This place suffers from the problem of counter-perceptions. What makes Bitcoin valuable in the first place is its decentralized nature. The fact is that it is a distributed system, with no central point of control, no central point of influence, no central point of even interface for its users. This is the source of its flexibility and reliability. Without this property, without the ability to download a piece of software and begin interacting with it, no value can really be found.
It is basically no different from the bank databases of that time. One cannot be guaranteed access when someone (the operator) wants to snatch it away, any core asset like the supply limit or the inflation rate cannot be guaranteed when someone (the operator) can change them at will.
Many people in the region are pleased at the degradation of these properties at this time. They support solutions like ETFs and other custodians as a way to increase the value and net worth of their own fiat denominations. They attack those working toward and advocating for solutions that do not compromise Bitcoin’s core value proposition, characterizing them as “risking the very thing that makes Bitcoin valuable.” .
This is the complete opposite of reality. Ghosts are heroes, and heroes are ghosts.
Saylor is virtually protecting patrons A better path to adoption than self-preservation. He is comparing the people creating and selling tools for self custodial tools to FUDsters and fear mongers, or “crazy crypto anarchists.” Featuring the people who are building the tools necessary to protect and maintain Bitcoin’s core properties that give it value in the first place. He completely ignores the dynamics that caused gold and its role as a solid currency to erode over time as governments interfered and manipulated it.
They did this because all the gold was held by the custodians, no one kept it themselves. No one used it directly, all choosing instead to use paper substitutes separated from the precious metal. Bitcoin may also meet the same fate. Whether that be by shunting market demand through paper Bitcoin, or by custodians gaining influence over the consensus process and changing the rules to suit their needs and desires.
Bitcoin is a social consensus system, its nature is entirely defined by the actors participating in the system. The scale of those actors, their own individual nature, sensitivity to government interference, how many of them make up the majority of economic activity (more is better, less is worse), all of these things play a heavy role in Bitcoin’s growth. Will develop and exist as a system.
Many in the sector are decrying short-term actions that compromise its resilience in the long term as a neutral and decentralized system for perceived short-term benefits in the form of price appreciation and economic gains. The developers who worked diligently and with little gratitude to maintain those original properties are attacked as ghosts and government agents, while the corporate suits and the actual ghosts who attacked those properties are cheered as heroes. goes.
In this space the world is upside down.
This article is a TakeThe opinions expressed are solely those of the author and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
