“Worse than mediocre.”
@AriDavidPaul critiques bitcoin as a payment system
https://twitter.com/aridavidpaul/status/904844415100964868 …
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1/ Not much of an experiment. China did this a few months ago. US did this with gold in the 1930s. Some economists argue it's be bullish.
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the thought experiment is governments (US, China, Russia, EU, etc) all agree to kill off BTC-fiat liquidity by declaring it illegal.
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Those governments have all banned heroin. There's still a pretty big market for heroin. Governments aren't good at banning things.
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because heroin has utility. people get high on it. what's the utility of Bitcoin if you can't easily trade it into fiat?
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Agree. Bitcoin’s vaunted censorship-resistance is completely untested against resolute regulators acting in concert.
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1/ The cryptography is well tested. There are roughly 100k nodes in every legal jurisdiction, and a satellite.
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2/ consider that regulators can't even stop the neighborhood drug pusher
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my point is, drugs have utility. people get high on them. what's utility of Bitcoin if you can send it around but can't change to fiat?
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If governments declared BTC/fiat exchanges illegal that would mean 2 things: i) they are not supporting tech innovation/entrepreneurship
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see global WarOnDrugs. that's why useful psychedelics still have stigma. drugs flourished coz it has utility. can't get high on Bitcoin
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