..For obvious reasons, the G20 will want to crush the first cryptocurrency that begins to threaten their control of the nominal economy. ..
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..It’s taken for granted by many that crypto can route around govs. But it can’t yet. The G20 Will smash bitcoin..
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..simply by applying pressure to corporations & financial institutions on BTC transactions and withdrawals. ..
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..99% of the global economic value chain has (multiple) critical steps in the physical world, within reach of government men with guns. ...
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..Serious capital does not scale without playing by the sovereign’s rules. Nor is serious capital deployed without sovereign protection. ..
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..So until the physical-space-commerce route-around problem is solved, BTC potential is very much men-with-guns limited. ..
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..The analysis around Moldbug-flavored Neocam patchwork usually assumes Bitcoin enables it, but really the causality has to be reversed.
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.. 2 ways for BTC to rise from the ashes after this round: 1. Strategic voluntary adoption by sovereigns 2. IoT gains sovereign-like power.
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However political risk is a greater existential threat to Btc than say Au, which can be held on other form, hidden, smuggled etc
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Political risk is the bane of all currency whether be its creation, distribution or prohibition.
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But I feel Btc safe while it's a conduit for China funds to escape, as it's effectively a QE where central banks don't have to spend a dime.
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