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HoloKat

Hypothetical scenario: EU bans PoW and similar legislation passes in the states. That would probably mean G20 is next.

What’s bitcoin to do then? Take refuge in non-g20 nations?

Brisket 1y ago

Bitcoin will do what Bitcoin does best - survive.

It's the final boss IMO & we're a few years away from facing it.

Think the China ban X 10

Massive drop in hash rates. Slow blocks for months. Crazy high fees. Bitcoin purchasing power severely hit.

A PoS fork is proposed/supported by the ETFs who now hold a significant portion of the total supply. Money printer is used to acquire forked UTxOs from Bitcoiners & all appears to be lost. The Bitcoin PoS fork becomes new G20 reserve currency.

Eventually the incentive to mine ensures that miners eventually find friendly or less hostile jurisdictions. Block times are restored & Bitcoin keeps ticking away in the shadow of the new PoS fork.

Did you think the final boss would be easy to slay anon?

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Discussion

Weatherall 1y ago

hope your addy starts with a 1

HoloKat 1y ago

So all the loud “gonna get banned” people weren’t that far off on their predictions in that scenario.

Brisket 1y ago

Yeah - I think it's inevitable.

I think what they get wrong is fearing it occurring.

There's nothing to fear, this is what Bitcoin was designed for. You just have to be prepared survive & eventually thrive with it.

HoloKat 1y ago

How? If pow ban comes so are likely “non-custodial” bans.

Really interesting to see how all of this plays out.

Brisket 1y ago

They'll be banning math, secrets & communication.

It's an impossible task, but I don't think they can resist trying it.

HoloKat 1y ago

You’d be surprised what the powers that be can get away with… see Assange

Brisket 1y ago

They primarily use fear as their tool of control.

They can lock me up & torture me indefinitely but they cannot ever take my Bitcoin without my consent.

Freedom comes from within, it's a choice. Despite Assange's physical torment & incarceration, he remains more free than most humans today.