Dan on Nostr: Many bitcoin podcast personalities all say the same thing. They say, "When Bitcoin ...
Many bitcoin podcast personalities all say the same thing. They say, "When Bitcoin wins, everyone wins." They also say, "When Bitcoin wins, no-one loses.".
I say, both these statements are wrong.
I contend that when bitcoin "wins", many people will lose, and lose big. It's pretty easy to see just what organizations and people in the organizations will be destroyed. The destruction will come from steady uncontrollable replacement of banks, centralized authoritarian institutions, and thousands of financial intermediaries.
My opinion is that if Bitcoin gets a multi trillion market cap, its going to take at least that much capital from other places. It will remove that capital in many ways, from lower valuations, to outright insolvency.
I say, both these statements are wrong.
I contend that when bitcoin "wins", many people will lose, and lose big. It's pretty easy to see just what organizations and people in the organizations will be destroyed. The destruction will come from steady uncontrollable replacement of banks, centralized authoritarian institutions, and thousands of financial intermediaries.
My opinion is that if Bitcoin gets a multi trillion market cap, its going to take at least that much capital from other places. It will remove that capital in many ways, from lower valuations, to outright insolvency.