I agree totally with you on derivatives and treasuries, they are not what Bitcoin was built for. I've taken the stance that Bitcoin is for our enemies as well as our friends. Bitcoin must survive all attacks, including Wall St's manipulation. Sorry I didn't recognize your nym from Bitcoin Beach 🙃 If you believe Saylor, the Clarity Act brings banks and otherwise regulated institutions to Bitcoin. At the same time he talks about re-hypothication. @e1055729…2cd0fef4 acknowledges that a recent change allowing for in-kind redemptions for ETF products allows for settlement in Bitcoin. As she states this is a very good thing but it does still keep the door open to paper Bitcoin and thus false supply dynamics. As the musical chairs game begins, the market will absolutely scramble for settlement as some contract holders will otherwise be locked out, similar to what's been happening lately with Silver. The contracts will be offered settlement in fiat but other than cuck buck gains, there's no upside as the Bitcoin supply continues to dwindle. They'll have fiat but not Bitcoin. We just don't know when this all goes down. My guess is that the battle for control of the Fed will be the signal. Will Warsh acquiesce to the Trump Admin and the Fed and Treasury become one in the same? If so, how they stick handle through the collapse of the Federal reserve note and all derivatives associated to that is what we must watch. Pessimistically, I feel Trump is in the pocket of Israel. The bombing of Iran today certainly suggests that. Israel will demand the world reserve remain the US dollar at the central bank level. Does Trump have an ulterior motive? I'm not optimistic that he does. All of this is simply the reality of where we are at today with Bitcoin. Nothing has changed with the fundamentals or the math. The only thing that will make a difference over a long period of time is self-custody. I believe the movement of precious metals recently shows us that direction. Physical over paper. Agentics will only work on digital obviously. Tether is pushing XAUt, why wouldn't they? Stable coins may be what we settle on for the payment rails. If this becomes the case then the warning of @82341f88…fbfbe6a2 will have been prophetic. Bitcoin will be a store of value not a medium of exchange. At least not in the mass market. We can do our part by spending Bitcoin into the circular economies mentioned (#BitcoinBeach) in the previous note and where we met. The more of these we can establish and support like @0780b32a…f934b515 the faster we set an alternative path for those who have seen and been adversely impacted by the manipulation of central control. The optimist in me still looks at the Bitcoin protocol and recognizes that no one can stop me from sending peer-to-peer money. Even if central control locks down traditional PoS rails, we still have the ability to transact completely off the grid. To one extreme a TX sent over RF via ham radio @e88a691e…27850411 More recently Bitchat @82341f88…fbfbe6a2 using eCash @50d94fc2…df281d63 each of them showing us the way. Our focus needs to shift from concerns pertaining to Wall St. They're going to do what they've always done. We instead each have the option to focus/create and use Bitcoin in the way we want, as @83e818df…5ccd964b reminds us. There has never been a true honest free market, so we have difficulty comprehending how that looks or works. Yet nothing has stopped Bitcoin thus far. New blocks keep arriving. We just need to do our thing and focus on the world we want. Bitcoin will assuredly be there. Bitcoin is the river. It simply finds a path. It can't be stopped. I'll look for you at the mouth of that river. ⛓️‍💥