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33 sats \ 3 replies \ @Undisciplined 8 Oct \ on: Central banks will end up holding Bitcoin in their reserves | Good or Bad? bitcoin
I think they'll end up holding some worthless shitcoin, ultimately.
Only if they were really dumb, but honestly, I wouldn’t even be surprised. They’ve already shown what they're like before.
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I don't just mean that they're going to buy a bunch of XRP, or whatever.
I can't imagine that the central banks of the world will be content to allow bitcoin to continue on as a decentralized monetary network that they can't control.
At some point, they'll push a hard fork (under some pretense) in an attempt to take control over the network. Eventually, the resulting FedCoin that they hold will go to zero against the real bitcoin that we hold.
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They probably will not need to fork it- they have already largely captured and controlled the protocol..and so slyly that many Bitcoiners, you included, do not even realise it.
Bitcoin has been banned for p2p payments in almost all autocracies (70% of humanity) and in the 'liberal western democracies' where it is 'allowed' to be used as a p2p payment the tax recording and reporting and payment obligations that have been imposed almost everywhere make it effectively impractical to lawfully use as a MoE.
Do you pay the tax due upon each and every post and zap?
Yeah nah.
Bitcoin as a KYCed, taxed, speculative commodity is little more threat to the fiat monetary hegemony than any other speculative commodity - because fiat monetary hegemony and power is founded upon its monopoly over MoE...and they have already largely slyly but successfully obstructed (if not banned) MoE use.
The Bitcoin p2p payments protocol has already been slyly, but effectively, captured and controlled.
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