This is really concerning (Part 1)

[Somegory]

This topic is straight out of my own opinion, it  doesn't have to bother you, just debunk if it gets under a nerve, I am simply talking about how I feel about Bitcoin in general.

When I first get into Bitcoin It was all for that Holding your own money part, not giving my Money aka Bitcoin to the hands of banks or some institution where my account can get freezed or censor my transactions kind thing.

Bitcoin was really different, like something we really need to finally be able to breath, the terms we isn't for everybody though, I'm talking about those who don't like how centralised world is pushing them around and monitoring them like clockwork.

Well, Today I have noticed few cracks in the system. (Just me though, you are free to disagree)

Bitcoin today's biggest victory is now it's biggest weakness.  👉🏼(Institutions adoption)

2024 Everything changed, anyone in anywhere around the world can easily buy Bitcoin than the past, that's good enough but in theory only, it F everything up, it makes things much more worse.

Funny enough we all wanted this.
We wanted ETF approved.
We wanted Bitcoin to reach over 100k.
We wanted the Government to pass laws to make Bitcoin legal.

So how did we get here then?

I mean people getting exposure to Bitcoin through Fidelity Blackrock....
Without these new investors ever touching and operating Bitcoin wallet themselves, and we are all Celebrating?

Finally! Bitcoin is mainstream,  I am no longer a weirdo, I don't have to hide under my uncle's garage as a Bitcoinist that I am.

We did reached all time high and it felt so good to be honest, I myself was a celebrant..  


So what is the problem now? Right?

We went from BE YOUR OWN BANK all the way down to ADD IT TO YOUR 401K
We went from HOLD YOUR OWN MONEY to LET BLACK ROCK DO THE HOLDING.


Don't get me wrong, the ETF is good in theory because it makes Bitcoin more accessible, wait a sec, but Not the Real BITCOIN. because the major consumer part of this is flowing to the 3rd parties, aka the Institutions.

This is the very thing that Bitcoin was made to avoid

In the past, Every Bitcoin discussion online got me gearing up to be a Bitcoinier myself was all about Self Custody.
It was all about how to make Bitcoin accessible to billions of people without compromising that Core Principles.

Today? The narrative is all about the big players doing the pumping, you need names?
STRC, Us strategic reserve, Bitcoin treasury companies

They are all stacking sats on cooperate balance sheets, ETFs inflows are breaking records, remember we wanted them, I was guilty too but look what they brought us. Bigger Problems.

Before you say, oh don't worry, we will be fine...think again

These people brought 1099-DA, the new tax requirement that makes exchanges to report the numbers of Bitcoin you sold or you have already sold so that they can tax you for it.

This means one thing 👉🏼More Reporting and Less Privacy.

I DON'T KNOW ABOUT YOU BUT TO ME THIS IS REALLY CONCERNING..

[mindrust]

Lots of people wanted to get rich, lots of people wanted bitcoin to reach $100k, lots of people got what they wanted. They got rich. They don't really care about any of you said above. Don't be a hypocrite now, we all invited the institutional money. Because we all wanted bitcoin to go higher and higher. Aren't you grateful? Some people who, felt like inviting the institutions could kill the bitcoin market forever... We are yet to know if this is true and there is only one way to find out. We will live and see.

[stompix]

Funny enough we all wanted this.
We wanted ETF approved.
We wanted Bitcoin to reach over 100k.
We wanted the Government to pass laws to make Bitcoin legal.

Nope:
You wanted ETF!
You wanted Wall Street money!
You wanted government crypto reserves!
You wanted a pump and dump scammer as crypto president!
You wanted a bitcoin maxi replaced as SEC chairman!
You cheered for a fraud and liar found guilty of cooking the books and his Ponzi scheme!

Not your keys, not your coins!
Not your body, not your opinion!

[Somegory]

Funny enough we all wanted this.
We wanted ETF approved.
We wanted Bitcoin to reach over 100k.
We wanted the Government to pass laws to make Bitcoin legal.

Nope:
You wanted ETF!
You wanted Wall Street money!
You wanted government crypto reserves!
You wanted a pump and dump scammer as crypto president!
You wanted a bitcoin maxi replaced as SEC chairman!
You cheered for a fraud and liar found guilty of cooking the books and his Ponzi scheme!

Not your keys, not your coins!
Not your body, not your opinion!

I don't know less.
I was new to everything.

Don't try to put the blame on me.
You are a legendary member, old bitcoiner, I don't see people like you saying....

I don't want ETF approval.
ETF will ruin everything.
Dangers are waiting for Bitcoin real use case if ETF got approved.

🤷🏻🤷🏻🤷🏻🤷🏻🤷🏻

What are you trying to do? Pushing blames on someone who knows very less and still learning?

