A ledger, digital or otherwise, is only as good as it’s trustworthiness, immutability, and enforceability. Bitcoin is trustworthy because it is verifiable. Bitcoin’s ledger is immutable because of the decentralization of the massive network of nodes and miners. Bitcoin is enforceable for the same reason. There is no other blockchain that has or can accomplish that. Bitcoin works for money because it IS itself money. It does not represent another money or thing. Any token/NFT can claim to legally represent another thing until a court says otherwise and then it is null and void. NFTs are scams my friend. They claim to be something they can never be.
Discussion
The only part of Bitcoin that really matters is the proof of work / power projection; a fancy ledger would be otherwise useless.
Explain power projection to me as if I am someone who will never buy Jason Lowery’s “thesis”
Power projection is life itself. Power projection is a rejection of the ascetic ideal. Power projection is capitalism and competition. If there was no power projection of 10 gigawatts of energy backing Bitcoin then Bitcoin would be vulnerable to attack bc it would be backed by stake and have a very low cost of attack.
Modern sapiens deny power projection, or Neitzsches will to power, because of recency bias from proof of stake lives of comfort and leisure.
Power projection just means using watts to make yourself less vulnerable to attack. We’re being attacked incessantly by entropy of the universe, form abstract power hierarchies like statism, and from all other forms of life who wish to take our resources.
Bitcoin as a power projection protocol makes it impossible to declare anything by decree; you can’t change anything in the network without projecting power to enforce new changes. The only way to take anything from a bitcoiner would be by power projection or force; which is fundamental in life… we just believe in statist laws and abstractions to diverge from actually projecting power to gain resource control over others.
Ok so a more aggressive take on how bitcoin is seizure resistant
The old way to have control authority over gold was to take it by kinetic power projection.
The new way to have control authority over Bitcoin is to mine it through electrical power projection.
He who owns the gold was decided through wars. He who owns the bitcoins is decided through electrical power projection.
They are the same thing; the former was the way in a agrarian society for the past 10,000 years; the latter is the new way for a society transitioned through the threat filter.
The only reason we can trust war is because it’s egalitarian and trustless; same for Bitcoiners permissionless network. Except in the latter you’re not incentivized to kill and plunder for your resources; you’re incentivized to cooperate and project more and more power.
Gold was the units to control. Bitcoins are the units to control. Kinetic warfare and kinetic power projection was the egalitarian network and protocol to establish control authority over resources. Now the bitcoin network via mining and electrical-cyber power projection is the new meta to establish control over resources.
Both require watts; both are proof of work; both are permissionless, trustless, and equity-based/neutral.
Bitcoin is a protocol for talking about imaginary things. It has to do with free speech. Be careful about introducing dirt dauber (government) terms like "legally" into the discussion. Next thing you know they be taxing your speech. Oops - too late...
Until laws cease to exist we will be dealing with them, and then when they don’t exist we will simply have new laws created by different people. The strength of bitcoin is that its ledger, monetary policy, and issuance exist beyond the control of them. People, not so much. So people must contend with legalities where they live. Storing your wealth in bitcoin gives you the best chance of securing it from control and seizure by outside parties. People wish to confer that same immutability onto ownership of real world physical objects via use of NFTs. But the big problems with that are that 1) NFTs merely represent the thing, whereas bitcoin is the money, 2) no other blockchain is immutable, and 3) and no government is obligated to recognize said blockchain as superior to its own local laws.