Oddbean new post about login | logout I agree. I definitely don't like the idea of the big money managers consolidating so much of a rare asset like Bitcoin, especially when it wasn't meant for them. But for so many people, it takes seeing the big institutions trust in it for them to trust it, too. It's the safe way to be intellectually lazy; waiting for approval from up above. That said, I hope other nations collect as much as they can to prevent US institutions from hoarding so much that it's practically pointless.
There's no way to mean for something like Bitcoin to only be for certain people. And big money managers aren't the problem. There's nothing philosophically wrong with being an investment manager. I only take issue with benefitting from fiat slavery at the expense of others. Most of them are just people working within a system they never chose. The most evil is done by the central planners in government. None of the rest would exist without them.
I don't disagree. But it would be naive to believe that the hoarding of an asset, like Bitcoin, is all in the name of controlling supply which is what fiat has done. Money managers do what they do. Bitcoin is naturally deflationary, which is a major attribute of what makes it better for the people; it's far harder to manipulate. But consolidation increases the ability to manipulate.
Admittedly, I sometimes wonder if Bitcoin won't ultimately be a stepping stone to something even greater. Money seems to have an element of evolution to it. Maybe Bitcoin itself will evolve (it already has) or be replaced entirely in 200 years. I think the accumulation will accelerate as the glass hands fall for the fiat bait they offer in the coming years. 100K, 500k,1M BTC is going to be irresistible for many, but I think it's just a grand rug pull. We will never be free of those, I'm afraid lol
I do take issue with 'hoarding' as a term though. The same excuse was used for gold confiscation. Buying and using property legitimately shouldn't have nasty terms attached in the opinion. They have just as much right to buy and hold as we do. Defining hoarding is problematic and always leads to rights violations for everyone.