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The BlackRock ETF don´t is completely against the Bitcoin principles? It is a megacorp centralizing it.

by bratao 3y ago

kneel 3y ago
That's not how centralization works, at least in the Bitcoin world
pzduniak 3y ago
This is good for Bitcoin because number go up!
f321x_ 3y ago
No matter how much you own, you cannot change the protocol's rules, that's the point of Bitcoin and one of the reasons it has to consume energy.
diggan 3y ago
Well, from my understanding, it seems more like the "megacorps" are conceding and joining Bitcoin, rather than the other way around. Bitcoin is still the same (mostly) it was a decade ago, so who/what changed in order to make the ETFs happen? It doesn't seem to have been the protocol at least.
- saalweachter 3y ago
  I dunno, a decade ago people were still acting like Bitcoin was a currency and making apps and signing up coffee shops and talking about how if the entire global GDP of $45T went through Bitcoin, each Bitcoin would therefore be worth $2 million. Now it's just, an asset, that's worth money, for reasons?
  - diggan 3y ago
    I think that's OK? What something is used for does sometimes change after it's been deployed. What was once a network for universities to communicate and share information, became something much more than that, for better or worse, as one example. Not sure if counting it as a currency, asset, technology or whatever changes anything regarding if Bitcoin ETFs are a "win" for Bitcoin or not.
  - lurking15 3y ago
    > Now it's just, an asset, that's worth money, for reasons? The total cluelessness belied here in an effort to discount bitcoin as though it's unthinkable that anyone would want it is such a silly posture to take. Before the transaction pool wasn't crowded, now it is because it's highly valued around the globe. It's a vehicle for scarcity, and functions like a money or foundational asset similar to a US treasury which serves as the base asset for the USD (along with gold to some extent until the federal government debased those holdings through profligate spending). In some sense a US treasury is a token, it's as money by banks, which is probably how bitcoin could end up, while also being a much more transparent system that individual can use to some extent though not "for buying a coffee". Coffee shops don't accept gold bars either, yet gold has certainly been money (not so much these days).
    - eric_cc 3y ago
      > Coffee shops don't accept gold bars either, yet gold has certainly been money (not so much these days). This is true but it's largely because of the logistics. It's not that coffee shops don't want gold, it's just that it's too inconvenient to accept it. Bitcoin, on the other hand, is incredibly easy to accept. And unlike gold, Bitcoin can't be counterfeited. I know, in the USA at least, "digital gold" is the current narrative. But "daily currency" is just around the corner.
      - lurking15 3y ago
        What I'm saying is that bitcoin mostly serves as a reserve asset and store of value, and as a unit of account it's great. For daily transactions and payments you end up relying on layer2 options (again totally in favor of those but there's a nuance to this since bigoted people jump at that aspect and say it "disproves" bitcoin) which is somewhat different than saying you're using bitcoin, it's a roundabout way of using bitcoin much like no one pays for things with US treasuries, but they do use notes which derive their value from treasuries.
  - eric_cc 3y ago
    > Now it's just, an asset, that's worth money, for reasons? Wrong. There are multiple narratives for Bitcoin. I'd argue the most popular narrative in the United States today is that it is digital gold. But if you follow closely, a LOT is happening on the currency front. The digital gold narrative will converge with the daily currency narrative in the next ~2 years, I'd estimate.
- Ekaros 3y ago
  These funds run out of things to pump and get cut out off? Just because they offer instrument, does not mean they aren't there only to make money on their cut.
deleted 3y ago
[deleted]
npoc 3y ago
Bitcoin's main function is to shut down the central banking scam - to separate money and state. If BlackRock try to fractional reserve their bitcoin holdings, they will be risking a "bank run"-fuelled bankruptcy which are what used to keep the traditional fractional reserve banking scam in check, before the berth of the infinite money printers of the central banks (e.g. formation of the Federal Reserve).

