Oddbean new post about login | logout Saylor has always been an excellent example of a scaling problem. Scaling to large companies and VC money necessarily invites these characters in. They seek regulatory clarity to preserve their USD denominated purchasing power. You want NGU? You can have it. The cost is the cypherpunk ethos that got bitcoin this far. Regulatory capture is a real threat.
mfkers be like "if only enough people buy bitcoin the state will cease to exist and it will all be rainbows and bunny rabbits" please grow up. nostr:nevent1qqs8qqagm8k7rw3hlgt243e9mr6rl74gxn7hmzvm787shfjd836eukspr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqpwvvw09
"But number go up, bro"
“They seek regulatory clarity to preserve…” so true dude. It’s always about number go up… Bitcoin seems to have lost its initial plans. Which is obvious when you have some jackass like Larry Fink saying he loves Bitcoin now
Setting the stage for regulatory capture. This was always the plan. nostr:nevent1qqs8qqagm8k7rw3hlgt243e9mr6rl74gxn7hmzvm787shfjd836eukspr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqpwvvw09
because powerful institutions are interested in control. not freedom. nostr:nevent1qqs8qqagm8k7rw3hlgt243e9mr6rl74gxn7hmzvm787shfjd836eukspr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqpwvvw09
Explain to me how these institutions are going to control Bitcoin?? Not everyone is going to go full self sovereign cypherpunk even though I agree they should. NGU is necessary for us to build freedom go up tech.
You are going to control utxos that you can't spend anywhere without cumbersome kyc requirements and severe tax burden but not to worry! there will be an alternative that is easy to use and accepted everywhere! deposit your utxos at SaylorBank and you'll get a 10% premium on sBTC! (backed by Bitcoin™️) OR you can just go ahead and transact with plebs directly right now. you don't need NGU for that. freedom is now.
I entirely agree, we have all of the tools to build an entirely p2p circular economy right now and that is the path that I want to take. However, I have no doubt that the first scenario that you described will also be a reality there will be many institutions offering bitcoin products and a lot of people will choose that convenience. Some people will have to learn “not your keys not your coin” the hard way. But I don’t see that as a bad thing, everything has trade offs and ppl will do what they want. But having more coins trapped in these fiat institutions only makes on chain kyc free coins more valuable.
Don't underestimate the number of UTXOs that are going to be captured and the penalties tthat will be levied on those that don't interact with the walled garden system. If Bitcoin is actually successful and becomes a legitimate threat to the banking system, they are going to kill people that don't comply. They aren't going to be "Bitcoin products offered by companies for convenience" They're going to issue paper BTC or some bullshit cbdc instead and self-custody will be de facto criminalized. Although in reality, they probably don't need to take it to that point because 99% of people will voluntarily give up their UTXOs in exchange for convenience and increased purchasing power. Bitcoiners are not preparing for war. They just fantasize about NGU and how rich are they going to be inevitably. Nobody understands how bad the "then they fight you" part is.
I respect that stance, I think Bitcoin needs people like you to call out potential threats. I do agree there is likely harder times ahead of us and the powers that be will not relinquish that power willingly. However, I have hope that most people have more to gain from embracing Bitcoin than fighting it and once we have enough people on our side it will be impossible to fight. Bitcoin was designed to resist nation state level attacks and I find it highly unlikely that the government is going to start executing people for holding their own keys. Don’t forget that the government still derives its power from the citizens and if they push it too far they will lose all of their power. That being said, self custody is a hill that I am willing to die on. I just hope that it doesn’t come to that.🤷🏼♂️
Its naive to think they won't defend their ability to extract value from society with extreme force. Saylor knows this. https://v.nostr.build/xGuEOKkzcUmb2e9e.mp4
Maybe we need to introduce this new form of money in some sly roundabout way. 👀
Explain to me how these institutions are going to control Bitcoin?? Not everyone is going to go full self sovereign cypherpunk even though I agree they should. NGU is necessary for us to build freedom go up tech.
