232 sats \ 9 replies \ @Lumor 27 Jan 2023 \ parent \ on: What is the best takedown of Bitcoin out there? bitcoin
Joe's arguments are the strongest I've come across.
Countries nationalize privately run oil production all the time, they could unite and nationalize BTC mining facilities, then grief the remaining 49% by always orphaning their blocks.
To save BTC, at that point coordination among non-government devs/nodes/hodlers must occur to change the hashing algo and agree on at which block height to fork off. That's a big frickin headache. Price would take a dive even from explicit threats of nationalization, let alone threats of block-orphan-griefing.
@SqNr65
I guarantee the Core devs already have a new hashing algo ready to go in case such an event. I'm also pretty confident a fork would happen quickly, as node operators and users want to preserve their wealth.
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Remaining miners would be in an uproar over worthless hardware. Companies would be totally confused over what flavour of bitcoin to accept. Governments could use a fraction of their military spending to 51% attack the next algo until all purchasing power is lost.
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Its only the US government that is left in this scenario.
And it would be VERY unpopular for an elected president to put through such a policy.
Bitcoin despite the environmental FUD is still growing in adoption & so also in popularity
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You mean a lot of hashrate currently resides in the US?
Narratives can be spun and repeated until popular, as the last years have shown.
What might help is increasing the pace of adoption: https://www.swanbitcoin.com/the-race-to-avoid-the-war/
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Its a very small possibility. Maybe if we get a strong man takeover of the US where they confiscate asics.
Bitcoiners will see this coming & set up elsewhere.
Unlikely, but yeah don't get too comfortable thinking nothing like this could happen.
Prepare for the worst
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If FATF and BRICS countries agree they don't want competition with their fiat, things are going to get spicy.
As long as we are not seen as a threat in geographical territories with a good mix of cheap energy and preferably cool climate, we are okay. Otherwise we'll have to find an alternative to proof of work (no, I'm not advocating PoS).
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Sovereign individual thesis. If the West want to stop bitcoin mining, other countries or jurisdictions look to benefit from productive companies & individual wealth.
Free market & truth win in the end.
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At that point, you have an outright war for sound money.
That's a good outcome.
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