The BlackRock ETF don´t is completely against the Bitcoin principles? It is a megacorp centralizing it.

by bratao 3y ago

The BlackRock ETF don´t is completely against the Bitcoin principles? It is a megacorp centralizing it.

kneel 3y ago

That's not how centralization works, at least in the Bitcoin world

pzduniak 3y ago

This is good for Bitcoin because number go up!

f321x_ 3y ago

No matter how much you own, you cannot change the protocol's rules, that's the point of Bitcoin and one of the reasons it has to consume energy.

diggan 3y ago

Well, from my understanding, it seems more like the "megacorps" are conceding and joining Bitcoin, rather than the other way around. Bitcoin is still the same (mostly) it was a decade ago, so who/what changed in order to make the ETFs happen? It doesn't seem to have been the protocol at least.

saalweachter 3y ago
I dunno, a decade ago people were still acting like Bitcoin was a currency and making apps and signing up coffee shops and talking about how if the entire global GDP of $45T went through Bitcoin, each Bitcoin would therefore be worth $2 million. Now it's just, an asset, that's worth money, for reasons?
- diggan 3y ago
  I think that's OK? What something is used for does sometimes change after it's been deployed. What was once a network for universities to communicate and share information, became something much more than that, for better or worse, as one example. Not sure if counting it as a currency, asset, technology or whatever changes anything regarding if Bitcoin ETFs are a "win" for Bitcoin or not.
- lurking15 3y ago
  > Now it's just, an asset, that's worth money, for reasons? The total cluelessness belied here in an effort to discount bitcoin as though it's unthinkable that anyone would want it is such a silly posture to take. Before the transaction pool wasn't crowded, now it is because it's highly valued around the globe. It's a vehicle for scarcity, and functions like a money or foundational asset similar to a US treasury which serves as the base asset for the USD (along with gold to some extent until the federal government debased those holdings through profligate spending). In some sense a US treasury is a token, it's as money by banks, which is probably how bitcoin could end up, while also being a much more transparent system that individual can use to some extent though not "for buying a coffee". Coffee shops don't accept gold bars either, yet gold has certainly been money (not so much these days).
  - eric_cc 3y ago
    > Coffee shops don't accept gold bars either, yet gold has certainly been money (not so much these days). This is true but it's largely because of the logistics. It's not that coffee shops don't want gold, it's just that it's too inconvenient to accept it. Bitcoin, on the other hand, is incredibly easy to accept. And unlike gold, Bitcoin can't be counterfeited. I know, in the USA at least, "digital gold" is the current narrative. But "daily currency" is just around the corner.
    - lurking15 3y ago
      What I'm saying is that bitcoin mostly serves as a reserve asset and store of value, and as a unit of account it's great. For daily transactions and payments you end up relying on layer2 options (again totally in favor of those but there's a nuance to this since bigoted people jump at that aspect and say it "disproves" bitcoin) which is somewhat different than saying you're using bitcoin, it's a roundabout way of using bitcoin much like no one pays for things with US treasuries, but they do use notes which derive their value from treasuries.
- eric_cc 3y ago
  > Now it's just, an asset, that's worth money, for reasons? Wrong. There are multiple narratives for Bitcoin. I'd argue the most popular narrative in the United States today is that it is digital gold. But if you follow closely, a LOT is happening on the currency front. The digital gold narrative will converge with the daily currency narrative in the next ~2 years, I'd estimate.
Ekaros 3y ago
These funds run out of things to pump and get cut out off? Just because they offer instrument, does not mean they aren't there only to make money on their cut.

deleted 3y ago

[deleted]

npoc 3y ago

Bitcoin's main function is to shut down the central banking scam - to separate money and state. If BlackRock try to fractional reserve their bitcoin holdings, they will be risking a "bank run"-fuelled bankruptcy which are what used to keep the traditional fractional reserve banking scam in check, before the berth of the infinite money printers of the central banks (e.g. formation of the Federal Reserve).