Subnostr

"Bitcoin is censorship resistant, not censorship immune. By advocating for the U.S. government to adopt bitcoin, we are playing a game of chicken with the largest economic and military force on this planet, and anyone who believes that we’ll come out of this on the winning side may have overstayed their welcome in la-la land.

Bitcoin may be a trojan horse, except it’s not the horse you think it is. Under the correct circumstances, bitcoin is able to function as a great alternative to CBDCs. You go ahead and open up your wallet app, and here comes the stablecoin monster — built on Bitcoin. Isn’t that just great? Fully censorable, fully surveillable freedom money, but at least we pumped our market cap."

https://bitcoinmagazine.com/culture/bitcoin-as-a-cbdc

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Discussion

Sovereign Being 2y ago

If people get rich, how many do you think will really care? Significant amount of Bitcoiners would trade wealth for freedom, and as that saying went… they would deserve neither.

Bayman11771 2y ago

This is an interesting piece. I think people are coming around to the risks of extreme financialization of Bitcoin, both in terms of the iintegrity of the pprotocol as well as the realization that this financialization is precisely why we will see ETF approvals. The establishment knows exactly how and where to attach the collar and leash to securities such as ETFs, and thus tthe underlying aaset. Once these ETFs are fully liquid, rumblings about protocol “governance” will soon follow.

21 Stackage 🦡 2y ago

I wonder how many people thought about what could happen if the government puts the screws on the asset managers holding bitcoin, especially if fees spike and price the plebs out of L1 transactions before solid alternatives are made (we need more L2s, Lightning won't cut it in the long term)

FiddleHodlHomestead 2y ago

I have nothing useful to add but am hoping to see more discussion of this article in coming days. It's rather chilling ☹️

21 Stackage 🦡 2y ago

Especially the part about (a) mysterious entity(ies) pricing out miners by mining at a loss and sending the difficulty up