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35 sats \ 3 replies \ @owleyedapprentice 10 Nov 2023 \ on: Does Bitcoin have a hostage situation of its own? bitcoin
this seems very possible, and a bifurcation like this could very well cripple the network (and enthusiasm) quite a bit.
it's a form sabotage that needs to recognized for what it is, and properly addressed and discussed. good post.
Interesting.
I'm not sure I see it crippling the network, BUT I can see a situation where captured bitcoin starts to trade at significantly reduced value compared with non-captured btc.
I mean it already does (if you've ever bought peer-to-peer you know you will pay a 5-10% premium for the privilege of not handing over your identity) but the differential could be in the hundreds of percents one day if these VASPs (and governments) begin to capture more and more coins within their firewall.
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there's two markets for USD in a place like Argentina, the government rate and the real rate.
it could also have the effect of highlighting the hypocrisy of the government regulations if the rate diverges significantly. people will vote with their wallet, they will want a better rate.
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Excellent points.
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