..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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Replying to @AngloRemnant
..simply by applying pressure to corporations & financial institutions on BTC transactions and withdrawals. ..
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Replying to @AngloRemnant
..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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Replying to @AngloRemnant
..Serious capital does not scale without playing by the sovereign’s rules. Nor is serious capital deployed without sovereign protection. ..
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Replying to @AngloRemnant
..So until the physical-space-commerce route-around problem is solved, BTC potential is very much men-with-guns limited. ..
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Replying to @AngloRemnant
Bitcoin can bunker-down better than the financial establishment can.
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Replying to @Outsideness @AngloRemnant
Bitcoin creates its own incentive for men-with-guns to support it.
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Replying to @Alrenous @AngloRemnant
Yes, critical point. And by doing so it flakes them off Leviathan automatically. It induces deep state privatization.
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Replying to @Outsideness @Alrenous
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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Replying to @Alrenous @AngloRemnant and
Meaning the longer bitcoin exists, the more dangerous it is for the state to betray its subsystems by attacking bitcoin.
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End of conversation
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