What makes the government the most powerful institution in the world:
1. It’s ability to print fiat
2. It’s monopoly on violence
#Bitcoin fixes the first. The second can’t exist without the first.
Discussion
Exactly. We'll put sir
True. And the second is fueled by the first. Thst's why money must be separated (again) from state.
The current custodian-based financial system inverts the burden of proof concept. Access to bank account can just be be blocked for any (arbitrary, authoritarian) reason and the account owner is stuck with the problems and the burden to proof he is innocent.
Bitcoin in self-custody reverts that to where govt/police has the burden of proof and only if proofen guilty there is legitimacy to confiscate money. It restores faith in institutions to that has gone lost, but is necessary. Having Bitcoin in authoritarian society is of little use and not what we want.
I think this fact is underappreciated, especially in the KYC discussion. Even KYC-ed Bitcoin will be an improvement over the current system, when held in sel-custody.
#plebchain #coffeechain
Well explained 💯