The more success bitcoin enjoys, the greater reason central banks have to seek out ways to crush it. The authoritarians will turn to repression and the boot. Believers in genuine democratic governance and good outcomes will seek to out-compete bitcoin, though — to the good.

In that spirit, here is a hypothesis. Central banks can demolish bitcoin forever with three easy steps:

1. Privacy and censorship resistance: Chaumian ecash

2. Sound money: algorithmic supply management

3. Innovation: an open API

Game over.

Imagine the pumpanomics at play here:

1. Freedom goes up (digital cash)

2. Number goes up (sound money)

3. Innovation goes up (open architecture)

Embrace the pump, central banks, and kill bitcoin while you're at it!