Ethereum is going on a bit of a ride today, but if the SEC announces approval of spot BTC ETFs, I suspect there might be a quick switch over to ride the train up another set of tracks. It is also quite hilarious that the SEC itself was the source of the manipulation of BTC price yesterday on X - though they are often the source of manipulation, aren't they?
Purveyors of FUD.
Either way, money is being made.
Or satoshis.
Which do you prefer?
It is going to be interesting regardless, as a "yes" opens the gates for further investments to be made. A "no" goes to prove that crypto continues to be a threat that they don't know how to handle.
The economy is always robust, meaning that it keeps ticking on no matter what happens. Even if everything crashes, trade still continues. If there is no money, people will trade seashells or animal pelts. It doesn't matter what the token is, the economy is just a map of trade.
However, the currencies are not robust, they are fragile, because they are not only replaceable, they are also normally centrally controlled, making them subject to the whims of human greed and stupidity.
And there is plenty of both to go round.
The people who control the currencies have a strangle hold over the flow of their particular tokens through the economy, and therefore control over the people who rely on it to facilitate their trades. We have been convinced that we aren't able to be trusted to manage our own trade and therefore need overseers to do it all for us.
This was actually a "good thing" in terms of developing trade culture in many ways as it provided security for trade, but it quickly turned into a racketeering operation instead, where the "security" is coercive -
"pay us a cut, or something might just happen to your place of business"
Manipulation.
And, as the power and greed grew, with the mindset that economic growth means financial growth and profit, it becomes increasingly abusive and coercive, demanding more and more of a cut.
A lot of people don't really visualize the economy well, because they see it as money transfer, but it actually isn't - it is goods and service transfer. The problem is, that we treat money like goods and services, when they actually have no value whatsoever. They are just markers, you can't eat money, you can't build with money, you can't fuck money.
But you can love it.
If we were actually going to look at growth and retraction of the economy, it isn't about how much money moves around, it is about how much goods and services move. Growth is when there are more created and traded, retraction is when there are less created and traded. However, that is very hard to visualize, so we use numbers to represent the trade, but those numbers don't align 1:1 with what is going on. For instance, a company can have a market cap of 100M one day, and a market cap of 200M the next day, without anything more being created or traded. If you think even slightly about it, it is nonsense.
Ideally, there should always be a 1:1 relationship between goods and services traded and money, but of course, there is not, because of well, manipulation. We the greedy and stupid keep poking around with numbers of the economy, as if it is the numbers themselves that are keeping us alive each day. Take away all the numbers, and trade will still happen.
It would be disruptive.
It would take us backwards for a time, as direct trade through various barter systems doesn't scale very well, and lots of people will likely die as things fall apart at a global level. But eventually, there will be some amount of survivors who will make it work locally, in little tribes, doing things for favors.
Until they rebuild the number economy and scale it out again.
If we were to scrap all the numbers and have a clean slate to start again, knowing what we know now and where centralized management and governance structures lead, would we centralize again?
What is interesting is that often, people look at money as the tool of capitalists, but it is actually not, it is the tool of communists. Okay, conceptually it might not seem so, but what a communist "for the people" government actually is, is a centralized authority, a dictator that has monopolistic control over resources and therefore the people it governs. It is about as capitalistic as you can get, except there is only one owner.
The people.The government.
Because of the way we have come to think about money as the economy, what that does is take all of those private companies and put them under a single umbrella through fiat currencies. Essentially, without that money system, the businesses could still trade amongst themselves, but because they are beholden to the currencies of the governments, they are the subjects, the governed, by a single authority that controls all resources. And, because "resources" aren't the goods and services, but the money value ascribed them, in a currency that is centralized and controlled, it is akin to a communist system, behind a façade of capitalism.
And, just like how communism works on paper, but doesn't in reality due to greed and stupidity, the communist economy is never going to be stable, as it is going to favor some activities over others, through favor and cronyism, instead of need and wellbeing. And, even if there was such a thing as a benevolent government, there are just too many moving parts, stakeholders and diverse needs for any set of humans to adequately service them all. So, it get simplified and ends up pooling resources to where a small number of people are paying attention, and not to where it makes the most sense in reality.
So, the SEC approved Spot BTS ETFs.
