I worry about us losing the cypherpunk ethos Bitcoin and the tech it operates on was founded on. We’ve gone from a focus on building a better, alternative system that is independent of the broken legacy system — to full integration with centralized, controlled trad fi. The central powers & regs have won to a large degree — we now cheer for table scraps and bones thrown of minor regulatory concessions rather than working to disrupt the entire old broken system. We will be a part of fractional reserve systems and the money printer machine — all the corrupt aspects of modern capital markets. We can hope that the superiority of Bitcoin disrupts money as the fiat bag holders try to run for the exit doors — but if it’s mostly held by a handful of big banks and pubcos with increasingly goofy financial engineering - and no one uses it for trade then it will be less likely to really disrupt the fiat system. Lots of wealth is being built for good people - but in some ways we are further behind than in 2014 or so when there was more a focus on disrupting the old system. As we have become more integrated into central bank driven tradfi it’s harder to pivot to the point when the world moves off these systems. We run a risk that the only best case sucess of this is number go up for a generation and the evil system of fiat and central control continues. And make no mistake - it is evil. I don’t use the word lightly but fiat fuels war, totalitarianism and nearly every horrible thing we see on earth from junk science (funded with phony first grift grants) to failing academia, government contractors and even obesity (govt corn syrup subsidies & junk food incentives). We have a once in a lifetime opportunity to use this amazing technology to actually disrupt and replace the old broken system, empower people and improve our world. Alternatively we may just get richer watching from our fortresses as the world continues to burn and descend into chaos. I don’t want rails, regulatory tidbit favors and integration. I want disruption and replacement of the old with something new and better. A better world.