“Worse than mediocre.”
@AriDavidPaul critiques bitcoin as a payment system
https://twitter.com/aridavidpaul/status/904844415100964868 …
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Replying to @coindesk
I'm very bullish on Bitcoin. That tweetstorm was about how BTC's value comes not from payments but from role as unseizable store of value.
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Replying to @AriDavidPaul @coindesk
thought experiment: what value will Bitcoin have if its liquidity is choked by governments by declaring BTC/fiat exchanges to be illegal?
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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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Replying to @AriDavidPaul @coindesk
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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Replying to @AriDavidPaul @coindesk
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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exactly my point! but for the record, i'm bullish on crypto in general. i just like to do critical thinking and play Devil's Advocate
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Me too: bullish, hopeful - and fearful.
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my hope is that there are still enough sane non-sociopathic people in governments to prevent it from going full metal totalitarian 
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Main concern is that the ability to devalue/inflate fiat is key macroprudential tool. Bitcoin strikes at the heart of that if widely adopted
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