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Bitcoin is a distributed system. This is often frustrating for traditional investors, especially successful ones, who are still learning. The fiat world relies on good people doing good things (who sometimes don't). Bitcoin is not a company. It's is not an industry. And there is no management. It is... show more

Terence Michael

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56,610 views • 5 days ago •via X (Twitter)

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The fiat system is a scam, rigged by those who print the money and write the rules, robbing the rest while calling it “democracy.” #Bitcoin fixes this.

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Carl ₿ MENGER ⚡️🇸🇻

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"Where are the servers of Bitcoin located?” - Prof Jiang That single question from Jiang shows the misunderstanding immediately. Bitcoin does not run on one company’s servers, Bitcoin runs on a distributed network of nodes spread across the world, which is exactly why it is hard to censor, shut down, or control, plus the mining system on top of it to protect it with energy. When someone frames Bitcoin like a centralized system, they are not critiquing Bitcoin as it is. They are critiquing a version of Bitcoin that exists only in their own confusion.

"Where are the servers of Bitcoin located?” - Prof Jiang That single question from Jiang shows the misunderstanding immediately. Bitcoin does not run on one company’s servers, Bitcoin runs on a distributed network of nodes spread across the world, which is exactly why it is hard to censor, shut down, or control, plus the mining system on top of it to protect it with energy. When someone frames Bitcoin like a centralized system, they are not critiquing Bitcoin as it is. They are critiquing a version of Bitcoin that exists only in their own confusion.

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This Halloween, don't fear the ghosts of fiat... Bitcoin is your exit from a rotting system.

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Is this even a good thing for Bitcoin?

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Satoshi Roundtable is later this week. Tech Talk Tuesdays in Dubai asked me about the upcoming event: “My hope is that have for this week is that we embrace what this industry is all about. It’s not about Blackrock, or CBDCs or the filthy broken fiat system - it’s about an alternative to that. A lot of people can point to many broken things in our world. And the root of what is broken is because of the broken money system. The money system is broken. There is death and destruction because of a broken money system and what this technology represents is something different than that. It’s an alternate to that. And that’s what makes it unique and that’s what makes it valuable.”

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Bitcoin is not a software company. It has traded like one because many who own it don't understand it. This drawdown is painful, but it may be the process of washing out levered software capital and letting Bitcoin finally trade like the hard money it is. Hang in there. BTFD.

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This is a common floor system, and there are many good reasons to adopt it. It's not limited only to England in usage.

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"I worry the world is just becoming a lot more correlated. That's my big worry. That if things ever did go down the drain, there's nowhere to hide." - tylercowen on the rush into precious metals "We've realized Bitcoin is not a hedge. Where else do you go?" "The rest of the world seems a bit crazy, Europe is still slow growth. [So] you pick the precious metals. They're like the new meme stocks. That's fine. I don't think it has major significance, but look, it's not good news." "People will keep on looking [for a store of value]. They look at different things. But if you want something that does not positively covary with Treasuries, good luck. Send me an email when you find it. It turned out Bitcoin is super positively covarying with a lot of other US assets, which again is good news for the US. It may not be good news for those seeking to hedge."

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JUST IN: Cathie Wood says Bitcoin is three revolutions in one. “A global monetary system, rules based competing against fiat currency. It is a technology revolution and is the leader of a new asset class.”

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“I'm not a huge hater of the institutions. I wasn't a huge hater of altcoins. These institutional products are just kind of altcoins. People can go make their money. Go do your thing. But it's not Bitcoin. An ETF is not Bitcoin. With these centralized projects, you're not getting the core values of Bitcoin, the control, the censorship resistance, the privacy. You're putting it in a centralized wrapper, and if you put Bitcoin in a centralized wrapper, you lose everything that's good about it. It's not Bitcoin. It's just an affinity marketing thing. It's “Hey, you like Bitcoin, go buy my other project." Just like, "Hey you like bitcoin? Go buy my altcoin." It's not the same thing, and I think in many ways it's a step backwards. I don't hate these people, but they certainly shouldn't be celebrated. It's not forwarding our industry if we do treasury strategies, if we do ETFs, we cheer for BlackRock and Cantor. That's a step backwards. It's not something to be cheerful for. It's not a victory, in my opinion. A victory is having more people have direct ownership of real Bitcoin. We now have millions of people who've been onboarded into this fake paper thing that's a claim on a claim on a claim of something that has Bitcoin in the words, but it's not actually Bitcoin. They are never actually holding a wallet like many of us did back in 2012 where somebody sent us that first dollar and you say, "Wow, this is cool. I didn't need to give my ID and I'm able to control and hold this sound money for the first time." You now have a whole generation of millions of people that don't have that. They have some junk fiat product sitting like sludge on their centralized brokerage account at the centralized clearing firm, traded on a centralized exchange, with a centralized transfer agent, and a centralized custodian, and they have to trust six levels of people on a claim for something that has the word ‘Bitcoin’ in it. It's not a victory. It's not a step forward. I don't think it's something that should be celebrated at all.”

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