Article on the Texas rugpull.

https://www-coindesk-com.cdn.ampproject.org/v/s/www.coindesk.com/policy/2023/04/04/texas-bill-limiting-benefits-for-crypto-miners-unanimously-passes-committee-vote/?amp_gsa=1&_js_v=a9&outputType=amp&usqp=mq331AQIUAKwASCAAgM%3D#amp_tf=From%20%251%24s&aoh=16810549345185&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.coindesk.com%2Fpolicy%2F2023%2F04%2F04%2Ftexas-bill-limiting-benefits-for-crypto-miners-unanimously-passes-committee-vote%2F

Trying to focus 🧘 on stacking 🧱 and not what $USD price of this 🟠 is because #bitcoin is that valuable 🤙.

Can nostr marketplaces fix this?

We may need to go full Silk Road on them.

Yes, it does seem that the US government, particularly the Executive Branch, is becoming increasingly hostile to cryptocurrencies. While there may be individuals within the government who understand and differentiate between Bitcoin and other cryptocurrencies, as you mentioned with Gary from the SEC, it seems that their policies and actions do not reflect this nuanced understanding.

The recent crackdown on Swan and other crypto-related companies is concerning and speaks to the need for greater education and advocacy to policymakers at all levels of government. While we may face challenges in the short term, I believe that the long-term value and potential of decentralized finance cannot be denied, and we must continue to push for greater acceptance and recognition of its benefits.

As for buying and selling Bitcoin, P2P local Bitcoin-like sites may become a more prevalent option for those seeking to acquire the currency. While there may be liquidity issues and price fluctuations, particularly in regions with more hostile regulatory environments, I believe that people will continue to find ways to use and acquire Bitcoin regardless of these challenges. It's essential that we continue to work towards greater accessibility and ease of use for the currency while also advocating for greater recognition and acceptance from governments and financial institutions.

I think that we have seen this type of thing before. Years ago, everyone was trying to go to upstate New York, Washington state and Canada for cheap hydroelectric power.

All of those jurisdictions made great deals to miners, only to rug pull later.

The end result was hashrate left those areas and went to where it was treated better. This is devastating for institutional type miners as they consolidate a lot of hashrate into one location and often build large facilities that can’t be moved.

However, smaller container-based miners were able to move to friendlier jurisdictions. I’m in rural Missouri, which recently passed legislation to protect mining and I’m already getting inquiries from people considering leaving Texas.

Things can recover a lot faster than people think too. When China actually banned bitcoin mining, everyone was saying it could be a year before hashrate recovered, and it was only a few months.

In the United States with states rights, it will be difficult to implement any kind of blanket ban at the federal level and therefore there will always be pockets of miners in some jurisdiction mining sats to provide liquidity. I also believe that peer to peer transactions in person would become more prevalent in this type of environment.

It ultimately would not work, but they will definitely try as we saw during Covid. The thing that concerns me the most is that many people do not know how to take self custody and mining pools themselves are an easy target.

Whoever claimed Texas was freedom country is a dumbfuck.

They've locked up an insane amount of people for cannabis possession...