It is over in the sense the path is written. You are right, there is a lot more to come from Wall Street in terms of products and areas they delve into.
Bitcoin is a brand, just like Steem.
That is true and one that is dead, at least according to the original tenets. Of course, a case could be made the tenets were doomed by the design from the start.
the tenets were doomed by the design from the start.
This is a difficult statement to navigate.
The tenets of Bitcoin extend beyond Bitcoin.
All cryptos in existence only exist because of Bitcoin.
The capture of Bitcoin will ironically fund the tenets of Bitcoin across other brands/networks.
So how can we say that they've failed?
The need for these things to happen (disintermediation) only grows stronger every year.
It's almost guaranteed to succeed at this point because it's the only path forward that scales.
But at a certain point I have to admit that we aren't even in disagreement...
Just talking about completely different things.
I should have said the design of bitcoin.
You are right, the tenets have spread to elsewhere. Other things will pick up the march.
I think it's interesting because Bitcoin can still act under the pristine collateral narrative for banks, nation states, and mega corporations. It is the thing the derivatives are constantly derived from, be it other crypto, institutional custody, self-made loans, and perhaps even one day fiat currency itself. Perhaps it is the fate of Bitcoin to just sit there and look pretty while the big boys derive other assets from it.
Certainly especially long term collateral that isnt really affected by volatility.
It could sit on the balance sheets of banks or companies, and then be leveraged in different ways.
I fully expect the derivatives tied to bitcoin to explode over the rest of the decade. On that you are right, we are just getting started.