[Agbe]

I could remember when ETF was about to approve bitcoin, everyone was happy because the believe was that bitcoin would be more valuable than before and really when it was approved by them, the price was increased and bitcoin awareness was created and it was through this, government became interested to participate in the currency and asked centralized exchanges to restructure their tax reform. Before the ETF involvement of bitcoin and other Cryptocurrencies, many countries ban bitcoin but after the ETF approval, things change and government started to ask exchanges to reform their tax. Before ETF came. If I was selling, or swapping bitcoin to another coin in any exchange in my region, there was no charges (fees) and it was free but after ETF came on board, everything changed. The advice to the government was instead of banning them let them tax the exchanges and we the end users of the exchanges suffer the most.

As for the promotion and awareness of bitcoin, it is not like that in the forum again. There was a zeal and motivation by users on the forum tell the others about bitcoin but I am not seen it again.

[stompix]

What are you trying to do? Pushing blames on someone who knows very less and still learning?

Nope, this is what you're doing!
When you talk about how you felt and what you wanted, you use "I wanted", not "We wanted"!
You don't know what the rest of the forum wanted, you don't know our opinion so how about you don't speak in my name and others' names for a start!
Nobody made you a representative of this!

I don't see people like you saying....

I don't want ETF approval.
ETF will ruin everything.
Dangers are waiting for Bitcoin real use case if ETF got approved.

Maybe you should do more reading then!

2019:

And, why do we need those ETF? For "investor's money'"? For "Wallstreet"?
I remember how many were enthusiasts when CBOE launched its future options, about the same number as the ones blaming them afterward for dragging down the price..

[Dr.Bitcoin_Strange]

@OP, you can not get everyone to like one thing, right? People have choices and for all what you talked about here, it's not every Bitcoiner that desired for any of these things, the involvement of institutions or government in Bitcoin was not something anyone could have stopped, everyone is free to adopt Bitcoin and so the institutions started accumulating because they saw the future or potential of Bitcoin and if you or anyone also see the potential in Bitcoin, then continue to accumulate and be your own bank, the Institute investment should not affect you, buy and hold in a self custodial wallet.

[LoyceV]

We went from BE YOUR OWN BANK all the way down to ADD IT TO YOUR 401K
We went from HOLD YOUR OWN MONEY to LET BLACK ROCK DO THE HOLDING.

You still have a choice, and you're free to choose to keep your own keys. If someone else chooses something different, isn't that just part of the freedom Bitcoin offers? You can't expect Bitcoin to keep growing and not get regulated.

[Hatchy]

So what is the problem now? Right?

We went from BE YOUR OWN BANK all the way down to ADD IT TO YOUR 401K
We went from HOLD YOUR OWN MONEY to LET BLACK ROCK DO THE HOLDING.

Well, Im not really sure how you came to that conclusion. While you may not be completely wrong, I still dont agree with your pov.Institutions are made up of investors just like you and me. People who chose to buy Bitcoin ETFs instead of Bitcoin itself were never really interested in Bitcoin or what it stands for, and that was expected from the beginning.Most people welcomed institutional involvement because they believed it would increase Bitcoins price, which it did through greater adoption and wider exposure. But did it actually get us anywhere?

Maybe yes. We know some people judge everything based on price or profit and would argue that we are back where we started. I dont think that is the best way to measure the impact institutions have had on Bitcoin.

These people brought 1099-DA, the new tax requirement that makes exchanges to report the numbers of Bitcoin you sold or you have already sold so that they can tax you for it.

This means one thing 👉🏼More Reporting and Less Privacy.

Like I said earlier, we are our own poison. Using centralized exchanges were never a part of bitcoin. people chose to use them so they get what they want.. but the price is you lose your Privacy which makes it not different from using the same fiat system you ran away from

[OsaiEmma]

I DON'T KNOW ABOUT YOU BUT TO ME THIS IS REALLY CONCERNING..

Actually, there's no call for concern here. Bitcoin is still decentralized no matter what; what changed is only the means of acquiring and storing it, but its core mechanism is still the same.

ETFs, big institutions, government approval, blah blah blah doesn't change anything. Different independent nodes are still validating transactions and miners are still hashing blocks, the system is still decentralized, and you can still be in charge of your finances without the interference of a third party. These institutions haven't changed any of that.

What you're seeing right now is a classic case of oligarchy in a capitalist system where an elite group hordes more wealth than the general masses and usurps some level of control. Bitcoin system is similar to a capitalist system, so it's no surprise that these types of pseudo-centralization appear.

[Alpha Marine]

I don't know, but to me, nothing you said here stops you from using Bitcoin the way you see it. You are still allowed to hold your own bitcoin in your wallet regardless of what the institutional investors and EFTs do. So I don't see it as a problem in this context. You can decide not to include Bitcoin in your 401k. You can decide not to let BlackRock hold your Bitcoin, and you can decide not to care about what the government does with their Bitcoin reserve.
You can hold your bitcoin and your keys by yourself if you want to. So none of this stops you from holding Bitcoin the way you thought it was supposed to.
If your goal is to hold your money by yourself with your own total control, then you can and let others hold their bitcoin how they want to.

