If #Bitcoin becomes the backbone of the global financial system, how is that NOT a win? I understand the privacy and custodial concerns and I agree with him, but I’m also a realist. If we can use Bitcoin and have lightning for day-to-day transactions, anything, and I repeat, ANYTHING is better than this dog shit USD system.
I’m very libertarian, of course I love privacy, but be realistic. I think Monero is great, just like Bitcoin. But if Bitcoin becomes mainstream, saying it’s pointless is a little ridiculous. Do people not realize how much better things would be on a Bitcoin standard, even with custodial lightning wallets? Self-custody would still exist. Custodial stuff would be for normies. But again, be realistic. A minarchist or ancap paradise is never going to happen.
Well
the first thing is that my USD transactions arent visible to anyone with a block explorer
but sure
if central banks just give up running the world and go away peacefully (lol) the world would be better on a bitcoin standard.
in actual fact however,
self-custody would be criminalized and we would be using paper bitcoin. only the elites would actually touch the chain and nothing would be very different.
except everyone could easily see if you moved a UTXO of course.
I am fully aware of central bank and government corruption but with the US taking (what seems to me) to be a strong pro-Bitcoin stance with strong possibilities of pro-Bitcoin legislation in place, that last paragraph just doesn’t seem likely nor realistic to me. I don’t think it will be criminalized in the US at the rate things are going and we might even see pro self-custody laws.
I could obviously be wrong, and I have criticisms of Trump (most of which differ from liberals’ complaints) but if a Bitcoin strategic reserve is actually implemented plus all the pro-bitcoin members of Congress now, things could change in our favor. And trust me when I say, as someone who cannot stand the government and knows many of the rabbit holes of corruption, I am still saying that. If Kamala got elected, I’d be fully agreeing with your stance
nah
I think the chances of regulatory capture increase with the government acquiring a strategic reserve and supposed "pro Bitcoin" legislation.
where we are going
laws arent going to help
Interesting take. I will try to broaden my thinking and be on the lookout from all angles. At the moment, personally, I am still hopeful for a better future
its that incentive for capture increases in proportion to institutional adoption
the bankers and the rent seekers arent going to go peacefully
and they have leverage over what the legislation is and how its implemented
Oddbean new post about login | logout