You are going to control utxos that you can't spend anywhere without cumbersome kyc requirements and severe tax burden but not to worry! there will be an alternative that is easy to use and accepted everywhere! deposit your utxos at SaylorBank and you'll get a 10% premium on sBTC! (backed by Bitcoin™️) OR you can just go ahead and transact with plebs directly right now. you don't need NGU for that. freedom is now.
I entirely agree, we have all of the tools to build an entirely p2p circular economy right now and that is the path that I want to take. However, I have no doubt that the first scenario that you described will also be a reality there will be many institutions offering bitcoin products and a lot of people will choose that convenience. Some people will have to learn “not your keys not your coin” the hard way. But I don’t see that as a bad thing, everything has trade offs and ppl will do what they want. But having more coins trapped in these fiat institutions only makes on chain kyc free coins more valuable.
Don't underestimate the number of UTXOs that are going to be captured and the penalties tthat will be levied on those that don't interact with the walled garden system. If Bitcoin is actually successful and becomes a legitimate threat to the banking system, they are going to kill people that don't comply. They aren't going to be "Bitcoin products offered by companies for convenience" They're going to issue paper BTC or some bullshit cbdc instead and self-custody will be de facto criminalized. Although in reality, they probably don't need to take it to that point because 99% of people will voluntarily give up their UTXOs in exchange for convenience and increased purchasing power. Bitcoiners are not preparing for war. They just fantasize about NGU and how rich are they going to be inevitably. Nobody understands how bad the "then they fight you" part is.
I respect that stance, I think Bitcoin needs people like you to call out potential threats. I do agree there is likely harder times ahead of us and the powers that be will not relinquish that power willingly. However, I have hope that most people have more to gain from embracing Bitcoin than fighting it and once we have enough people on our side it will be impossible to fight. Bitcoin was designed to resist nation state level attacks and I find it highly unlikely that the government is going to start executing people for holding their own keys. Don’t forget that the government still derives its power from the citizens and if they push it too far they will lose all of their power. That being said, self custody is a hill that I am willing to die on. I just hope that it doesn’t come to that.🤷🏼♂️
Its naive to think they won't defend their ability to extract value from society with extreme force. Saylor knows this. https://v.nostr.build/xGuEOKkzcUmb2e9e.mp4
Maybe we need to introduce this new form of money in some sly roundabout way. 👀
I entirely agree, we have all of the tools to build an entirely p2p circular economy right now and that is the path that I want to take. However, I have no doubt that the first scenario that you described will also be a reality there will be many institutions offering bitcoin products and a lot of people will choose that convenience. Some people will have to learn “not your keys not your coin” the hard way. But I don’t see that as a bad thing, everything has trade offs and ppl will do what they want. But having more coins trapped in these fiat institutions only makes on chain kyc free coins more valuable.
Don't underestimate the number of UTXOs that are going to be captured and the penalties tthat will be levied on those that don't interact with the walled garden system. If Bitcoin is actually successful and becomes a legitimate threat to the banking system, they are going to kill people that don't comply. They aren't going to be "Bitcoin products offered by companies for convenience" They're going to issue paper BTC or some bullshit cbdc instead and self-custody will be de facto criminalized. Although in reality, they probably don't need to take it to that point because 99% of people will voluntarily give up their UTXOs in exchange for convenience and increased purchasing power. Bitcoiners are not preparing for war. They just fantasize about NGU and how rich are they going to be inevitably. Nobody understands how bad the "then they fight you" part is.
