Bitcoin Audible31 Jan 2024

Read_795 - Bitcoin is Dead (Long Live IBIT)

"To put it simply, there are now corporations with billions of dollars of investment in not just the asset, but the ecosystem. Mining is a huge economic drain on the system, and all it accomplishes is censorship resistance. If censorship resistance isn’t worth tens or hundred of billions or dollar per year to the corporations; they will find a way to end it. When they do try to end it, they can point to the ETFs enduring appeal and ignore any constitutional brinkmanship from OG Bitcoiners who threaten to reject the new rules or sell their stacks."

~ Achim Warner

Does the approval and potentially massive success of the Bitcoin ETFs in the west change the incentive dynamics of the Bitcoin system? If the BlackRock ETF becomes the dominant form of liquidity for Bitcoin purchasing among the millions of fools who do not understand or care about its value or ethos, does this open a path to remove bitcoin's mining process completely, as censorship resistance becomes nothing more than an arbitrary cost? Is this the inevitable end for Bitcoin given a long enough amount of time for the ideology that protected it to be watered down, until it is unrecognizable?

Find out in today's read and the Guy's Take to follow

Check out the original article at Bitcoin is dead (long live IBIT) by Achim Warner. (Link: http://tinyurl.com/2xresf8y)

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Achim Warner on X (Link: https://twitter.com/AchimWar)

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