Oddbean new post about login | logout This feels a lot like the blocksize war. You had big corporate interests telling people nodes don’t matter, only miners matter. Here you have big corporate interests telling you holding your own keys doesn’t matter, only institutions matter. Can we just skip this mess? The outcome will be the same. We will meme them into oblivion, we’ll run our own nodes and hold our own keys, just like last time.
where there is a cut to be made, there will be bankers willing to act as conduits for on/offramps for bitcoin they are playing a game of whack-a-mole and driving a brain drain... the more they increase the tyranny, the less the smart people want to help them do it, and they go somewhere else where things are more reasonable like here in Madeira, for instance, if mainland EU tries to crack down on bitcoin, this will only increase the influx of more bitcoiners to the island who will continue to increase the amount of business being done here denominated in BTC, and provide yet another piece of ammunition for Albaquerque to promote this island as a bitcoin haven and add fire to the simmering discontent with Lisbon and Brussels that is very obvious when you talk to locals. we are in nero fiddling epoch of the global anglo-german-american empire at this point... the point where the normies realise they are being ridden
I have a feeling that the next war will be more difficult than the last.
Maybe? But we’re more experienced now, with better tools.
Why more difficult? Does not matter how many coins custodians have? Node runners decide the rules like last time. Worst case they can ban non-custodial BTC maybe but they can't easily capture network majority. Saylor positions himselfMSTR as big custodial player maybe. Or 3d chess to downplay power of self custody? Or compromised/ back on the wall?
The only way out is through.
What will determine this is actually miners and how profitable it will be on the different bitcoin networks. Like I said a month or two ago, the next 4 years will be very interesting. BTC will have to fill txns in order to cover mining costs I place of block rewards. BTC needs to get to a higher price per coin in order to pay out the miners at the same or more. Look into it nostr:nevent1qqsvz27jdquc9k94vxysszl3vu2fvqygt2dsnlzn6jjz4ey0vywzjycpzdmhxue69uhk7enxvd5xz6tw9ec82c30qgsxzsz83jdwztcapd2qulzhspnyjvn6jxcypvrl0w3aahp40j4smfgrqsqqqqqpzf3gk4
Miners don’t determine what Bitcoin is. Miners serve at the pleasure of node operators, who reject bad blocks with prejudice. If it’s more profitable for miners to mine corp-chain, that’s fine. There are lots of things people do for money other than mining for Bitcoin.