Andreas Antonopoulos brought this up in a recent podcast. Bitcoin's narrative has shifted a lot from banking the un-banked, and replacing old corrupt institutions.
Now, the community is simping for these same corrupt institutions, as soon as they started pumping the price. I can guarantee, these institutions do not care about Bitcoin's censorship resistance, decentralization, or about banking the un-banked. They've just bought Bitcoin, then created hype so that their own investments can go up.
These institutions will not support changes that improve privacy, as that makes it harder for regulators. They will try to "normalize" Bitcoin into traditional systems. For example, Michael Saylor has said that Bitcoin isn't meant to be used as a currency, he said its just a store of value and a gold replacement.
He's trying to make it fit into traditional systems. So called "normalization of Bitcoin" is bad. People are trying to make it fit into the same institutions it was meant to replace.
This institutional investment into Bitcoin is only good, if the only you care about is the price of Bitcoin.
This community overall has also degraded to where all anyone talks about is these institutions, and the price.
This hype cycle will eventually die out, and the people who care about price will leave. The people who care about price will sell, and then the big institutions will also panic and sell, and 2017 will be repeated.
To anyone who is newly into to Bitcoin and bought hoping the price will go up, I don't want to attack you. Instead, I highly encourage you to learn more about what Bitcoin, and cryptocurrency in general is. Learn about how it works, and what problems it actually solves.
Submitted February 28, 2021 at 06:30AM by TheFronkler https://bit.ly/3stxCry
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