Most comprehensive and persuasive case for Bitcoin I have come across.https://twitter.com/real_vijay/status/969591986662424576 …
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Replying to @matbalez
The problem is that the true utility of Bitcoin (outside speculation) is primarily for those who wish to launder money, avoid capital controls or sanctions. Heavy regulation is coming, and at that point, isn't it just a fiat currency with a fancy accounting backend?
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Replying to @mrburnsns
No. It is an asset that cannot be devalued or seized, one that you can trade across the globe instantaneously and freely without anyone's permission. It is something entirely new that society has not had before.
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Replying to @matbalez
I would argue that society has had an equivalent before - the bearer bond & high denomination currency. Those were exploited by bad actors due to the same characteristics, and eventually new issuance prohibited. Heavy regulation by governments can't be ruled out.
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Replying to @mrburnsns
How to regulate someone holding their own private keys and transacting anonymously? Only regulation oppt is purchase with fiat, so to adequately regulate would need all governments to act in concert. Seems unlikely.
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Replying to @matbalez
The same could be said for cash, but if you walk into a bank with more than 10K in cash, you're gonna have a bad day. I would agree the regulation is currently only possible at the edges, but it is coming.
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Replying to @mrburnsns
I mean it is already there, eg Coinbase providing records to the IRS. But IMO centralized exchanges are not going to last. Decentralized exchanges and self-custody will make regulation very difficult, for better or worse.
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I agree with you but fiat onramps are fragile weak points
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