One major thing I point out to people when they insist that bitcoin is the most antifragile thing ever, is the substrate that it's sitting on top of -- the internet -- is not. There's often a lot of attention on the consolidation on platforms like Google, Facebook and Apple. But not much attention on the consolidation of network operators -- ISPs, backbone providers -- and on the fact everyone has moved almost all hosting of the entire internet into three cloud providers.

If I became a hypothetical dictator of the US, and I wanted to seize control of the entire U.S. internet, I basically have less then ten doors to go knock down.

Which is why I think this sense of invincibility people have vis-a-vis the state is a little bit over-wrought.