I respect that stance, I think Bitcoin needs people like you to call out potential threats. I do agree there is likely harder times ahead of us and the powers that be will not relinquish that power willingly. However, I have hope that most people have more to gain from embracing Bitcoin than fighting it and once we have enough people on our side it will be impossible to fight. Bitcoin was designed to resist nation state level attacks and I find it highly unlikely that the government is going to start executing people for holding their own keys. Don’t forget that the government still derives its power from the citizens and if they push it too far they will lose all of their power. That being said, self custody is a hill that I am willing to die on. I just hope that it doesn’t come to that.🤷🏼♂️
Its naive to think they won't defend their ability to extract value from society with extreme force. Saylor knows this. https://v.nostr.build/xGuEOKkzcUmb2e9e.mp4
Maybe we need to introduce this new form of money in some sly roundabout way. 👀
I respect that stance, I think Bitcoin needs people like you to call out potential threats. I do agree there is likely harder times ahead of us and the powers that be will not relinquish that power willingly. However, I have hope that most people have more to gain from embracing Bitcoin than fighting it and once we have enough people on our side it will be impossible to fight. Bitcoin was designed to resist nation state level attacks and I find it highly unlikely that the government is going to start executing people for holding their own keys. Don’t forget that the government still derives its power from the citizens and if they push it too far they will lose all of their power. That being said, self custody is a hill that I am willing to die on. I just hope that it doesn’t come to that.🤷🏼♂️
Its naive to think they won't defend their ability to extract value from society with extreme force. Saylor knows this. https://v.nostr.build/xGuEOKkzcUmb2e9e.mp4
Maybe we need to introduce this new form of money in some sly roundabout way. 👀
Its naive to think they won't defend their ability to extract value from society with extreme force. Saylor knows this. https://v.nostr.build/xGuEOKkzcUmb2e9e.mp4
Maybe we need to introduce this new form of money in some sly roundabout way. 👀
Saylor is leading the regulatory attack nostr:nevent1qqs8qqagm8k7rw3hlgt243e9mr6rl74gxn7hmzvm787shfjd836eukspr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqpwvvw09
Saylor is a fiat maxi leading the charge for regulatory capture of bitcoin. nostr:nevent1qqs8qqagm8k7rw3hlgt243e9mr6rl74gxn7hmzvm787shfjd836eukspr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqpwvvw09
Bitcoin is for everyone (as you know), so as long as the ability to remain outside the tradfi system is there, then it doesn't really matter how some of the network gets used Can he change consensus? No... Rules but no rulers etc Point being, Anarchist Cypherpunks can remain just that. They will never be regulated Maybe we're not in total dissagreement here. I would of course not want to end up at the behest of the US DOJ, and have my abiliyt to self-custody impacted
Basically, I'm saying that the "then they fight you" stage will be much worse than anybody else. Sure, I can hold my own keys and run my own node, and in theory, be totally self-sovereign. But in actual practice, that doesn't do very much unless I have a transaction peer. If they could make it onerous to *actually use the stuff*, then we have a problem. And they are certainly very adept in regulatory capture. It isn't going to be just "some of the network." They are going to map the entire UTXO set and link it to KYC identities over time. On a long enough timeline, there is no privacy. and if people don't think they're going to come for their share, then I think thats being very naive.
also nostr:nprofile1qqs043gn588da502h36q0sffjay9m69mk28dmm805qtgzl7g6n6q0fgpp3mhxue69uhkyunz9e5k7qg4waehxw309ajkgetw9ehx7um5wghxcctwvsqs6amnwvaz7tmwdaejumr0dstwv2yh nostr:nevent1qqs9tmfegh3ltumrg2f4622669fxaf8tk6kmtfxpvssrczd8slhtm3qpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqpax8f0r
Maybe we need to introduce this new form of money in some sly roundabout way. 👀
Basically, I'm saying that the "then they fight you" stage will be much worse than anybody else. Sure, I can hold my own keys and run my own node, and in theory, be totally self-sovereign. But in actual practice, that doesn't do very much unless I have a transaction peer. If they could make it onerous to *actually use the stuff*, then we have a problem. And they are certainly very adept in regulatory capture. It isn't going to be just "some of the network." They are going to map the entire UTXO set and link it to KYC identities over time. On a long enough timeline, there is no privacy. and if people don't think they're going to come for their share, then I think thats being very naive.
also nostr:nprofile1qqs043gn588da502h36q0sffjay9m69mk28dmm805qtgzl7g6n6q0fgpp3mhxue69uhkyunz9e5k7qg4waehxw309ajkgetw9ehx7um5wghxcctwvsqs6amnwvaz7tmwdaejumr0dstwv2yh nostr:nevent1qqs9tmfegh3ltumrg2f4622669fxaf8tk6kmtfxpvssrczd8slhtm3qpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqpax8f0r