RE: How Solid is Bitcoin? ...Decentralisation under Threat
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I agree with most of what you said, and disagree with a few things... maybe one... 😃
The more Michael Sailor's, Salvador's, Butan's, Trumps/USA reserve's are favouring Bitcoin and take increasingly larger positions, the chances increase the control over Bitcoin as a blockchain and as a currency ends up with the powerful few who will drive both, the blockchain and the currency in directions of their preferences.
I remember the time when I was saying something similar, in the days when Google was taking over the SE sphere from Yahoo... Everyone was cheering, I was concerned about its monopoly position... The same thing happened when they took over the advertising space GoogleAds and Adsense... Everyone was cheering as profits were great for publishers, but that was probably the "full circle" that Google made... Killing the competition... Anyway... back to the topic...
Blackrock expresses that the max supply of 21 Million Bitcoin is not guaranteed and may be subject to change.
I'm afraid that already happened... There is no explanation for this recent BTC dump when EVERYONE is buying thousands and thousands of tokens, while NOBODY is selling... Even mining companies are BUYING additional coins (not selling theirs)!!! Please correct me in this assumption, is there public addresses for ETFs where you can check if they REALLY hold those BTCs? I think not... I bet we have more than 21M BTC tokens (on the paper), while on the chain, we have less...
Like, when the majority of bitcoin holders want changes, they may be able to convince each other and subsequently push through the changes they want and hold the floor in case the other group start to exit.
Agree with this too... Yes, BTC isn't POS, but still, miners are already very, very centralized... and the stake is also getting centralized, which opens many doors for manipulation, bribery (pardon, lobbying 😂), and other shady stuff...
Everything done in crypto space: all for nothing 😂😂
With this, I disagree! Yes, you were probably joking , but it's not for nothing... Bitcoin is the FIRST, and it paved the road for many others... But, there are OTHERS, and there will be more and more of them... We will have a choice to "trust" to someone else... It's not the end, it's the beginning... 😉
Cheers! Have a great weekend... Thanks for kicking my grey cells on the weekend... 😃
The next bear market is going to be very interesting and finding out who is wearing no clothes. It would be good to see BlackRock, Coinbase and MicroStrategy on chain wallets... Haha 😁
Agree with the transparency needs for wallets of these big ass corporates.
WOW, that IS a massive response. A post on its own. You did an 'edje' here, while I was trying to keep my post condense, this time 😆
Do you honestly think this whole Blackrock (and other ETF creators) aren't following their own rules they must have the same amount of BTC in their wallets as ETF shares they sell? Sure, the rules aren't such they need this in real time, but I think they need to settle at least on a daily basis.
All lost. Well, I do hope it is not. But I didn't touch on so many topics that made me write this sentence "Everything done in crypto space: all for nothing 😂😂". Like the market favouring centralised crypto such as Ripple. Like the market favouring low-quality chains like Solana. Like the market simply believes the stories scalability is best through L2, L3, Lx approaches. Like the market simply fade those L1s that are much better suited to run the dApps of the future. But the market does like Lightning as the p2p payment system, loved by many bitcoin maxis, while it is centralised as hell to make it affordable for everyday use.
Anyways, time will tell what is lost and pointless and what is not 😉