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1/ Can governments kill Bitcoin?
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You can’t kill an idea.
Bitcoin extends beyond just code, it’s a mindset.
People who understand and buy into Bitcoin have already gone down the proverbial rabbit hole. They’ve had to challenge their assumptions of money and government.
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You can’t kill an idea.
Bitcoin extends beyond just code, it’s a mindset.
People who understand and buy into Bitcoin have already gone down the proverbial rabbit hole. They’ve had to challenge their assumptions of money and government.
2/ Money represents stored time and energy of an individual.
The preservation of that is a human rights issue. While they may give up freedoms over flying (FAA), driving (DMV), and many other aspects of their lives (Alphabet agency soup), wealth is the last line of resistance.
The preservation of that is a human rights issue. While they may give up freedoms over flying (FAA), driving (DMV), and many other aspects of their lives (Alphabet agency soup), wealth is the last line of resistance.
3/ “To believe that all the people in the world that have adopted bitcoin for the financial freedom and sovereignty it provides would suddenly lay down and accept the ultimate infringement of that freedom is not rational.” - @parkeralewis
4/ Don’t Flinch
Faith is what is required to make it all work.
Fiat currency is only “backed” by the faith of those who hold it. In other words, the faith in the government that issues it.
Faith is what is required to make it all work.
Fiat currency is only “backed” by the faith of those who hold it. In other words, the faith in the government that issues it.
5/ If a gov were to recognize Bitcoin as a threat, the investors/citizens will wonder why that gov is feeling threatened. After all, most citizens have never questioned the nature of their reality or the power of their gov.
A confidence game: If you flinch, you lose.
A confidence game: If you flinch, you lose.
6/ Furthermore, trying to ban Bitcoin will increase it’s visibility. This is commonly called the “Streisand effect” which is a social phenomenon that occurs when an attempt to hide, remove, or censor information has the unintended consequence of further publicizing that info
7/ The enemy of your enemy is your friend.
Universal shutdown is impossible due to the coordination problem of having every government in the world agree with each other’s decision. If Bitcoin is a threat to one government, it means that it is an ally to another.
Universal shutdown is impossible due to the coordination problem of having every government in the world agree with each other’s decision. If Bitcoin is a threat to one government, it means that it is an ally to another.
8/ A good example is global warming. If governments across the world, who have identified this as a major issue, can’t build a universal coalition, then I have little confidence they would be able to do the same for Bitcoin.
9/ There is the possibility that governments across the world could unanimously decide to fall back to the gold standard. But that would be futile since that wouldn’t solve the underlying problem - trusting governments. I wouldn’t trust their audits, and why should you?
10/ You can’t prohibit free choice.
Both India and China have already tried to ban Bitcoin, with little success. Other non crypto examples of how prohibition doesn’t work:
- Drug wars
- Free Speech
- Gold
Both India and China have already tried to ban Bitcoin, with little success. Other non crypto examples of how prohibition doesn’t work:
- Drug wars
- Free Speech
- Gold
11/ Drug Wars
Over the last 40 years the US (and other countries) have waged a “war on drugs” which has little to no impact on usage, and has led to enormous social and economic issues with minorities/incarceration rate/etc.
Over the last 40 years the US (and other countries) have waged a “war on drugs” which has little to no impact on usage, and has led to enormous social and economic issues with minorities/incarceration rate/etc.
12/ The hypocrisy of having “legal” drugs like OxyContin (an opiate) and Adderall (amphetamine) kill 75,000+ Americans annual just adds to the absurdity. What is legal/not legal is based on the whim of alphabet soup regulator.
13/ Free Speech
Bitcoin is code, which is a form of speech. If governments want to ban it, then there is a good chance it becomes a First Amendment (freedom of speech) issue.
Bitcoin is code, which is a form of speech. If governments want to ban it, then there is a good chance it becomes a First Amendment (freedom of speech) issue.
14/ There is recent precedent for controversial speech being upheld by US courts:
“Defense Distributed v. United States Department of State”
Essentially Cody Wilson shared files for a 3D printed gun. The US gov gave up the case when it looked like they were going to lose.
“Defense Distributed v. United States Department of State”
Essentially Cody Wilson shared files for a 3D printed gun. The US gov gave up the case when it looked like they were going to lose.
15/ When gold was made illegal by EO 6102 in 1933 it didn’t lose its value or fade away, it actually increased in value!
And Bitcoin is distinctly different from gold in it’s portability, divisibility, and verifiability which makes it even harder to stamp out.
And Bitcoin is distinctly different from gold in it’s portability, divisibility, and verifiability which makes it even harder to stamp out.
16/ How Bitcoin wins
Bitcoin survives through adoption/HODLing:
- As Bitcoin’s price increases, security of the Bitcoin network increases as well.
- If 20 - 50%+ of a countries’ population owns Bitcoin it would become very unpopular from a political perspective to ban.
Bitcoin survives through adoption/HODLing:
- As Bitcoin’s price increases, security of the Bitcoin network increases as well.
- If 20 - 50%+ of a countries’ population owns Bitcoin it would become very unpopular from a political perspective to ban.
17/ Bitcoin’s hard to understand nature, and disregard by most of the population, has been a blessing in disguise. As it rises in value and prominence it becomes more secure (via adoption and security spend).
18/ At the very moment when governments recognize Bitcoin’s threat to their existence, it will be too strong, too large, and too integrated to kill.
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