There is a bottleneck looming in this round of cryptocurrency adoption: Sovereign-backed legal protections for corporations. ..
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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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Bitcoin can bunker-down better than the financial establishment can.
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Bitcoin creates its own incentive for men-with-guns to support it.
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Yes, critical point. And by doing so it flakes them off Leviathan automatically. It induces deep state privatization.
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Eventually. In the meantime the legacy state will defend its monetary ruthlessly if it perceives the threat in time.
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it creates conflicting incentives for state agents, though - squash, to preserve present power, or keep, to hedge against future failure?
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From a risk-management perspective, USG is negligent if they currently own any less than 1M Bitcoin.
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This legitimizes substate actors who want their own stash. Which gives them a fallback in case the state betrays them.
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Meaning the longer bitcoin exists, the more dangerous it is for the state to betray its subsystems by attacking bitcoin.
End of conversation
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We won't know it until we see it, and then there will be a catastrophic event cascade ~> reduces to gold, MREs, antibiotics... shrug
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The power of men-with-guns should not be under estimated, but it lies dormant until activated by an unknown catalyst/event.
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