There is a bottleneck looming in this round of cryptocurrency adoption: Sovereign-backed legal protections for corporations. ..
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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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If IoT gains sovereign-like power, we will have much greater concerns than medium of exchange, be it bitcoin or
$US as reserve currency.
End of conversation
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