What you can complain about is that these days, it is easier to spend Bitcoin in a centralised system than a decentralised P2P system. But if you use CEX as a marketplace to simply exchange your bitcoin, then there is no serious issue there. Plus, there are other exchanges or swap services that are decentralised or may not require KYC.

[marto25]

This topic is straight out of my own opinion, it  doesn't have to bother you, just debunk if it gets under a nerve, I am simply talking about how I feel about Bitcoin in general.

When I first get into Bitcoin It was all for that Holding your own money part, not giving my Money aka Bitcoin to the hands of banks or some institution where my account can get freezed or censor my transactions kind thing.

Bitcoin was really different, like something we really need to finally be able to breath, the terms we isn't for everybody though, I'm talking about those who don't like how centralised world is pushing them around and monitoring them like clockwork.

Well, Today I have noticed few cracks in the system. (Just me though, you are free to disagree)

Bitcoin today's biggest victory is now it's biggest weakness.  👉🏼(Institutions adoption)

2024 Everything changed, anyone in anywhere around the world can easily buy Bitcoin than the past, that's good enough but in theory only, it F everything up, it makes things much more worse.

Funny enough we all wanted this.
We wanted ETF approved.
We wanted Bitcoin to reach over 100k.
We wanted the Government to pass laws to make Bitcoin legal.

So how did we get here then?

I mean people getting exposure to Bitcoin through Fidelity Blackrock....
Without these new investors ever touching and operating Bitcoin wallet themselves, and we are all Celebrating?

Finally! Bitcoin is mainstream,  I am no longer a weirdo, I don't have to hide under my uncle's garage as a Bitcoinist that I am.

We did reached all time high and it felt so good to be honest, I myself was a celebrant..  


So what is the problem now? Right?

We went from BE YOUR OWN BANK all the way down to ADD IT TO YOUR 401K
We went from HOLD YOUR OWN MONEY to LET BLACK ROCK DO THE HOLDING.


Don't get me wrong, the ETF is good in theory because it makes Bitcoin more accessible, wait a sec, but Not the Real BITCOIN. because the major consumer part of this is flowing to the 3rd parties, aka the Institutions.

This is the very thing that Bitcoin was made to avoid

In the past, Every Bitcoin discussion online got me gearing up to be a Bitcoinier myself was all about Self Custody.
It was all about how to make Bitcoin accessible to billions of people without compromising that Core Principles.

Today? The narrative is all about the big players doing the pumping, you need names?
STRC, Us strategic reserve, Bitcoin treasury companies

They are all stacking sats on cooperate balance sheets, ETFs inflows are breaking records, remember we wanted them, I was guilty too but look what they brought us. Bigger Problems.

Before you say, oh don't worry, we will be fine...think again

These people brought 1099-DA, the new tax requirement that makes exchanges to report the numbers of Bitcoin you sold or you have already sold so that they can tax you for it.

This means one thing 👉🏼More Reporting and Less Privacy.

I DON'T KNOW ABOUT YOU BUT TO ME THIS IS REALLY CONCERNING..

This is a valid concern and one that doesn't get discussed enough. The ETF narrative essentially repackaged Bitcoin into a traditional financial product — the very thing it was designed to circumvent.

The 1099-DA point is particularly sharp. More institutional involvement inevitably brings more reporting requirements, more surveillance, more compliance layers. The "number go up" crowd won, but at what cost to the original value proposition?

Self-custody and privacy-preserving tools become more important, not less, as this trend continues. The answer isn't to fight institutional adoption — it won't stop — but to make sure the tools for true financial sovereignty remain accessible and understood by those who need them.

[davis196]

We went from BE YOUR OWN BANK all the way down to ADD IT TO YOUR 401K
We went from HOLD YOUR OWN MONEY to LET BLACK ROCK DO THE HOLDING.

Nobody is stopping you from being your own bank and holding your own BTC/crypto. The normies would always act like sheep and they would always follow the trend. If somebody tells them "hold your money in the bank, banks are safe" they are going to listen to the "expert".
I don't get bothered about the traders, who are betting on the BTC price movements without buying real Bitcoins. They were never meant to be true Bitcoiners, we don't need them in the crypto community. Just let them do whatever they are doing right now (day trading).
Crypto regulations are getting stricter everywhere. This is the price we have to pay for global crypto adoption. Better crypto regulations would reduce the amount of crypto scams, but we will have to pay taxes over our taxable crypto income.

[hd49728]

I DON'T KNOW ABOUT YOU BUT TO ME THIS IS REALLY CONCERNING.

Focus on your money, practice, investment, storage and that's it.

