Re: Is it okay for Bitcoin Core development to be funded by Banks?
Do you think it is a benefit to Bitcoin and the community for Bitcoin to be traded as an ETF or would it be better if people used it peer-to-peer?
Financial institutions of all types are promoting bitcoin as an investment to be held by the institution giving them control of the asset and the transactions.
This is how they plan to move people away from using Bitcoin as a currency. It is working!!
Financial institutions of all types are promoting bitcoin as an investment to be held by the institution giving them control of the asset and the transactions.
This is how they plan to move people away from using Bitcoin as a currency. It is working!!
ETFs are meant to move people away from self-custody of their Bitcoin. It will concentrate power on big institutional investment companies as they accumulate most of the network's circulating supply. I'd say Bitcoin's use case as a truly "Peer-to-Peer Electronic Cash" system is already diminishing. By depending on centralized exchanges and/or institutions, we're bringing back the single point of failure (middleman) Bitcoin was meant to avoid in the first place. It's best for Bitcoin Core's development to be funded by anything other than banks. They will push their own ideals to try to destroy the revolution. It's a conflict of interest.
Fortunately, the code is open source. The community might side with an older version of the code, if things get "tough" in the long run. The majority decides. Not banks. We can't predict the future, so lets hope for the best.
