this is extremely bad for BTC

almost no bitcoiners understand this https://twitter.com/kyletorpey/status/1307336850886086667

1000 BTC on Ethereum = "haha free defi ponzi money brrrr"

100,000 BTC on Ethereum = *nervous sweating*

10,000,000 BTC on Ethereum = "ah fuck"

you take the most active, willing to pay tx fee users, and move to another chain to pay fees on that other chain

new chain now earns all those tx fees

BTC now competes with LTC and BCH for most empty major blockchain

BTC chain empty af

satoshi's coins
dead coins
maxis trying to use it to pay for coffee with 10 min confs

fee security model broken af

now the big question is:

if the BTC L1 chain is becoming broken af,
what's the value of the BTC that's now on Ethereum?

decreasing cos ppl are dumping the dead chain?
increasing due to scarcity? the bitcoins that survived?

having 1 BTC on ETH could be a fun digital collectible