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The original was posted on /r/monero by /u/GrandpasPosse on 2024-03-20 00:47:50.

Came across this article on a freak Bitcoin price dip on BitMex. As someone who absolutely champions Monero over Bitcoin, I thought the last three paragraphs were interesting:

The former CEO of BitMEX, Arthur Hayes, previously opined that the spot Bitcoin exchange-traded funds (ETFs) could “completely destroy” Bitcoin if they are too successful.

According to Hayes, Bitcoin ETF issuers holding all the BTC would negatively impact the number of transactions on the Bitcoin network, and miners will lose any incentive to keep validating transactions.

“The end result is miners turn off their machines as they can no longer pay for the energy required to run them,” said Hayes. “Without the miners, the network dies, and Bitcoin vanishes.”

NGL, I hope this happens. There's Monero for privacy, there are a bunch of protocols for DeFi, there are even interesting niche protocols like Filecoin for decentralizrd data storage.

I never liked the "Line Go Up" ethos which has emerged from the Bitcoin community, which at this point also seems to be the only value pitch coming from the protocol, and frankly think that Bitcoin's death would be beneficial for crypto by dispersing (at time of writing) $USD 1,218,000,000,000 of capital elsewhere.