1) Bitcoin: Been thinking bout it some more. When the whole $gme craziness was happening & RH stopped letting ppl trade, all the bitcoin pumpers kept getting on tv saying RH isnt actually democratizing finance but bitcoin is given that its “decentralized” however is it really? https://twitter.com/dpogrebinsky/status/1361129412574339076

2) Bitcoin is limited to 21M coins, does anyone really think those coins will be owned by the masses? To me it seems much more likely the wealthiest people/organizations/companies will own it all so doesnt that mean its actually the largest centralization of wealth ever?

3) Imo bitcoin is also the largest threat to the sovereignty of any nation. A nations key power comes from its own currency and the control it has over it vs other countries. Take china as an example, how much of an advantage has it gotten by being able to devalue their currency?

4) A weaker country or someone trying to game the global financial and trade system can devalue their currency thereby driving investment into their country given how much cheaper it is to hire and produce goods there comparatively vs other countries

5) take the Euro as another example of a lesser “decentralized” currency. Its clear that stronger countries like Germany have benefited from it while weaker countries in the union have suffered. If they had their own currencies they could have driven more investment to themselves

6) black swans: during financial crisis & Covid Fed stepped up & immediately supported economy & we had both fiscal & monetary stimulus that helped the country. Would this be possible if bitcoin was a global currency? Again a huge risk to the sovereignty & power of any country

7) this is why India has already banned Bitcoin & said they’d start their own digital country. I expect this to happen more and more especially with weaker currency countries which cant risk joining a global currency therefore regulatory risk is the largest risk imo to Bitcoin

8) as i said previously i dont see Bitcoin having a moat. Everyone mentions that theres only 21M total so it has scarcity but so do many other coins so why Bitcoin? Is it the name recognition and first mover advantage? Plenty of other coins are superior to Bitcoin in every way

9) what happens if everyone wakes up one day & decides to change coins to another one or somehow it just fails? We would have a black swan event the likes no one has ever seen with no ability/power for any govt or organization to do anything about it. No way anyone can risk that

10) im not arguing that bitcoin cant keep going up or you cant make $ on it. To the Contrary it’ll likely keep moving higher as more ppl & companies adopt/allow it so feel free to play the momentum, i just see huge risks in the long run which dwarf whatever benefits it brings

Summary: calling bitcoin decentralized is disingenuous as to me its exactly the opposite. It has no moat & only has value over other coins cuz everyone has randomly adopted it over others. I think itll end badly with a huge black swan event at some point & countries cant allow it