Replying to Avatar Jeff Booth

One of the more beautiful things about a truthful, decentralized and secure protocol is that it imposes a self inflicted pain on those who try to control it, cheat it, or corrupt it for their own self interests.

#Bitcoin
Avatar
unit 2y ago

Bitcoin showed if you lie like FTX and SBF did, you will be financially punished

Bitcoin worked

Reply to this note

Please Login to reply.

Discussion

Avatar
Jeff Booth 2y ago

Many more will try - many more will fail. Warren and banking establishment backing her are only today’s SBF’s.

Avatar
michael 2y ago

yes but what stops Warren & co given they get to decide rules of the game and how it’s played?

Avatar
Jeff Booth 2y ago

If they could decide, then bitcoin would not be decentralized and secure. They only decide for themselves and those who believe they decide.

And time will prove that.

Avatar
Mr Eugenides 2y ago

The truth.

Avatar
unit 2y ago

It's going to be fun to watch, Warren and the Bankers, when they find out just how much power they really have

It's going to be a 5 Stage of Grief humbling experience for them

78
789e4172... 2y ago

They can't stop Bitcoin but they will influence how people use it.

The Bitcoin network relies on businesses for it's infrastructure, users rely on mining pools, LSPs, custodians... All regiter businesses who will follow the laws and regulations, and so will their customers.

78
789e4172... 2y ago

Once a year you dox your Bitcoin transactions to the IRS, your accountant, and an accounting software company. Why? Legislation.

Don't you think that the reporting obligation doesn't change how some people use bitcoin?

78
789e4172... 2y ago

Bitcoin didn't do anything. Incompetence and stupidity took down FTX.