Wall Street Is Bitcoin’s Biggest Threat, Not Arbitrary Data

Shinobi argues that Wall Street's growing role in Bitcoin, through treasury companies, ETFs and other proxies, threatens the network's decentralization more than arbitrary data does. He writes that Bitcoin's stability depends on being held by many independent actors who validate the system themselves, and that as those participants shrink into fewer, larger entities, coordinating changes becomes easier. He says Wall Street cannot be shamed or pushed out, so the response should be positive incentives that encourage direct self-validation rather than use of legacy financial wrappers.