closed-loop #bitcoin economies were a holy grail of successful cypherpunk adoption stablecoins usurped that use, rightly so in a sense that deprecating dollars at widely understood comparative valuation for consumable goods are definitionally more useful for spending the endgame for state capture of #bitcoin allows for institutions to blackhole spot for their balance sheets and drive valuation up the cypherpunk spot holders of bitcoin now find themselves trapped with wealth that, lacking closed economic loops, can't be spent except in traditional ways, where their value is attritioned away by taxes, dox-->panopticon-->seizure-->restriction, or personal endangerment think borrowing against spot bitcoin unlocks it? they would love for you to collateralize. read that fine print to see the many ways you agree they can seize your collateral the more dollar-denominated real-world value "locked up" in your personal spot $BTC holdings, the harder it is to spend in a meaningful way not subject to the whims of the anti-cypherpunk state note that this is not about "bitcoin cash is for coffee" bullshit, that was always a buy-my-bags advertisement and no more unfinancialized cryptoassets, as ever since I first coined #AFOSFA, remain the circumventing route for cypherpunk cryptocurrency ideals let the early bitcoin whales compensate themselves and dump their decade-held spot for billions, they fought the hardest phase of the fight and deserve the ideological glorious retirement win of dumping their bags on the institutions and sneaking away to live their lives as comfortable billionaires. their job is done, their rest is earned, there is no meaningful test of faith left for them to pass. they cannot be judged for the rest of us, the true cat-and-mouse game is our new longterm paradigm. our only job is to continue to dodge the expanding techno-panopticon with self-sovereignty, and to recognize how that ever-changing muse appears at every given nowpoint godspeed