Damus
Lyn Alden · 139w
I spoke at a big bitcoin-adjacent company this week and one of the best questions was from someone who asked what the downsides of bitcoin adoption might be. I always do appreciate these steelman que...
Sam profile picture
I believe it is an elitist form of money. You need higher than normal technical skills to acquire, hold, and use. There will be millions if not billions of people who need it and can’t get it unless they provide “value”. Which basically makes them working servants.

Currently you need the luxury of extra funds and the proper equipment to buy and hold, that is very difficult for a large majority.

A large sum of people that are buying do not self custody. They will likely lose their coins if the value ever shifts.

I love the good it can bring, but ultimately humanity will still be split by the Haves and Have-nots.

Plus, as Wall Street continues to get into it from ETFs and Miner stocks…we are letting legacy institutions that have been corrupted wiggle in. Can they end up with control if we aren’t careful? History says yes.
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Bert · 139w
I believe you need less technical skill to hold and use than being able to drive a car. The plebs I come across are not anywhere near elitist and the hundreds of shops accepting bitcoin in the Netherlands are definitely not elitist shop owners. They like the saving character of it. Something which i...
Andy · 139w
There's also a lot of folks without internet (2.9B) or electricity (770M) in the world. I don't really think of those as elitist technologies normally. Maybe I should. Similar idea? Different?
Ragnar · 139w
Indeed. ETFs could postpone widespread real adoption by many many years. And open btc up for even more price manipulation I get people cheering on more “adoption “ but even more and bigger institutions opening up for other institutions and big players to invest in such an asset indirectly i...