Oddbean

The Fall of Anti-Bitcoin As I’ve said many times before. Everyone and every nation will eventually capitulate to Bitcoin. The latest nation to capitulate is Great Britain, whose army of anti-Bitcoin propagandists has just received orders from The Motherland that Bitcoin is to be fully embraced. For years, Frances Coppola has been one of the most strident, steadfast and consistent anti-Bitcoiners. You could rely on her to provide every irrational pretext for rejecting Bitcoin; every trope, misreading, propaganda line and pretext. She Podcasted against Bitcoin, wrote articles against it, and did everything you saw and would expect a hard core anti-Bitcoiner to say and do. And now look at her. In this BBC piece on Bitcoin, the entire narrative has turned 180° from “skepticism” to “Bitcoin is the future and we are now embracing it”. Because America is embracing it. Understand that this is just the first part of the total capitulation of Great Britain to Bitcoin. Frances says Bitcoin is good, “As a store of value” after having spent years saying that it is the opposite of a good store of value, “Because it is volatile”. Bitcoin hasn’t changed. Frances has changed. The capitulation narrative begins by conceding ground bit by bit. First they concede that Bitcoin is a store of value, next they will concede that it acts just like money and can be used for small, everyday transactions. They have no choice but to concede this. For years I have been gently trying to persuade The British Government in public and private to take a rational stance on Bitcoin, precisely to avoid the 100% predictable outcome you are seeing today. Which is another country will be the leader in Bitcoin. Right now, that leader is El Salvador, that has fully embraced the “Consumer Bitcoin” ecosystem by making it Legal Tender. The USA is a close second because the SEC was forced to capitulate by a court order to allow “Free People” to do math and make promises (Bitcoin ETFs). El Salvador is missing the financialization part, and the USA is missing the Consumer Bitcoin part. Either one of these great countries could do both and take the lead; it all comes down to legislation and leadership. What we can say for sure is that Great Britain will not be able to catch up now. They were warned 10 years ago by me: Our submission to the British Government’s “Digital currencies: Call for Information” We made the following submission to the British Government’s “Digital currencies: Call for Information”. There is at… medium.com Had they listened, neither El Salvador or America would have a chance to lead the world on The Golden Path to Bitcoin. All the entrepreneurs, businesses, know how, software and systems expertise, methods of exchanging and conversion would have been born in Britain, and they would have been able to sell this expertise and invite people from all around the world to participate…and be taxed…in Britain. They even had two of the world’s greatest experts on Bitcoin living in London, Max Keiser and Stacy Herbert, who are now official advisors to the government of El Salvador. Imagine what would have happened had Britain embraced them as advisors? First of all, their expertise would have been denied to other nations, and Britain would have been the leader by default. But no. Britain chose the way of the Luddite, and even chased businesses out of Britain. Look at the headlines for yourself… London-based digital wallet provider Mode is shutting down Nexo ‘closing two UK subsidiaries UK Shuts Down Temporary Crypto Company Licensing PayPal to halt UK crypto sales until 2024 UK Regulators Order Shutdown of Cryptocurrency ATMs London based Bitcoin App Bottle Pay Shuts Down There are many Bitcoin infrastructure and consumer facing companies that started in Britain and left (Azteco is one of them) and that were shut down by the imposition of the most insane rules you could not imagine in your worst nightmare. Wallets run by incorporations in the UK were told that they must not only KYC their users, but that they must also KYC the users who send Bitcoin to their users who are not their users! I’m not making this up. The FCA has done a thorough job of killing any nascent Bitcoin startup running in the UK, dissuading companies not in the UK to do business from there and generally being a constant irritant. The receipts are available, obviously. Watch now, as orders coming from on high cause the FCA to 180° on Bitcoin in a desperate, pathetic attemtpt to stanch the flow of brains from Britain. It’s too late. Not only did the FCA make it impossible to run a Bitcoin company in Britain, they deliberately made it impossible for any financial rails company to do business with a Bitcoin company. I can tell you from first hand observation that all financial rails companies, even very big ones, are all terrified of the FCA, and will scarcely take a piss in their own offices without checking if the FCA allows it. It therefore was impossible to run a Bitcoin business from inside Britain. That was the entire idea. Now that that policy is abolished, you can expect a huge Public Relations campaign to be launched to try and induce Bitcoin Businesses to relocate in Britain. They are going to have a hard time convincing anyone. Why should anyone running a Bitcoin business incorporate in Britain when you can incorporate in El Salvador and be guaranteed that you not only have a stable, safe, First World level country, but that you will not, as a Bitcoin company, be taxed? You’d have to be BARMY to risk putting down stakes in Britain when incorporating in El Salvador is a matter of a phone call. And while we’re at it, as a suggestion, El Salvador must partially deregulate its banking sector, or it will lose this race forever. What can you expect next from Frances Coppola in terms of narrative capitulation? You can expect her and her class to concede that Bitcoin for consumers is a good thing, and that it can be used not only just as easily, but more safely for both consumers and business globally. She will concede that Lightning is a real thing, and that on it, the entire world can use Bitcoin. She will concede that the Unbanked will all be put on Bitcoin. She will capitulate in everything she has said against Bitcoin, and abandon the prosaic, poetic pretexts for its failure, like, “The value of Bitcoin is exogenous” and other similar guff. You were all told this was coming, and you refused to listen, either because your culture is anti entrepreneur, or because you were told to lie about Bitcoin in a vain attempt to prevent it from spreading. Either way, you all failed. Now the inevitable is inevitable. Bitcoin is going to do EXACTLY WHAT BITCOINERS SAID IT WAS GOING TO DO and there IS and was NOTHING YOU CAN DO ABOUT IT. Bitcoiners won. You LOST. There is no inducement now that can be offered to any Bitcoiner to incorporate in Britain. That ship has sailed, like the ships taking the first colonists to New England. No one is coming back, not even if you pay them. You can’t pay them because you have no money (BITCOIN) to pay them with! LOLOLOL! And just so it’s perfectly clear, the other predictions about Bitcoin that we’ve been making (see the link in my profile) are also going to come true, and those are also now unstoppable, inevitable and very soon to come to pass. YOU LOVE TO SEE IT! https://twitter.com/search?q=beautyon+%22Frances+Coppola%22&src=typed_query&f=top https://medium.com/@beautyon_/our-submission-to-the-british-governments-digital-currencies-call-for-information-160fbf103bbc?source=post_page-----626eb10561d6-------------------------------- https://medium.com/@beautyon_/over-9000-7f6547aeff86 https://m.primal.net/IUUq.jpg