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Understanding how Bitcoin adoption could be stopped is critical to becoming a better Bitcoiner
This thread dives deeper into the possible attack vectors that exist
This thread dives deeper into the possible attack vectors that exist
In a hypothetical world, imagine we are trying to stop Bitcoin.
Why might we do it?
How would we do it?
What actions would we need to take?
Where would this get us?
To answer these questions, we first must talk about Bitcoin in a little more depth.
Why might we do it?
How would we do it?
What actions would we need to take?
Where would this get us?
To answer these questions, we first must talk about Bitcoin in a little more depth.
Bitcoin is an idea. Technology that provides property rights, a rule of law, economic freedom, free markets and ultimately sound money to the individual.
medium.com/@interstellarbitcoin/bitcoin-has-already-won-bf2388d191bd
medium.com/@interstellarbitcoin/bitcoin-has-already-won-bf2388d191bd
Bitcoin is a fixed supply ledger, defining who owns what, enabling people to transact peer-to-peer. It’s ledger is enforced by Proof-of-Work.
Fundamentally, Bitcoin is information and math, thus banning it would have wide implications.
dergigi.com/2021/08/02/implications-of-outlawing-bitcoin/
Fundamentally, Bitcoin is information and math, thus banning it would have wide implications.
dergigi.com/2021/08/02/implications-of-outlawing-bitcoin/
We’ve outlined what Bitcoin is. So why ban it?
Control.
Control of the money printer. (Cantillion Effect)
Control over what energy usage is “morally acceptable” and what is not. (ESG)
Control over a populace. (Authoritarianism)
Control.
Control of the money printer. (Cantillion Effect)
Control over what energy usage is “morally acceptable” and what is not. (ESG)
Control over a populace. (Authoritarianism)
We’ve got some reasons why someone might ban Bitcoin, but how would you do it?
Stage 1 - unfavourable tax status for Bitcoin
Stage 2 - regulation, ban the use of Bitcoin technology (a.k.a make math and information illegal), internet censorship
Stage 1 - unfavourable tax status for Bitcoin
Stage 2 - regulation, ban the use of Bitcoin technology (a.k.a make math and information illegal), internet censorship
Stage 2 (alternative)- promote centrally controlled shitcoins that use Proof-of-Stake (ban Proof-of-Work)
This is an alternative to subvert Bitcoin by promoting software that can be controlled by insiders
This is already happening
dergigi.com/pos/
This is an alternative to subvert Bitcoin by promoting software that can be controlled by insiders
This is already happening
dergigi.com/pos/
Stage 3 - energy shortages, internet outages, food shortages
Stage 4 - mass genocide of Bitcoiners not seen since WW2
Stage 4 - mass genocide of Bitcoiners not seen since WW2
Think it can’t happen? Read more political theory and history.
Leaders do whatever they need to do to stay in power.
Do not rule out energy and food shortages, either intentionally or caused by fiat policy mismanagement
Do not rule out intentional targeting of Bitcoiners
Leaders do whatever they need to do to stay in power.
Do not rule out energy and food shortages, either intentionally or caused by fiat policy mismanagement
Do not rule out intentional targeting of Bitcoiners
Remember, Bitcoiners have deeply held beliefs, generally summarised as 1) Bitcoin is good for humanity and 2) Money should be outside the control of the state
Bitcoin’s idea of a fixed cap supply goes against orthodox economics, political structures and the status quo
Bitcoin’s idea of a fixed cap supply goes against orthodox economics, political structures and the status quo
Only El Salvador and the Central African Republic have made Bitcoin legal tender
Most countries are Stage 1 (tax)
Nine countries have advanced to Stage 2 (ban) - Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia.
Most countries are Stage 1 (tax)
Nine countries have advanced to Stage 2 (ban) - Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia.
Imagine a world where global G20 coordination completely banned Bitcoin. Using mass media to promote propaganda against Bitcoin.
Overnight, adoption would slow.
