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The real question is: when the government forces companies like RIOT and MARA to censor transactions, will they comply or move their hashrate to a different jurisdiction? How will market participants respond to their decision. And how long before capital controls become “those machines don’t leave our borders” controls?

Welcome to the future motherfuckers

nicodemus 2y ago

Lol. Hashrate will move, regardless. Their may be pain during transition but the net result will be even more decentralized mining as the non-“public” miners move to other locations/pools with better conditions.

Either the economics of bitcoin work, or they don’t. They are based on allowing the free market to do its thing. I don’t believe this can be stopped. If authorites squash/capture one market, two free ones will pop up to replace it due to incentives alone.

Nah, if there is any brains at all with the authorities, best to keep a quiet eye on it as-is less they force it adapt and decentralize even further. China made a big mistake. I suspect the IS may learn from that.

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Discussion

Knightstr 2y ago

Hope you’re right. We don’t have a free market in the US and yet the world dumps its capital here all the same because of the incentives at the margins.

It’s wise not to underestimate our central planners. While we think they’re schmucks, they’ve not been unsuccessful on a macro level thus far.

nicodemus 2y ago

I get your point.

But every tyranny, every empire before them has fallen. I see no reason to believe this one is different.

You can’t put the genie back in the bottle. The idea is now out there. This is why you don’t need to hope in bitcoin, you can *know*.

You’re only hope is we get it right the first time, for everyone’s sake. But if we don’t, then we will try again. And again. And again. Entire races have seen generations come and go in pure slavery, and yet we keep gaining ground.

Mankind’s instinct and fate is to wrestle with and balance freedom and tyranny.