Sean on Nostr: There's a culture growing in the Bitcoin space of trusting third party ...
There's a culture growing in the Bitcoin space of trusting third party celebrities/companies to buy your Bitcoin for you. Saylor first, now Mallers. Both represent Bitcoin IOU purchases through stock in a company. They're not offering any productive output - just buying Bitcoin with debt and selling shareholders stock. It undermines the value proposition of Bitcoin, and creates a 'paper' economy. If you watch Tether buying up US treasuries, they're further enabling a paper economy (US debt). Paper is Fiat that can eventually become fractional reserve banking backed by Bitcoin and eventually backed by nothing and we do 1971 again.. then most people have little to no understanding of Bitcoin or holding a seedphrase and have learnt to trust third parties and hand it over.
Published at
2025-04-23 20:47:23Event JSON
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"content": "There's a culture growing in the Bitcoin space of trusting third party celebrities/companies to buy your Bitcoin for you. Saylor first, now Mallers. Both represent Bitcoin IOU purchases through stock in a company. They're not offering any productive output - just buying Bitcoin with debt and selling shareholders stock. It undermines the value proposition of Bitcoin, and creates a 'paper' economy. If you watch Tether buying up US treasuries, they're further enabling a paper economy (US debt). Paper is Fiat that can eventually become fractional reserve banking backed by Bitcoin and eventually backed by nothing and we do 1971 again.. then most people have little to no understanding of Bitcoin or holding a seedphrase and have learnt to trust third parties and hand it over. ",
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