So @logicalinvestor , my thoughts are that Bitcoin as originally

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BSV Enterprise Utility Blockchain (BEUB)

So @logicalinvestor , my thoughts are that Bitcoin as originally

envisioned and as it functioned was ideal (sticking to BTC now, not talking about BSV). The ideas of the little guy owning something that would protect against inflation, and that you yourself were in control of were great. Not everyone jumped on board, but over time many did and still do by downloading wallets and learning how to use/send/save bitcoin.
The ideal path would be for this to continue, much like how you see efforts to expand its adoption over different countries, to be made legal tender etc... and for it to continue on a path of rising over time due to increasing scarcity while money printing continues. People could hold their money without fees or control by the existing system.
Whether its grayscale or Blackrock or Fidelity or others... an ETF means that people would not actually be owning any bitcoin, but rather the funds themselves would. This defeats the control of your funds aspect and allows for the usual monkey business with financial firms which would 1- be charging fees for the funds held 2- Be holding your assets leaving Bitcoin holders with institional failure risk as well as the usual asset risk and 3- Allow people to realize these funds are there and retail investors often sell on declines and buy on new highs and these firms can utilize futures markets and other ways to whipsaw prices etc.
It has happened with every single asset class Wall Street can get its hands on, no reason it will be any different with Bitcoin.
So no control of your own money, fees to hold your money, no way to use your bitcoin to spend or do anything with it etc.
As for concentration of wealth, its a worry everywhere, especially in crypto but over time with higher adoption and if price increases continue it is an ok path. I guess we will see over time what happens. But having major firms that control trillions that are part of the very system bitcoin was created to avoid, be in control of vast amounts of bitcoin that users cannot hold, that gives them more risks doesnt sound good to me.
If a deep recession happens and firms fail as they did in 2009, what happens to peoples Bitcoin? Under the current US system, cash is guaranteed by FDIC up to 250k, money markets are not guaranteed, and stocks have insurance as good as the fund that insures them. Not sure on crypto assets yet if anything would apply or help.

#beub #blockchain #cryptocurrency #english

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12.07.2023

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Saiyan · Accepted Answer

Saiyan

Got it, so more soo the paper bitcoins angle

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12.07.2023

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So @logicalinvestor , my thoughts are that Bitcoin as originally

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