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0 sats \ 9 replies \ @Solomonsatoshi 18 Oct \ parent \ on: Bitcoin’s False Dichotomy between SoV and MoE - by Roy Sheinfeld, Breez bitcoin
What are who going to do?
An Order 6102B type ban on private custody leaves all 'legal' bitcoin held by 'trusted custodians' (bankers) and the dream of an online decentralised P2P payments network is dead...except for the few who might decline the Order 6102B buyout of privately held sats.
Those who decline will be now defined as outlaws and so very few the bankers wouldn't care.
It can be done and has been done before re Order 6102.
The ETFs and other forms of institutional custody are steadily accumulating more custody of Bitcoin held on behalf of citizens who already do not have access to and thereby cannot use those Bitcoin for P2P MoE- the strategy has been to obstruct MoE use and allow restricted speculative commodity use (requiring KYC ownership identification of course) thereby accumulating institutional custody in preparation for an Order 6102B is required- this is exactly what they have done- they being the bankers and government. They do not need to get 100% of the market- once private custody is banned Bitcoin would be of limited utility to anyone except criminals.
The Americans have a saying with regard to their guns.
You may have heard it. 'Come and take it'.
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Americans complied with order 6102 sufficiently for the government to capture and control the gold market.
People offered a government buyout will mostly accept it- the few that reject it may hodl but cannot use it legally...and if they have been KYCed they can be prosecuted.
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Good luck with that. When the governments try to ban guns (and they try all the time) the prices of guns go up. People hoard them and buy buy buy. So is there some possibility of a 6102 type event and Bitcoin? Sure. However I think it's really really small. It's not practical.
What societies need, in my opinion, is some kind of legislative reforms through education to pass laws about cap gains tax, spending, MoE, and Bitcoin being legal tender. That way people will be comfortable spending Bitcoin day to day, probably through lightning and governments will just... get over it. And we can move on.
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Good luck with that- the legislative process is controlled by corporate bankers and their owned politicians.
Of course it can happen as it has in El Salvador and perhaps Argentina and some prvinces of Switzerland etc.
Whats required is citizens (like us) to really demand the right to use Bitcoin as a MoE from the politicians- it would restore a competitive market to the monetary market and lessen the degree to which governments and bankers can debase the currency without consequences- so Asian countries have fairly free and open gold markets and the same is needed or better with Bitcoin- unobstructed right to use Bitcoin as a MoE without the nonsense taxation for CGs.
It will not be easy given the degree of banker lobby power capture of our politics in most modern so called liberal so called democracies.
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I agree with you, but I am hopeful. I just believe that there is nothing so powerful... as an idea whose time has come. And I also believe that money-independent-of-the-state is an idea that will not die... and everyone around the world wants it.
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More and more Bitcoiners who understand its importance will be elected to decide on these things, and laws will be changed accordingly.
This might take longer than we expect though. It’s a generational thing. Young politicians will grow up with Bitcoin memes and will be less directed by fiat forces.
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I hope so.
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I agree
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I hope so.