BOMBSHELL
Thanks to Anon, Bitcoin investor should pay attention, it's the BlackRock iShare Bitcoin Trust ETF REGISTRATION STATEMENT document. The Sponsor is iShare (BlackRock).
https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm
"In the event of a fork, the Sponsor will, as permitted by the terms of the Trust Agreement, determine which network it believes is generally accepted as the Bitcoin network and should therefore be considered the appropriate network, and the associated asset as bitcoin, for the Trust’s purposes. The Sponsor may decide to cause the Trust to sell any Incidental Rights or IR Virtual Currency for cash (including, as determined by the Sponsor, in the case of a fork, the asset that is not generally accepted as bitcoin"
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Your message got me thinking, my intention was not to hurt anyone else, excuse me if I was aggressive, we should build together instead of shooting at each other. So let's get to a serious topic, why do you think Bitcoin is better than Monero ? Please not about price or store of value, moon boys get out please, I was thinking about Lightning Network especially, is it better than Monero privacy ? Is a L2 on Monero is (will be) possible ? Is it a good idea ? Let's go bro
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Why did you say it's political sides ? I hope Bitcoin and Monero want the same thing : Freedom & Privacy. Honestly, I knew Bitcoin around 10 years ago, it was different, there wasn't KYC, Chainalysis, regulations, mining centralization by big companies, LN, altcoins... people where in Bitcoin for the use of it, and it was great, but what Bitcoin today is far different, not in the good way. Bitcoin was created to empower people, to make us free financially (not about NGU), to give us sovereignty over our own money. It was designed as a tool not an asset. Cypherpunks ever wanted to create an anonymous electronic cash system, Bitcoin is not anonymous, probably Satoshi didn't found how to do that, it was maybe too early. Monero succeed where Bitcoin failed and there is no hate on this words, it's just a fact, I'm not against Bitcoin especially, people on the DN are using Bitcoin lesser and lesser for a reason. People need to understand the risk of censorship is real on Bitcoin, I'm not saying you need to sell all your btc for xmr, it's just about the possibilities
I always envisioned a time when the computer equipment would be burned out.
- Banking accounts
- Stocks
- Bitcoin and all crypto
will be wiped out instantly, it will remain Gold & Silver as a store of value.
Bitcoin is a casino, a tool, an ideology, a religion, an investment, a bet, but only a fool will consider it as a store of value
"gold is a worse store of value"
I think we haven't the same definition on store of value. I think Gold (& Silver) is the only good store of value because:
- Gold is untouchable, we can't modify it // Bitcoin is a human invention, it can be modified and it was many time already
- Gold have no dependencies // Bitcoin constantly need electricity and internet
- Gold don't care about any regulation, hack, bug, conflict, shut-down, catastrophic event // The first thing downed in modern war is telecommunication systems, phone, internet, electricity, if you are in a war or catastrophic zone, there is a lot of probability you will don't be able to access Bitcoin, that mean when shit happen, you can't rely on Bitcoin
A store of value is not something that will 100x in a year or even keep value against inflation, it something that will preserve your wealth at any time, peace or war, communism or capitalism, democracy or tyranny... Bitcoin is one of the best investment of the decade for sure but it will never be a store of value, it's just impossible, simply because Bitcoin depend on electricity & internet. What will happen if Internet became heavily monitored and access to the Bitcoin network impossible ? What is going on China or north Korea for example ? How will it be in 10 - 20 - 50 years ? I know Gold will be here, I'm not sure about Bitcoin, that's the difference, that's why Bitcoin can't be a store of value
David against Goliath is a lesson, Goliath was stronger than David, but David kill him at distance. David understood he will not win with force so he used his intelligence. Intelligence can be far stronger than muscles. That's why an Empire can collapse, if someone think he is invincible, he is doomed.
No one is untouchable, keep that in mind and you will survive everything 😉
Futures is a tool to influence on the price, suppress or pump it, they don't even need to fake sell Monero now, they can just artificially lower the price on Futures and letting people sell real Monero for doing the arbitrage, it's the same on PM and on everything they want, Bitcoin price on the other way is probably pushing up because of Futures. And Because price is an indicator, if Monero don't goes up like Bitcoin, people will think Monero have a problem, they "naturally" go to Bitcoin instead, this is how you can deviate compass because yes of course, all roads lead to Monero 😄 🍺
The strange part is Monero don't need to be accepted as payment, when banks & Bitcoin will be clearly censored, people will find an escape room, they will find Gold / Silver and Monero, PM & Monero are the exit, that's why Monero is highly valuable, it's the shadow chest of internet
censored doesn't mean banned, they will push regulatory pressures on miners to implement OFAC, probably the more easy way. Big miners are all identified for sure, it should not be too complicated, especially if you consider they are operating mining in big building which consume a lot of energy and are registered companies anyway
Why do you focus on state buying Bitcoin ? Yes they will probably buy it but that doesn't mean they will be Bitcoin friendly at all, they will eventually accept Bitcoin payment to pay your tax... but they will never incorporate Bitcoin in the system if they don't have regulation on it, it's all about control, the rest is smoke
Government is on it's way to ever more and more regulation / control
We are on the early days of the censorship on Bitcoin, it's growing quickly, in 10 years something like that, Bitcoin will probably be fully controlled or close to be
To be less generic and vague,
People don't understand something about Bitcoin. Bitcoin is working exactly like the banking network, where each miner is a bank
the bank see A want to send X amount of $ to B
the node see A want to send X amount of btc to B
A bank can reject the transaction, the node can too.
