But they couldnāt control it. With the cost of rigs and energy that is real investment, not BS POS with printed coins. Then they are stuck, canāt stop or it would increase Chinaās block rewards. Only choice is to push forward and maintain the mining difficulty. You canāt destroy bitcoin and at this point you are invested, might as well embrace it and use the bitcoin you mined
Discussion
Yes, I donāt worry about the government destroying Bitcoin, and price would not be a concern to a government that prints their own monopoly money. The investment is real to the richest of people, but the government doesnāt have to worry about cost.
Mix this with Jasonās idea that mining rigs are a āweapon of mass mutual destructionā, and it could very well become a war-crime for individuals to mine Bitcoin.
I donāt know who Jason is, but that is the dumbest thing Iāve ever heard. Hypotheticals are one thing but we have real data. China banned bitcoin mining and over night hash power disappeared from China. 6 months later it all came back. Some rigs started back up in china and others crossed the border and started back up. Now they are opening up to crypto again in Hong Kong. You canāt stop it, like grabbing shadows.
Also the government still has to worry about cost itās just the scale is vast. Energy is a real thing that canāt just be printed. Still has to be produced, turbines have to turn, and it has limits.
Oh, I donāt mean the government bans Bitcoin mining. I mean they ban private individuals from mining Bitcoin so that they control it for ānational securityā.
Jason works for the military and believes Bitcoin is a weapon.
Here is an interview with Robert Breedlove and Adam Back. I love this interview, but had to listen to it a few times to figure out what Jason was actually saying.
I mean they could try and Iām sure it would cut down on it but people would still mine in secret from home. My point about china is they banned it but we still have hash power coming out of china. The CCP makes it their mission to know what their people are doing and if they canāt stop it then no other government will be able to either.
Iāll check out the interview
Jason makes a simple thing complicated. Heās right that a Bitcoin standard will make physical war of nation states too expensive. Heās also right that the nation state that holds the most bitcoin will initially be the most powerful. And tauschte us should be first. If youāre into nation states. But he misses the point that by being first, theyāll hyperbitcoinize, and thus their power unravels. He also portrays Bitcoin as a securely protocol first. When it really is money first (MoE, SoV and UoA). Secured by the most powerful neural network known to man.
Yeah nation states are not my thing at all. I do agree that a Bitcoin standard for the US would be much better than a fiat standard, but I donāt see them getting rid of fiat. Mixing the two is where I get concerned.
What I would like to see is the people replace fiat with Bitcoin themselves. I hate this misconception that money can only be determined by government decree.