I’ve honestly always been super dubious when people try to claim that we’re at the “then they fight you” stage with Bitcoin, but I really honestly struggle to find an explanation here that is anything *but* that.
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And that’s that. FDIC confirms it kills crypto in the acquisition https://www.fdic.gov/news/press-releases/2023/pr23021.html
Discussion
Completely agree.
Had to happen eventually.
they have their own “crypto”, why would they bother? we’ll be what we came into this to be, what enchanted us since the very beginning: resistance.
Personally I see this as ignorance and strategic missteps, like China banning mining. Self inflicted wounds.
If I were fighting bitcoin in the US, I would mandate every bank offer a “bitcoin” account. Then, when most of bitcoin is inside, I would ban external transfers to unregistered wallets. Then I would require all bitcoin be transferred to a registered custodian on with major penalties for noncompliance. Then I would ban receipt of unregistered bitcoin. Then I would sell paper bitcoin to manipulate the price to take peoples bitcoin or ensure that they don’t care about it. Like they did with gold.
To destroy bitcoin, I would take away everything that make it good. I would use people’s preference for convenience to take away their freedom. Bitcoin would become the CBDC.