Like in the banks, there is rules to accept or deny a transaction, but Bitcoin is based on the majority following the same rules, if the majority want to reject your transaction, they will push a block without your transaction and you will don't be able to transact on Bitcoin.
A big mining pool have rejected a transaction in the past, Bitcoin isn't truly censorship resistant because transactions are not anonymous, the node see address (identity) transact with address (identity), Bitcoin is pseudonymous, it's very different. On Monero, it's impossible to target a specific address, all transactions are anonymous, node see a transaction, but don't know who send to who nor the amount, all transactions are equal, that's fungibility, it's censorship resistant, your 1 dollar bill will be accepted like any other, it will not be refused because it came from these ATM or these location or it was used by someone in particular before you etc.
Every btc have a unique history publicly disclosed on the ledger, we can trace it from the beginning and it's absolutely not a good thing.
1 btc =! 1 btc
1 xmr = 1 xmr
We need to keep in mind this is close to impossible, we need to trust only one thing: the code
It's open source and was checked many many times, it's robust. But you should not think a supply bug or exploit is impossible on public ledger like Bitcoin, it's possible and happened in the early days, it's was on some blockchain too and it took years to discover, maybe there is actually one glitch on Bitcoin and we don't know, maybe someone will find it or maybe not. After 10 years of battle-testing, If someone find a way to create fake Monero, this deserve respect ^^
Probably the next steps:
1. Government will push CBDC
2. People will bankrun to Gold & Bitcoin
3. Government will enforce censorship on Bitcoin through big corporations
4. People will finally understand Bitcoin is compromised
5. People will Bitrun to Gold & Monero
We are early...
I understand we can't trust anyone, we need to go private as possible, don't trust Saylor, Trump, Harris, Musk etc, we should ever expect the worse scenario, transactions on Bitcoin are public, so there will be censorship, the mining is heavily centralized by farm operators ? They will comply on Gov pressure, Blockstream is a private company which want to make money ? So they will go against Bitcoin interest, it's better for them to have Bitcoin with high fees. Ethereum will be more and more censored and Monero will be more and more attacked and blamed... They will push CBDC hard so we need to reject it harder 🥊 😉🥊
#Monero
Is Bitcoiner a illness ? Because the situation is going worse over time...
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Why looking the chart ? I mean, is it really important ? Is this crypto ? I don't care about the price because the bank or the government will not be able to freeze my Monero account, and this is priceless 😃
Remember this in 10 years 😉
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Bitcoin is not long-term resilience, it's already controlled ^^
In 15 years (already done from years) the mining was captured by big corporations which will comply for sure to the authorities to censor transactions, the LN nodes are cloud hosted by Google & Amazon alone for 50%, if we take all the ISP it's probably close to 90%, where 5 entities alone own 50% of the liquidity, it's so decentralized...
The real problem is transactions are traceable, they are not anonymous, censorship is possible, so I expect it will happen soon or later.
At this point it's not a compromise, it's a failure
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Interesting, bitcoiners will have a moral choice to do :
Fight censorship and accept that Bitcoin will suddenly be the wrong guy, Bitcoin will be delisted, people involved will be hunted down and wall street will move out their billions, tanking the price
or
Accept the censorship, after all it's only the criminals which are censored... do business as usual and see wall street inject billions
What do you think will happen ?
I saw a note from NSA where they are talking about Monero as a threat, they wasn't able to crack it, coincidence or not, Monero is a problem for the establishment, seems they are trying price manipulation like in Gold & Silver, but if it don't work they will need to change the strategy and it seems the adoption of Monero is inevitable, so at some point they are fucked. They will probably need to use a far more aggressive and repressive option to stop people moving, and doing these move will logically result in a massive acceleration of the bankrun, seems we are wining ?
The element that will probably move people to Monero is CBDC, but it will not take a week, it will take around a year or two, maybe more. It's true to say the final movement is the bigger generally, at this point, Monero will eventually skyrocket in a week because of a supply shock. But price is not important at the end, we are just taking a share of the anonymous transaction system, we are able to keep and exchange value outside of the authorities control or surveillance, that's priceless today, it will be even more tomorrow
Blockstream created Ring Ct and it was great, but... why Blockstream didn't tried to implement that in Bitcoin ? Blockstream said:
"This goes a step beyond the usual privacy offered by Bitcoin’s blockchain, which relies purely on pseudonymous (but public) identities. This matters, because insufficient financial privacy can have serious security and privacy implications for both commercial and personal transactions. Without adequate protection, thieves can focus their efforts on high-value targets, competitors can learn business details, and negotiating positions can be undermined."
Wtf ?! Conflict of interest ?
https://image.nostr.build/89ed3331510f71b9bf75590226ef4bc86db962a94a805da784dd94f7fd7dbe09.png
Btw, the Ring Ct in Monero is different but it's based on Gregory Maxwell (Blockstream) work. The post of Adam Back seems arrogant for me and it wasn't necessary at all, Shen Noether who implemented Ring Ct in Monero published an article and a whole document about that, where he said:
"Recently the technique
of using a commitment scheme to hide the amount of a transaction has
been discussed and implemented by Bitcoin Core Developer Gregory Maxwell."
You can check here:
https://eprint.iacr.org/2015/1098
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