BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast)
Discussion
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Stellar. As always. I heard a non answer from Steve re. "Is this a long term systemic attack?" Seems naive and complacent, which he is not. I doubt any high profile folks want to go on record discussing the implications and solutions to these very possible and highly likely scenarios.
So whats your play when we see on/off ramps squashed, EO6102 type events, and they make it illegal to hold BTC in your qualified account...regardless if you had a "boating accident" ? Are ya'll prepared to leave for friendly nations like El Salvador till the US wakes up or the dust settles from the Reset, GD2.0, and Civil War? Or ought we stay put...risking the chance of being tagged tax evaders or domestic terrorists? Converting KYC BTC to NonKYC BTC seems no longer viable, so that leaves paying high transaction fees to friendly nation's banking systems to repatriate fiat for operating cash in the US...While simultaneously homesteading our hearts out, bleeding cash reserves, working for CBDC, and building BTC commerce communities....All while covertly protecting our BTC positions until the tide turns? Iâm seriously interested in hearing your plans and strats. Maybe there are more clever hacks to this historically inevitable cluster that my half pleb brain hasn't realized? Where are there folks actually willing to discuss this? Because, as students of history and human nature, you know the malicious bolshavik banking cartel is coming for us.
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Iâm sure there will be much better answers from the other bitcoin scholars you tagged, but I believe a separate bitcoin economy will emerge and yes, people will flee to bitcoin friendly nations as they prosper.
The kicker is talking your other half into going to a bitcoin friendly nation. I continue to monitor El SalvadorâŚand have hopes for Mexico and then ex-pat havens like Costa Rica, Panama, Honduras, etcâŚespecially those toying with the idea of Free Cities. But I worry about political instability and regime change. Even now, I think there is a battle between Honduras and the Free City that was starting up there. Negotiate with a predecessorâŚget people moving in assuming some self-governance/sovereigntyâŚand the new regime tries to back out of the agreement after youâve already invested fiscally, physically, and emotionally to get there.
Agreed. I think that's a huge risk with El Salvador. They're moving in the right direction at an impressive pace but when SHTF those surrounding nations are gonna flood in. Is their military and boarders going to be ready in time? Dunno. #[10] definitely working towards that end. Considering opening a BitcoinPark in my town but I question the reality of a parallel economy emerging in time. Normies will cave to CBDC.
I think this will become an easier proposition as things deteriorate further here. I even have a trust fund baby childhood friend, as left as one can be who moved from SF to Mexico City last year. For the first time in my life Iâm seeing younger people leave the US by their choice. I never imagined it.
Things are changing quickly now. Itâs very hard to imagine what 5-10 years into the future will be like.
This wasnât the case pre-2016 when things in the West seemed to unanchor.
Costa Rica extremely slow but showing positive signs. Bukele visited for a âholidayâ last year. We are finally seeing things like this: https://www.datacenter-cr.com/
I also know a few people who are getting part paid in BTC but itâs easier to explain to Nicaraguans than Ticos. There does seem to be momentum building though. If thereâs sufficient realisation within the entirety of Central America, it actually would benefit them to form a block. Then mutually beneficial for stability all round. Letâs see how this plays out
Doubt those other homies will chime in with anything practical. Theyâre too high profile and have institutional /PR risk to manage. Where are the real gorilla war maxis at? :)
While a separate BTC economy sounds nice, when they EO6102 us then it wonât matter if we âhad a boating accidentâ because we know from the FBI hearings over the last 2 years that theyâre systematically tracking all wallets. It doesnât take much in the way of tech to track someone down when they start offshoring, coinjoining, or simply spend BTC at the farmers market. Itâs an easy ROI for the IRS to deploy one of those 80,000 agents to start with the fattest stack and work backwards. Feel me?
Come on fam. Even Peter and Doomberg are being more intellectually honest about these scenarios. Weâre not going to hit critical mass without addressing these issues and beating up solutions. Jurisdictional optionality seems like the obvious win but there currently isnât an easy path for the average Joe. So are we just gonna succumb to the inevitable tyranny and watch em all bleed out while we sip margs in ElSalvador?
Last nudge. Promise-ish. Dont we have a fiduciary responsibility to communicate and actively beat up solutions to these very real war time scenarios for ourselves and our constituency? Otherwise, we're not accurately/honestly assessing risk and could even be viewed as schilling like the rest of em. I know you see the scenarios I'm discussing above and have annoyingly posting elsewhere, yet very few are honestly addressing it...except semi-degens like doomberg and peter...ironically.
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CBDC will programmatically audit & crush unapproved activity. A parallel BTC economy is wishful thinking. Efficient paths to get banked in a friendly country then repatriate USD for operations in the US until the tide turns? What are other war time hacks we're not discussing? Volcano Bonds could be the vehicle for judicial optionality. Its a FinTech play just waiting to happen. Otherwise we lose on ramps and mass adoption in the US.
#[14] See above. All these people are either too scared to discuss the obvious (says the anonymous guy) or havent worked this out to its obvious end. Please help!
Boom. It's coming. Anyone ready to discuss war time solutions or are we gonna keep on meme-ing?
Told ya. It's coming. See it?