From my talk that was (unintentionally) censored.
"Bitcoin is in a struggle against system capture, this is especially true at the center of the financial system, Wall Street. So many have cheered the development of Bitcoin ETFs, and the arrival of institutional investors. But I caution against this cheering, because this is only system capture, not revolution. If Wall Street succeeds, Bitcoin will be objectified and commodified in the true sense of the word. It will be packaged and sold back to you in a form that will at the surface feel familiar but will ultimately be a hollow reflection of what it once was.
Yet, because Bitcoin is peer-to-peer, it can at least exist in simultaneous contradiction. Even if Wall St tries to capture Bitcoin, we can still use Bitcoin as it was originally intended. The question is, will the original intent of a peer-to-peer electronic cash system be that which scales with mass adoption, or will it be the reified package that Wall Street sells you? Remember, we can still use torrents to download movies, music, and books for free because it's peer-to-peer, but most people pay for a Netflix subscription these days."
jyn_urso /
npub12l…untw2
2024-08-26 14:42:53
Author Public Key
npub12lzwey2hjc2ce0stwa3ldhg04h93wj263lvdhrf87qfzz9jsggeqwuntw2Published at
2024-08-26 14:42:53Event JSON
{
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"pubkey": "57c4ec915796158cbe0b7763f6dd0fadcb17495a8fd8db8d27f0122116504232",
"created_at": 1724676173,
"kind": 1,
"tags": [],
"content": "From my talk that was (unintentionally) censored.\n\n\"Bitcoin is in a struggle against system capture, this is especially true at the center of the financial system, Wall Street. So many have cheered the development of Bitcoin ETFs, and the arrival of institutional investors. But I caution against this cheering, because this is only system capture, not revolution. If Wall Street succeeds, Bitcoin will be objectified and commodified in the true sense of the word. It will be packaged and sold back to you in a form that will at the surface feel familiar but will ultimately be a hollow reflection of what it once was.\n\nYet, because Bitcoin is peer-to-peer, it can at least exist in simultaneous contradiction. Even if Wall St tries to capture Bitcoin, we can still use Bitcoin as it was originally intended. The question is, will the original intent of a peer-to-peer electronic cash system be that which scales with mass adoption, or will it be the reified package that Wall Street sells you? Remember, we can still use torrents to download movies, music, and books for free because it's peer-to-peer, but most people pay for a Netflix subscription these days.\"",
"sig": "f500fdfa22e470b9a778bef21a68b51998655f2c625b6f30ca751c5e053245c951a58181f638928d48780869af88cf566d36e1f0c1f86b45b12c2a27d5e0a04b"
}