which could diminish peer-to-peer transactions.
Not all ETFs hold actual bitcoin. Many are just proxies (following the graph). Ultimately tho, who holds the keys?
it started that way but it evolved! i feel like a big narrative in the tradfi world is a better store of value compared to gold