18 sats \ 0 replies \ @SpaceHodler 3 May \ parent \ on: If Bitcoin became illegal (Part three) Personal_Finance
It's smaller than my backyard.
The moment they start doing anything of significance they'll be nuked.
I thought it went to a 2-of-2 multisig? With some hashed timelock magic I'm not well versed in.
The traditional concept of ownership probably doesn't map onto the new reality created by Bitcoin. The state trash may need an upgrade.
191 sats \ 17 replies \ @SpaceHodler 1 May \ parent \ on: Bitcoin paradigm shift thought experiment bitcoin
That would move a large portion of the economy to the gray zone. No compliance, no taxes, no nonsense. But also no legal protection.
Of course not everything can move there. You can't buy a house or a car outside of the purview of the state, as those things need to be registered with the thugs.
Bitcoin would split into clean and dirty UTXOs. Dirty bitcoin would be cheaper as clean bitcoin can be used in the gray economy, but dirty bitcoin costs sats to clean and make it spendable in the compliant economy.
I tried LN deposits on Binance some time ago and it worked. Then I wanted to use it again and the option wasn't available.
Inflation would be theft if you were forced to store your wealth in any of the $hitcoins being inflated.
If I manufacture glass beads, that doesn't make me a thief just because some idiots, of all things, use them as money.
It's like that Saifedean quote.
"Bitcoin won't be adopted like the iPhone because it's cool. It will be adopted like gunpowder: if you don't own it, you'll be its victim."