There is a bottleneck looming in this round of cryptocurrency adoption: Sovereign-backed legal protections for corporations. ..
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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
New conversation -
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Problem from their strategic angle is that they depend on incentive structures fuzzily anchored in altruistic conceptions of public service.
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That is what Moldbug predicted, and he offered evidence they've noticed, but the actual defence doesn't appear to be materializing.
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