Fixed money always pools.
Over the last year, the cryptocurrency world watched as it awaited approval from a government agency to allow Wall Street institutions to sell derivatives to clients, raising money to buy Bitcoin and custody it.
In this video I discuss how history is repeating itself and this is aligned with what traditionally happens. It does open the door for algorithmic stablecoins to truly bring Satoshi's vision forth.
▶️ 3Speak
I was saying that it's a bad thing from the start. But everywhere I read, people just wanted that. That's a proof that everyone just wants US dollars, not BTC. That's not what btc was meant for
Stupid sheep won't scratch their own butts unless the government tells them to. Fools. !BEER
HBD is the new People’s Money.
That said, my wife will love that the slice of our retirement accounts that’s BTC-centric has green candles. 😉
I think a lot of those that want big corporations to buy BTC and ETH are thinking of two things. One, is the short term gain. They expect BTC to moon because of this and they want to earn a lot from this movement. The second is they think this move will usher in mass adoption of crypto faster. Once more people are introduced to it, more will be accepting of crypto, and it should have a domino effect. For those wanting to keep the decentralization of crypto, they can look at other tokens for that. BTC and ETH are too popular for that to happen. Just think of them as the necessary sacrifice.
As long as the fee to move Bitcoin is worth the cost and blocks aren't getting censored I'm not too worried about institutional investors. This logic that hedge funds getting involved kills decentralization means that all crypto was doomed from the start. We can't exclude institutions from a permissionless system. They are going to wet their beak on any and all action that gets big enough. That's a guarantee.
Bitcoin and crypto are infrastructure.
It doesn't suddenly become worthless because rich people start using the infrastructure.
If hedge funds started buying Hive it would also pool just like Bitcoin.
It's the stake holders that determine where inflation is allocated.
That is not a solution to this problem, assuming it is a problem to begin with.
It doesn't matter what people want.
It makes no difference whether someone wants an ETF or not.
If every single person in Bitcoin opposed the ETF it would make zero difference.
I agree that the old guard creating derivatives is nothing to celebrate,
but this is all part of the journey.
You're declaring it over when it's really just started.
This is perfectly right. I think of the golden things this bitcoin etf will actually do is to make Crypto more known and come to that full potential
View or trade BEER.
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Their bankers have always been self centered. They could really have the opportunity now to buy as much and hijack it
Summary:
In this video, Task discusses the complete takeover of Bitcoin by Wall Street and the implications of this on the cryptocurrency. He details how the approval of Bitcoin Spot ETF and the involvement of Wall Street institutions in Bitcoin mining companies indicate the shift towards centralization and control by the elites. Task also highlights the potential takeover of Ethereum by Wall Street in the near future, emphasizing the loss of decentralization and freedom in these digital currencies. He predicts a bleak outlook for Bitcoin and suggests that decentralized stablecoins might be the future replacement currency.
Detailed Article:
Task's video revolves around the concept of Wall Street's hijacking of Bitcoin and the subsequent implications for the crypto space. He starts by emphasizing how the approval of the Bitcoin Spot ETF marks a significant event that could trigger a wave of institutional approvals and investments. Task underscores the irony of Bitcoin's original purpose, envisioned by Satoshi, being lost as Wall Street institutions gain control over the cryptocurrency.
He predicts that the decentralized nature of Bitcoin's network is likely to change as Wall Street institutions acquire mining companies, ultimately leading to centralization. Task expresses his disappointment in the direction Bitcoin has taken, noting that it now caters primarily to the elites, including hedge funds, wealthy investors, and institutions, rather than empowering individual users.
Moving forward, Task discusses the potential future of Ethereum, hinting at a similar fate of being overtaken by Wall Street interests once Ethereum ETFs are approved. He contrasts the proof of work consensus of Bitcoin with Ethereum's proof of stake mechanism, pointing out the differences in control and centralization.
Throughout the video, Task repeatedly emphasizes the inevitability of Wall Street's dominance in the cryptocurrency space, asserting that the desire for profit and green candles outweighs any notion of standing against traditional financial institutions. He criticizes those who believe in the preservation of decentralization within these networks, arguing that real-world influences will lead to centralization.
In conclusion, Task suggests that decentralized stablecoins could potentially replace Bitcoin as the future currency due to their ability to maintain a degree of decentralization and independence from Wall Street control. He warns against falling for centralized stablecoins like USDC, as he believes they will eventually be absorbed by Wall Street banks, further solidifying their control over the crypto market. Task's overall message revolves around the loss of Satoshi's original vision for cryptocurrencies like Bitcoin and the rise of centralized control by traditional financial institutions, ultimately challenging the notion of financial freedom in the crypto space.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.