1. Exquisite Tweets from @CaitlinLong_

    Crypto1ChanCollected by Crypto1Chan

    1/ What an honor to be part of this lively debate about #bitcoin vs #WallSt (incl #ETFs & @Bakkt) w/ @GamerAndy, @aantonop, @JonathanMohan & @S_Murphy_PhD. Mainstreaming, rehypothecation, price suppression, privacy, early adoption, Trojan horses, Black Monday, custodian theft...

    Adam B. Levine @Bitcoin! is OUT, featuring @CaitlinLong_ , @aantonop @JonathanMohan and @S_Murphy_PhD, we're talking ETFs, Hypothecation, Tokenization, DTCC and MORE!

    letstalkbitcoin.com/blog/post/ltb-…

    Stay tuned for LTB 374, feat. @jeffreyatucker next week!

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    CaitlinLong_

    Caitlin Long 🔑

    2/ ...hear @aantonop & I talk about rehypothecation coming to #bitcoin & #crypto, whether it's legal vs fraud vs merely unethical, how it's a form of #fractionalreservebanking, how it relates to @OverstockCEO's prior discussions of #WallSt's "bezzle" & how big that bezzle is...

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    CaitlinLong_

    Caitlin Long 🔑

    3/ ...#BTC #ETFs offer exposure to #bitcoin price w/o owning it, controlling it or learning anything about it. "Physically-settled" ETFs entail zero transparency into the omnibus account where the BTC is stored--so you have no way to keep custodian honest & have no audit rights..

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    CaitlinLong_

    Caitlin Long 🔑

    4/ ..."So we're taking this tech that, at its core, is abt keeping track of who owns what in a way that's decentralized & protected from a lot of these shenanigans & for simplicity we're putting it back into the structure that causes the problems in the first place"--@GamerAndy..

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    CaitlinLong_

    Caitlin Long 🔑

    5/ ...#ETFs are stripped-down versions that create a new tier of lesser #bitcoin owners & give decision power to custodians. Top tier=own keys + run node + mine; next tier=own keys + run node; next tier = own keys but don't run node; low tier = investors in paper IOUs-@aantonop..

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    Caitlin Long 🔑

    6/ ...& we debated whether new, low tier such a bad thing. Split between principles-based owners of #bitcoin vs speculators. @JonathanMohan points to "Crossing The Chasm" book--highest hurdle in adoption of new tech is jump from early adopters to early majority. Early majority...

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    CaitlinLong_

    Caitlin Long 🔑

    7/ ...isn't driven by principles & cares only about immediate benefits to them. @aantonop doesn't want mainstreaming if it dilutes principles & requires sucking up to the people who enabled the mayhem the financial sector caused. Not interested in "convenience & Lambos over..."

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    CaitlinLong_

    Caitlin Long 🔑

    8/ ..."winning over principles."-@aantonop. Andreas & I then debate whether #WallSt can damage #bitcoin (we agree it can't control #BTC but can suppress price) & whether BTC can damage WallSt (yes, but does that matter?). Per @JonathanMohan, early adopters of any new tech seek...

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    CaitlinLong_

    Caitlin Long 🔑

    9/ ...affirmation in the merits of the tech itself while early majority seeks affirmation from an authority figure. Per @aantonop, this is why it's key that #bitcoin's principles are very deeply embedded in the software architecture itself & can't easily be shaken off. Privacy...

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    CaitlinLong_

    Caitlin Long 🔑

    10/ ...is a good example of where a fight with "mainstreamers" is coming, per @aantonop. Proposals are already on the table for soft fork activation of privacy late this yr--imperative to get this into core protocol. Given a choice, early majority will always choose "Lambo for...

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    CaitlinLong_

    Caitlin Long 🔑