Why I Don't Want a Spot Bitcoin ETF...Yet
Proof of Work for another decade>Wall Street Bullshit
Pondering the moon boys speculate over the Bitcoin ETF over the past weeks has led me to a surprising conclusion…
I don’t care when the EFT comes, in fact I would prefer it be another 5-10 years..
It all boils down to proof-of-work.
I want more Bitcoin in the hands of those who study this question:
What is Money?
This is the question that mints new plebs, builds hardened Bitcoiners, and will lead to a better society.
Moon My Bags, Baby
All of us want to be wealthy of course.
We are far enough along, that barring nuclear war there isn’t anything that is going to stop Bitcoin. It is so far ahead of every other money, there isn’t a debate any longer.
This is assuming that you’ve done the work, and answered that question for yourself —
What is money?
Its now a question of sooner or later. When will Bitcoin Moon? Who will reap the majority of the rewards of this new asset class absolutely devouring fiat instruments?
Wall Street or the plebs?
The Problem of Wealth Distribution
Wall Street, in conjunction with spineless politicians have done a masterful job of bailing out fiat multiple times over the last five decades.
1987 crash led to the Greenspan Put
2008 financial crisis led to TARP and massive printing
COVID crash, print some more
All in all, socialism for the rich, they were made whole by the printer time after time, by simply using their connections in the government. Whining and crying for bailouts all the while taking cover under the cloak of scaring the common folk with the idea they would all lose their job if they didn’t go along with the scam.
What has it led to?
Massive wealth inequality, and the slow destruction of the middle class.
Bitcoin fixes this, but it will be more beneficial to the right people if it takes longer.
So lets hope work - hard, dedicated work is involved for a bit longer…
The Work That is Bitcoin
If you’re reading this, you’re probably the paranoid oddball of your family…
Which is a good thing.
You don’t trust, you verify.
You started reading about Bitcoin, and dismissed it. We all do the first time. But something clicked somewhere, and you looked again.
You started studying, reading, listening, buying, and then storing Bitcoin…
But it didn’t stop there. You kept going. You double-checked, triple-checked, and checked again today.
Is there a flaw in my understanding? What else can I learn? Who can I trust?
In the end, the work paid off. Your purchasing power increased, but you realized this isn’t about fiat gains — it’s about FIXING THE MONEY.
Fixing it once and for all. Kicking the leeches, the rent seekers, and the bloated fat-cats out of their comfy chairs and forcing them to get a real job for once in their life.
And we’ve only just begun…
Work is hard, and work is rewarding.
Work is not logging into your online IRA account and clicking “BUY BITCOIN ETF”
Nope, not for a second.
Work is studying Bitcoin, teaching Bitcoin to your children and then reaping the rewards…
A Bitcoin ETF will come, it is indeed inevitable. Wall Street has already missed out on Bitcoin in a massive way. They won’t tolerate it much longer.
But quit rooting for it.
We need more plebs in the lifeboat first. More hard workers, more low time preference men, women, and their children. Hard money in the hands of the hardest, most dedicated individuals first.
More work, then the rewards…
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