Countries would promise “stability” and “security” if only we’d implement another measure, or use their CBDC.
Overnight, adoption would slow.
Countries would promise “stability” and “security” if only we’d implement another measure, or use their CBDC.
If this didn’t work, countries could then try creating further uncertainty with power shortages, internet outages and food shortages. Stage 3.
This is already happening in the fiat world due to horrible fiat policies.
This is already happening in the fiat world due to horrible fiat policies.
Taken to the extreme, some countries with the most effective propaganda could even start rounding up Bitcoiners. Stage 4.
The government wouldn’t even need to do anything, citizens will do it for them out of fear.
To some extent, labelling Bitcoiners happens already with KYC
The government wouldn’t even need to do anything, citizens will do it for them out of fear.
To some extent, labelling Bitcoiners happens already with KYC
Genocide’s, and the lesser extreme forced imprisonment, can and do happen in history.
A hypothetical genocide of Bitcoiners would cause irrevocable damage to humanity and ultimately Bitcoin adoption.
www.washingtonpost.com/news/worldviews/wp/2015/07/02/has-the-global-jewish-population-finally-rebound...
A hypothetical genocide of Bitcoiners would cause irrevocable damage to humanity and ultimately Bitcoin adoption.
www.washingtonpost.com/news/worldviews/wp/2015/07/02/has-the-global-jewish-population-finally-rebound...
Luckily, Bitcoin is information, with no physical location. Everywhere and nowhere.
This poses a unique challenge for banning Bitcoin: geographic arbitrage
As countries crack down on Bitcoin, the incentive for other countries to adopt Bitcoin as legal tender grows.
This poses a unique challenge for banning Bitcoin: geographic arbitrage
As countries crack down on Bitcoin, the incentive for other countries to adopt Bitcoin as legal tender grows.
This is perfect example of game theory
Both banning Bitcoin causes significant harm to both
Both letting Bitcoin exist, causes both economies to thrive
One defecting, while the other does nothing, harms only one
The Unique Nash equilibrium in pure strategies is down, right
Both banning Bitcoin causes significant harm to both
Both letting Bitcoin exist, causes both economies to thrive
One defecting, while the other does nothing, harms only one
The Unique Nash equilibrium in pure strategies is down, right
What does this mean?
Bitcoiners have an obligation to resist immoral and unjust laws.
This will require civil disobedience and/or entering into politics to ensure we win.
The next best alternative is retreating to other Bitcoin friendly geographies.
Bitcoiners have an obligation to resist immoral and unjust laws.
This will require civil disobedience and/or entering into politics to ensure we win.
The next best alternative is retreating to other Bitcoin friendly geographies.
The question people thinking about banning Bitcoin need to ask is are they willing to permanently imprison and kill to do it?
It is up to the people to decide which path they will choose: freedom or tyranny.
It is up to the people to decide which path they will choose: freedom or tyranny.
So, how do we defend against these attacks?
- shill to as many people as possible, the more people that hold Bitcoin the better
- educate on the importance of self-custody. Great resources by @aantonop @BTCsessions @parman_the @BitcoinMagazine
- shill to as many people as possible, the more people that hold Bitcoin the better
- educate on the importance of self-custody. Great resources by @aantonop @BTCsessions @parman_the @BitcoinMagazine
- support Bitcoin only individuals, businesses and countries (El Salvador)
- build resilient communities and circular Bitcoin economies
- be a beacon of hope in an abyss of darkness
- build resilient communities and circular Bitcoin economies
- be a beacon of hope in an abyss of darkness
In conclusion, it is possible to maim Bitcoin adoption, temporarily, but at a punishing cost: Fascism on a scale not seen since WW2.
The word key here is “adoption”.
It is impossible to kill the Bitcoin network, an idea of unstoppable sound money.
The word key here is “adoption”.
It is impossible to kill the Bitcoin network, an idea of unstoppable sound money.
And…
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WizardofAus @WizardofAus
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Aug 7, 2022
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