this post was submitted on 25 Feb 2024
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libertarianism
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That's a meme. Anyways, that's not what I am saying. The cartel does not need to bother with consensus, cartel controls the price and thus the money flow. The network security of the Bitcoin network is dependent on the cartel and their actions. Due to nature of PoW.
If cartels can afford to control the price of btc then they would not waste time with something like btc. They would control far more important parts of the financial market.
Unfortunately, wall street does not take tethers. Binance does.
I don't know why you're getting downvoted. People think bitcoin cannot possibly be controlled because it'd take a lot of hardware power to override blockchain entries, but there are other ways to control it. Tether is one good example where the value of that is supposedly backed by underlying assets which include... bitcoin. So they're buying bitcoin with tether and tether is deriving part of its supposed value from bitcoin. Tether hasn't been audited and they're free to print however many tethers they want. Yeah, that's not insane at all...