$BTC: Two Bitcoin FUDs to address this Thanksgiving weekend:

1. China PlusToken FUD: Old news. Please see linked thread.

2. U.S. Treasury FUD: Read thread below...

1/ These news are much more relevant, as they imply severe trade-offs for people who want to keep their bitcoins undoxxed, with the cost and risks of doing so. I would not disqualify the tweet as mere FUD in the sense that what he posted is false. It should be taken seriously.
2/ For all we know, his decision of making it public before TG weekend may come out of the urgency of informing CT of a poignant anti-Bitcoin move by a Trump administration trying to cut lose ends before leaving office—not just "price manipulation" as I've seen suggested around.
3/ It implies the acceleration of a process already planned for for months in advance, not something he just came up with to "crash the market."
4/ In practicality, assuming this passes, it will have two major consencuences:

a. Armstrong's analysis is correct. And I would go further in saying, this regulation would leave the U.S. severely handicapped to continue to be the leader in the cryptocurrency industry worldwide.
5/ b. It would bifurcate major market actors into two camps. For the sake of simplicity, I´ll call the former the "Conservationsists" and the latter the "Integrationists."
6/ Conservationists are mostly old Bitcoin money, big early-adopter HODLers who believe in Bitcoin's value proposition as a whole, including scarcity, pseudonymity, untraceableness, and unconfiscatableness.
7/ Integrationists are mostly new Bitcoin money, insitutions and HNWIs who value only Bitcoin's scarcity and its capacity to accrue value over time. They also believe that BTC needs to be integrated into the legacy financial system.
8/ Frankly...

The former see the value of Bitcoin as a mechanism to protect individuals against government overreach, as well as save and invest their property in a permissionless manner.
9/ The latter would like to see it taxed to build roads, it seems. They like ETFs and already protect their investments within safe haven jurisdictions.
10/ What does this mean for price direction long-term? In my opinion nothing changes...

Conservationists will continue to HODL (with the added incentive of keeping their coins burried for no-one to find, so even less sell pressure there).
11/ Integrationists will see this as expected or needed or "a trade-off" and continue to buy and hold.
12/ What does this mean in terms of narrative in public debate?

Privacy and ownsership, even more so than price, will be the most contested subjects in Bitcoin in the next few years.
13/ To clearify, a lot of people don't neatly fall in either of camps. Some are apathetic, undecided, a certain mix of both. Also, let's not confuse all major players with insitutional or legacy pedigree as Integrationists:
14/ Jack Dorsey, Cathie Wood, and Michael Saylor, for example, don't strike me as Integrationists at all, as they have supported Bitcoin's entire value proposition in the past. Notice how two of them are also OGs.
15/ I'll leave examples of Integrationists diguised as Conservastionists for you to come up with...
Fin/ In summary, the fundamentals remain the same, so in my view even if we continue correcting ($14k, 12k, or whatever), the cause would be simply out of major market actors taking profits with the aim to buy cheaper.

More from Bitcoin

The is no Devcoin Gold yet. But then again, we've never been one to "peg" to anything. I came across an interesting article about 'recreating' addresses with Bgold that @bitcoincoreorg cut out since 0.13.0 - perhaps one day we can do a similar thing in future Devcoin software :)


https://t.co/cv4UqsaVAK

That being said I hold some Doge @blockio in an "A-" address myself after 0. 1. "9-" versions :). Don't believe Bitcoin Core the Coin (Utility) is the only visible value on Core chain. Color me crazy. I believe in script. And FOSS that is used to export📜


And that's just a guy @MeniRosenfeld who put his identity and ideas out in the public to build a Web of Trust back when the web was much less of a safe place. His identity at stake and the implementation of a branch in source code by another unsung hero @killerstorm reveals value

Some of those who set up our bright future quietly implemented it in a branch on the main source code before it was officially the Bitcoin Core main repository, before a "Bitcoin Core" entity existed

Just because Bitcoin Core nodes dominate and do not read "smart" colored satoshis or display them, doesn't mean they do not exist on chain. The example of recreating P2WSH-over-P2SH address from BTC https://t.co/ZWSP2MO5bY wallets in Bitcoin Core Gold I shared proves -rescan's $
1/ #Bitcoin FUD-busting time!

claim: bitcoin ownership is heavily concentrated.

@business published an article claiming "2% of accounts control 95% of all Bitcoin" 🤣

truth: the facts, my friends, simple don't line up. let's dive in!

2/ interrogating on-chain addresses is tricky.

address =/ account.

one person can control multiple addresses.

one address can hold bitcoin belonging to multiple ppl.

exchanges and trading firms will have addresses with large balances that represent client funds.

3/ the fine folks @glassnode published an excellent analysis of on-chain address balances in January

the ownership distribution of bitcoin among wallets is actually much more diverse than one might expect.

full piece here:
https://t.co/n5IdIQdNoA


4/ 31% of BTC is held in addresses not identified as exchange wallets.

these are likely institutions, funds, custodians, and OTC desks.

our analysis at @CoinSharesCo indicates >15% of all bitcoin is held in third party custody, including @coinbase and our own @KomainuCustody

5/ in fact, between asset managers @Grayscale ($36B in BTC) and our @xbtprovider ($4B in BTC), 4% of bitcoin is locked up by fund providers and asset managers!

our @CoinSharesCo research team publishes an EXCELLENT weekly report on fund flows and AUMs -

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