One of the more beautiful things about a truthful, decentralized and secure protocol is that it imposes a self inflicted pain on those who try to control it, cheat it, or corrupt it for their own self interests.

#Bitcoin


Bitcoin showed if you lie like FTX and SBF did, you will be financially punished

Bitcoin worked


Many more will try - many more will fail. Warren and banking establishment backing her are only today’s SBF’s.


yes but what stops Warren & co given they get to decide rules of the game and how it’s played?


It's going to be fun to watch, Warren and the Bankers, when they find out just how much power they really have

It's going to be a 5 Stage of Grief  humbling experience for them


If they could decide, then bitcoin would not be decentralized and secure.  They only decide for themselves and those who believe they decide.
And time will prove that.


The truth.


That’s what we’re all counting on, and hoping against hope that this bears out.
Because, as humans, we need a win right now.


Love this dynamic!


Bitcoin didn't do anything. Incompetence and stupidity took down FTX.


They can't stop Bitcoin but they will influence how people use it.

The Bitcoin network relies on businesses for it's infrastructure, users rely on mining pools, LSPs, custodians... All regiter businesses who will follow the laws and regulations, and so will their customers.


Once a year you dox your Bitcoin transactions to the IRS, your accountant, and an accounting software company. Why? Legislation.

Don't you think that the reporting obligation doesn't change how some people use bitcoin?


Well stated!!


And this pain is in their interest.


how is this so?


Or equally it holds the author of posts more accountable

Ie cost

Say something wrong, untruthful, deceitful, then you simply cannot delete it

This is a feature not a bug

First few days of Nostr only & learnt so much

This fact is one great idea that I love


Wish the same could be said for USA politics atm.  What a shit show.   #BTC will solve this - but would be nice if we didn’t have to see everything burn down first.