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0 sats \ 2 replies \ @Solomonsatoshi 8 Oct \ parent \ on: Central banks will end up holding Bitcoin in their reserves | Good or Bad? bitcoin
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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It is not hope but observed reality.
Humans are mostly not capable of living and prospering without government.
Consider Linux...largely captured and used to operate the internet while the masses are 98% cajoled into using corporate state surveillance OS's Android, Windows and Apple.
I can use Linux and so can you, but the vast majority of humanity are using corporate state surveillance OS...while linux is used to run the underlying infrastructure- just as Bitcoin may well end up held by Central Banks while most people still live under fiat monopolies.
Bitcoin protocol has already been largely captured and controlled.
Am not happy about that at all, but just facing the reality of human nature.
Governments are no more inherently flawed than people are.
It is in groups that humans can achieve the most.
Bitcoin is an example of that but so are governments.
Most people are docile sheep and prefer the safety, security, property rights and prosperity government enables.
While the wests global hegemony is in clear decline a multi-polar world with China already dominant in manufacturing, commodity markets, infrastructure construction and military power projection is already evident.
The logical result will be a retreat of the USD hegemony and the advance of Chinese monetary hegemony...simply because they now dominate global markets just like every previous empire once did.
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