At the end of the day though, approval or not, what really needs to change is how we manage the economy in its entirety, because it is fundamentally broken. We can't rely on authorities to control all resources, because we are humans who are greedy and stupid - even the smartest amongst us. Instead of building a better world through our activities as a global population, we are competing to increase monetary profits, no matter what goods and services we are creating and trading.
Every species looks to survive and thrive. We look to make money.
We aren't the brightest...
Taraz
[ Gen1: Hive ]
I don't think we are going to see the freedom of money that Bitcoin promised now that the big players are involved. It's just not going to be possible. On your point about satoshis, I still have a hard time using that as a unit of measure. My mind just isn't trained to think that way yet.
Bitcoin is not the solution, but it is a step toward a better path.
I don't think in satoshis, but I am okay at thinking in HIVE :)
Oh gosh, that would be even harder for me!
I think the problem is we treat money like god :)
It might be the other way, where we treat God like money.
We're really not. It hurts my soul so much to see that we have the tools and technology to solve so many of the world's problems... and we just choose not to.
Communism with the government as the central authority is just one style of communism, I think we could potentially use blockchain technology to manage all the assets owned by the entire community, with voting for the major decisions of those assets. If we were to start over, that's what I would try to advocate for.
I agree. The tech is there to do this already, at least to get it started and expand it out to include other aspects. So many middlemen services like insurance can be made obsolete too.
I don't see much difference in definition between "satoshis" and "money".
or any other crypto for that matter
And now I'm randomly reminded of a conversation I had recently with sibling dearest about master/slave morality which she had to write an essay about at uni. It may have even come up because we were talking about something vaguely related to this XD
They are the same - the only difference is centralized or decentralized.
I haven't delved into master/slave morality - it sounds a bit like a kink!
Money is just a part of life. We can't really blame people for pursuing money because that is just one way we survive in society. The BTC approval doesn't really change too much but it does make things easier for people to enter crypto but it also means that the existing system has more control over the money in society.
It is a tradeoff. For the people who hold a lot of BTC, they are happy. The rest of us, we are pretty much in the same position.
Big traditional economy whales are the biggest manipulators.
Just look at JP Morgan CEO and all his public talks throwing shit over BTC and crypto and getting ready for the ETF approval on the back door.
In a way, I am happy to see all cryptos moving up, but it is kind of shitty how the traditional financial world still dictates the rules of the game. Let's hope they mess up with the CBDCs and everyone starts embracing crypto.
It speaks to their morals.
They will mess up, but legislation will protect them and we will bail them out again.
And now these same people are getting into the bitcoin and other markets and creating the spot etf for those assets with bitcoin and ethereum being part of the funds for those. I wonder how worst things are going to get from this point onwards.
I have very little faith in things getting better in the future anymore. However, there is still a slim chance that it will develop the decentralization case and more people will recognize it is necessary to take part in it for society, not to make money.
Bitcoin got the ETF approval and we might see some crazy movements following it. I hope Ethereum will keep up although. ;)
You are right. The only way to sustain the economy is to take on some of the burden ourselves as citizens and not leave it all to the government.
I’m glad it has been approved. Truly, we don’t have to wait for the government to do everything for us. It’s not even possible no matter how jobless the cabinet seem to be, lol but there are ways that the government can help in solving problems but it looks like they chose not to
The analogy of other species seeking survival and thriving, contrasting with our focus on making money, adds a reflective touch. It prompts consideration of alternative approaches to economic systems that prioritize collective well being and sustainability. This post raises a thought provoking perspective on the need for a fundamental change in how we manage the economy.
At the time I am commenting this, the BTC ETF was approved. It is really funny how there was a leak, Gensler says they were hacked/compromised, and it was eventually confirmed as approved. Blatant manipulation out in the open. BTC has gone up a bit, but it is ETH that has risen a lot from this. People are now moving their assets in preparation for ETH ETFs as well. Some are even saying that earning during a Crypto bull is so easy.
Yupp it's seems something hard is soon happening to me. Money is like game sometimes high sometimes low
I'm afraid that Hive will not reach $0.50 in this bull cycle. And then it will drop to $0.10. My strategy now is to accumulate HBD.
Nice summary and thoughts! I personally feel BTC has a long way to go from the current levels. None of my non-crypto friends are talking about it yet, and the halving event is coming up.
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