You don't have to worry / concern about what others do with their money. They are responsible for their capital, decisions, and practice, if they lost their money, it's not your responsibility.

If their mistakes cause a market crash, they give you chance of buying cheaper bitcoins, if you're already prepared for that.

Reminder: do not keep your money in online accounts.

[348Judah]

Why are we so scared of institutional adoption, have you considered a rate at which individual adoption is compared to those that are institutional investors, the network is made in such a way that it cannot be centralized and this is why 51% attack is never possible because of the distribution of hash rate across the globe, so why are we making things complicated for ourselves when we already know that those that have strong holdings could not even manipulate or determine the market price.

[Ucy]

The issue is with fiat system dwellers who are more attached to the system than Bitcoins', coming into the Bitcoin world to corrupt and turn back the minds of those who seek freedom and who are being broken away from the system, to their fiat prison.


The idea is that people need to leave the fiat system and never look back. Their possible involvement with the system is to condemn its evil ways and help its dwellers who need their help, rather having a nostalgic feeling towards it or wanting to return back to continue to enjoy its ill gotten riches.

Bitcoin is one of the tools for the freed and escaping prisoners, that serve as alternative to similar tool they left behind in their former world. Which is why it's important to keep it the way it ought to be otherwise there would be nothing better to use, and many people will unknowingly find themselves back in prison, those who want nothing to do with the new reality could eventually cave in due to lack of better alternative.

We have nothing against fiat system dwellers benefiting from Bitcoin in the way they deserve. We just don't want them to import their culture of deceit into Bitcoin world and try to convince other that without them Bitcoin will fail or its price won't go up. This will cause many Bitcoiners to raise their hopes up on the decievers, consequently deviating from Bitcoin ideals

[lionheart78]

We went from BE YOUR OWN BANK all the way down to ADD IT TO YOUR 401K
We went from HOLD YOUR OWN MONEY to LET BLACK ROCK DO THE HOLDING.

I think this kind of this is a matter of preferences.  The Bitcoin scenario is not completely the way @OP is stating it.  Anyone can still hold Bitcoin and be their own bank.  Even those involved in ETF investment still have the option to sell their ETF shares and Buy BTC themselves and hold BTC in their non-custodial wallet.

I am not included in those labeled "we" in the quoted statement, so I am not concerned at all.

[savetheFORUM]

I thought this was about something different, but after reading halfway through, I realized it's the same usual rant I keep reading everywhere. I don't know why people don't understand simple things. You can't expect every person to have the same wishes and interests; that's why you can't expect every person in a financial market like this one to actually prefer privacy over profits. As @LoyceV said, it's not like you have no other option than investing through ETFs and allowing third parties to manage your assets for you, anyone can still buy their own bitcoins and use a non-custodial wallet to keep them without involving any third parties. You can even use decentralized platforms to buy your assets to avoid using centralized and regulated exchanges.

Those who use ETFs and other third-party companies and firms to buy and manage bitcoins for them and just allow them to take the decision of when to buy more or when to sell, those are people who don't care about privacy and stuff like that, they just want to utilize the possibility of making money from Bitcoin's price swings but don't want the hassle of managing everything themselves, so they don't have a problem doing KYC with a firm and allowing them to do everything on their behalf, but you can't say that just because of this, Bitcoin has lost its core values, because they still exist, it just depends on you whether you want to use it that way or not.

[Zlantann]

I think this kind of this is a matter of preferences.  The Bitcoin scenario is not completely the way @OP is stating it.  Anyone can still hold Bitcoin and be their own bank.  Even those involved in ETF investment still have the option to sell their ETF shares and Buy BTC themselves and hold BTC in their non-custodial wallet.

I am not included in those labeled "we" in the quoted statement, so I am not concerned at all.

The OP was just generalising using his thoughts or experiences. I am sure that I saw many posts where members on the forum spoke against the challenges that the spot Bitcoin ETF poses. So not everyone supported it. Currently, not everyone is supporting the proposals for nations to establish Bitcoin reserves.

Bitcoin is a decentralized currency which gives everyone the freedom to use it as they will. These centralised organisations cannot be stopped from stockpiling Bitcoin. But we have the freedom to use Bitcoin in decentralized forms. Nobody is forcing anyone to buy Bitcoin through centralized platforms. Therefore, we have nothing to worry about for now.

[uchegod-21]

OP, how people choose to invest in Bitcoin is never Bitcoin's fault or the fault of the Bitcoin community. Bitcoin still allows you to keep your bitcoins strictly under your own custody, so no one is stopping you from doing what you think is the right thing to do.

The question, "How did we get here?" shouldn't be directed at everyone. Maybe this question should be directed at those who would rather invest in ETFs or prefer to have their keys controlled by central authorities. "Why do they choose that over real bitcoins and self-custody?" They will give the right response, which will not be far from convenience.