What characteristic of Bitcoin ensures its censorship resistance?
Discussion
So you just gave up on the “governments can co-opt Bitcoin” line of argument without attempting to demonstrate it?
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Also, if you have to ask that question you should go study more. Mastering Bitcoin, by Andreas Antonopoulos is a good start.
If you identify the characteristic of Bitcoin (fees) that makes it possible for it to resist government censorship, it becomes clear that it is not impossible for Bitcoin to be co-opted by governments.
No one can predict with certainty how much governments will spend in an effort to control majority hash power, nor how much will be offered to miners in fees to overcome censorship by majority hash power, nor the extent to which honest miners will be enticed by these fees to take on the risk (of capital and legal liability) of mining a heavier chain.
https://github.com/libbitcoin/libbitcoin-system/wiki/Censorship-Resistance-Property
First, the main characteristic that makes Bitcoin censorship resistant is not fees. It is it’s flat decentralized architecture, imo. Fees play a part but it is not the only characteristic that contributes to censorship resistance. This security budget stuff is not a compelling argument for me, even in your rendition of it.
So, your argument is that governments can spend infinite amounts of perpetually and exponentially devaluing fiat currency to control hash power? Sounds like what the US empire is doing now to hold on to their empire, it is doomed to fail.
I don’t disagree that they can and will try. They could possibly succeed for a bit. That is usually their move, throw paper money at the problem. Good luck to them, they cannot keep it up for long.
The states trying to spend to control hash power are only digging their own graves faster. They will have to print more and more to maintain majority hash power in perpetuity, devaluing their fiat currency, and the amount they will have to print increases exponentially.
This is why I say it is not possible for states to co-opt and control Bitcoin by printing money to spend on hash power. They would have to attack it some other way.
What other way do you think they could attack it reliably? Printing money is the only trick in the Keynes playbook
Sorry, previous YouTube link might start randomly in the middle lol