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21 sats \ 4 replies \ @Solomonsatoshi OP 19h \ parent \ on: Will you be happy if Bitcoin rises upon the decline of the USD? bitcoin
IMO the USD is highly vulnerable to collapse because the entire US govt power projection apparatus (primarily the military) is reliant upon the seigniorage and exorbitant privilege that USD reserve currency status has enabled.
China is advancing if not leading in most technological areas and definitely investing in and building more global physical infrastructure and military capability. The US still has a definite lead in traditional legacy military capability but China is developing in areas where new technology is changing the entire nature of war and power projection.
China must increase its influence over and control of international protocols and institutions- it is doing this with projects like mBridge, the China Development Bank, its CBDC, CIPS and via BRICS. China already enables trade payments for Iran Russia and N.Korea and probably others, completely outside of the control and data collection reach of the IMF/World Bank, SWIFT and BIS US imperialist legacy structures.
Bitcoin is not used hardly at all as a means of exchange- it is either outright banned, or slyly obstructed to the point of being effectively banned as it is in the 'liberal' western democracies via tax obligations requiring absurd and practically impossible transactions recording and assessment for all BTC MoE use.
I cannot see Bitcoin being adopted by governments except in cases where those governments gain some advantage and this can be the case in only a few unique situations such as El Salvador where Bitcoin can attract both attention and investment that would otherwise not have been easy to achieve. For the vast majority of nation states Bitcoin adoption (for MoE) takes away far more from the government than it adds.
I am of course taking a critical and you might say pessimist view, but it does seem to be the trend as the almost complete lack of adoption for MoE anywhere, even in El Salvador suggests people will not choose monetary liberty even when a government allows it and Bitcoin offers that option.
I hope MoE adoption can and will happen, but fear not enough people want to be free.
We shall see!
Bitcoin is not used hardly at all as a means of exchange- it is either outright banned, or slyly obstructed to the point of being effectively banned as it is in the 'liberal' western democracies via tax obligations requiring absurd and practically impossible transactions recording and assessment for all BTC MoE use.
Fries go crunch.
For the vast majority of nation states Bitcoin adoption (for MoE) takes away far more from the government than it adds.
The bond market would beg to differ.
I am of course taking a critical and you might say pessimist view, but it does seem to be the trend as the almost complete lack of adoption for MoE anywhere, even in El Salvador suggests people will not choose monetary liberty even when a government allows it and Bitcoin offers that option.
I, personally, would prefer my money to die more slowly (to inflation) than more quickly. That's why I choose Bitcoin. Simple right?
I hope MoE adoption can and will happen, but fear not enough people want to be free. We shall see!
Like I said, fries go crunch! ;) We shall see :)
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Bitcoin has performed incredibly well as a SoV/speculative commodity- but my fear is that this is due in large part to a process of capture and control orchestrated by the bankers- they have increasingly commodified our P2P MoE, taken custody of it, frozen a growing portion of issuance from any possible use as a p2p MoE and tracked and traced the vast majority of BTC that is still held in citizens private custody.
By 'The bond market begs to differ' do you mean Bitcoins exceptional SoV performance has provided an alternative to nation states (eg El Salvador has doubled the USD denominated value of its BTC Treasury) or something else?
I was hoping El Salvador might start to issue BTC bonds and demonstrate a viable alternative to endless dependence upon the IMFs fiat debt slavery,. but this does not yet seem to have developed.
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Bitcoin has performed incredibly well as a SoV/speculative commodity- but my fear is that this is due in large part to a process of capture and control orchestrated by the bankers- they have increasingly commodified our P2P MoE, taken custody of it, frozen a growing portion of issuance from any possible use as a p2p MoE and tracked and traced the vast majority of BTC that is still held in citizens private custody.
if citizens want to use it for moe and use it privately... they can. that is the important thing.
By 'The bond market begs to differ' do you mean Bitcoins exceptional SoV performance has provided an alternative to nation states (eg El Salvador has doubled the USD denominated value of its BTC Treasury) or something else?
yes nation states. but no not El Salvador, the united states. The united states adopting bitcoin as an alternative to the dying dollar (which is dying, slowly of course but it is)
I was hoping El Salvador might start to issue BTC bonds and demonstrate a viable alternative to endless dependence upon the IMFs fiat debt slavery,. but this does not yet seem to have developed.
Bitcoin is only 16 years old. it is not even an adult yet and can barely drive a car
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if citizens want to use it for moe and use it privately... they can. that is the important thing.
In practice the tax obligations and implications make lawful MoE use of Bitcoin/LN for everyday payments effectively impractical.
Does anyone zapping on here comply with the absurd compliance implications of those zaps? Unless they are from El Salvador I very much doubt it.
'The united states adopting bitcoin as an alternative to the dying dollar (which is dying, slowly of course but it is)'
I see what you mean in terms of US adopting Bitcoin as an investment asset/speculative commodity - as a hedge against the decline of the USD - and yes in that sense Bitcoin adoption is advancing (as my post argues and with the possible consequences as well) - but with that US adoption of BTC as an alternative to traditional fiat bonds, I also suggest MoE use is at risk of getting sacrificed along the way.
'Bitcoin is only 16 years old.'
True!- amazing really- its still early days, but the changes Bitcoin has made already are incredible. I just hope we continue to make such incredible progress and do not get captured and controlled by the bankers/governments.
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