Oddbean new post about login | logout This is Bitcoiner doom porn. They will sue the US Government. The US G isn't in the business of getting sued by every large financial institution on the planet. They do not want that smoke. It also doesn't make a lick of sense considering the common belief that gets parroted is that BlackRock and their ilk bought the politicians and secretly run shit. Can't have it both ways.
Just look at history. I would not assume that there will always be something like a "rule of law" that delivers justice to you. This thinking makes sense in corporate world which operates in a horizon of maybe a decade, but not for Bitcoin world which has an ambtition to be universal money for the forseeable future.
They won’t sure the govt if the govt puts them in charge of the new “govt bitcoin banking reserve.” Easiest way to consolidate power is to give a little bit of it to the people who have the capital you want to control. The govt would easily PR their way to controlling what they need to if it’s left this centralized and vulnerable. If it’s an existential choice between the govt status quo and the people’s rights, there is no ambiguity in what decision they will make.
Disagree. The lawsuits would just move down a level. There would be multiple class-action lawsuits by shareholders against all of these companies for not upholding their fiduciary duty responsibility. This would get hella messy and there is no way the G could PR their way out of this; Especially with how polarized politics and ideologies have become.
I think the shifts in the political environment in the past few years has made it far less likely, but I think that also depends on how hard they come down with the hammer if they consolidate more power in the next few years or not. I’m hopeful in that regard though. I think they are losing their grip on things and general dis-consensus in the political power world is good for us.