BC BITCOIN
Saved by @Alex1Powell

$BTC: Two Bitcoin FUDs to address this Thanksgiving weekend:

1. China PlusToken FUD: Old news. Please see linked thread.

2. U.S. Treasury FUD: Read thread below...

 1/ These news are much more relevant, as they imply severe trade-offs for people who want to keep their bitcoins undoxxed, with the cost and risks of doing so. I would not disqualify the tweet as mere FUD in the sense that what he posted is false. It should be taken seriously.
2/ For all we know, his decision of making it public before TG weekend may come out of the urgency of informing CT of a poignant anti-Bitcoin move by a Trump administration trying to cut lose ends before leaving office—not just "price manipulation" as I've seen suggested around.
3/ It implies the acceleration of a process already planned for for months in advance, not something he just came up with to "crash the market."
4/ In practicality, assuming this passes, it will have two major consencuences:

a. Armstrong's analysis is correct. And I would go further in saying, this regulation would leave the U.S. severely handicapped to continue to be the leader in the cryptocurrency industry worldwide.
5/ b. It would bifurcate major market actors into two camps. For the sake of simplicity, I´ll call the former the "Conservationsists" and the latter the "Integrationists."
6/ Conservationists are mostly old Bitcoin money, big early-adopter HODLers who believe in Bitcoin's value proposition as a whole, including scarcity, pseudonymity, untraceableness, and unconfiscatableness.
7/ Integrationists are mostly new Bitcoin money, insitutions and HNWIs who value only Bitcoin's scarcity and its capacity to accrue value over time. They also believe that BTC needs to be integrated into the legacy financial system.
8/ Frankly...

The former see the value of Bitcoin as a mechanism to protect individuals against government overreach, as well as save and invest their property in a permissionless manner.
9/ The latter would like to see it taxed to build roads, it seems. They like ETFs and already protect their investments within safe haven jurisdictions.
10/ What does this mean for price direction long-term? In my opinion nothing changes...

Conservationists will continue to HODL (with the added incentive of keeping their coins burried for no-one to find, so even less sell pressure there).
11/ Integrationists will see this as expected or needed or "a trade-off" and continue to buy and hold.
12/ What does this mean in terms of narrative in public debate?

Privacy and ownsership, even more so than price, will be the most contested subjects in Bitcoin in the next few years.
13/ To clearify, a lot of people don't neatly fall in either of camps. Some are apathetic, undecided, a certain mix of both. Also, let's not confuse all major players with insitutional or legacy pedigree as Integrationists:
14/ Jack Dorsey, Cathie Wood, and Michael Saylor, for example, don't strike me as Integrationists at all, as they have supported Bitcoin's entire value proposition in the past. Notice how two of them are also OGs.
15/ I'll leave examples of Integrationists diguised as Conservastionists for you to come up with...
Fin/ In summary, the fundamentals remain the same, so in my view even if we continue correcting ($14k, 12k, or whatever), the cause would be simply out of major market actors taking profits with the aim to buy cheaper.

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Here's everything you need to know 👇

2\ On the 18th, a user broadcast a transaction with very low fees.

When users underpay fees, their transactions gets stuck because miners have more profitable opportunities.

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a) wait until fee levels drop
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Hello and good Friday, January 28, 2021, I’m Drew and this is Rocketboom [chair breaks]

I see many people are missing why ‘digital currency’, e.g. #Bitcoin is an important disruption in the world. It's not actually about stock trading. It’s waaaaaaaaaay bigger than that.

I USED TO DO A THING. I wrote scripts to break down these kinds of topics. I felt compelled to come back out and explain because its such a big idea...and too many people are not seeing it.

TLDR; Digital currencies allow people living in impoverished nations to transcend the failures of their individual governments, such that their work and purchase power becomes more equal in potential to those in the wealthiest countries.

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balajis.com
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The defi matrix

As each asset class goes on-chain, it can be stored in a digital wallet. And it can be traded against other such assets. Not just cryptocurrencies, but national digital currencies, personal tokens, etc.

We’re about to enter an age of global monetary competition.

The defi matrix is the table of all pair wise trades. It’s the fiat/stablecoin pairs, the fiat/crypto pairs, the crypto/crypto pairs, and much more besides.

Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.

More liquidity, less currency?

This is an interesting point. Cash doesn’t make you money. In fact, it can lose you money in an inflating environment.

Reliable, 24/7 mark-to-market on everything is hard — but if achieved, means less % of assets in cash.


AMMs boost BTC. Here's why.

- All assets trade against all assets in the defi matrix
- Automated market makers give liquidity for rare pairs
- Everything is marked-to-market 24/7
- Value of cash drops, as you can liquidate instantly
- The new no-op is to keep your assets in BTC

Basically, automated market makers like @Uniswap boost BTC in the long term, because they allow *everything* to be priced in BTC terms, and *anyone* to switch out of BTC into their asset of choice.

Though in practice this may mean WBTC/RenBTC [or ETH!] rather than BTC itself.
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This isn't another opinion piece on #Bitcoin , in-fact, it's exactly the opposite. 👇🏼

This thread is a list of resources I have found to be useful and insightful when it comes to understanding the pros and cons of #Bitcoin .

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@RaoulGMI
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A video library of interviews from various Bitcoin enthusiasts. 👇🏼

https://t.co/CJJvHavSOn

A great guide for new investors to Bitcoin. 👇🏼

https://t.co/fOoSfTlWr5

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https://t.co/tPEpFMMPhH

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https://t.co/lL71M1A3NF

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