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273 sats \ 6 replies \ @SatoshiNakanodo OP 10 Nov 2023 \ parent \ on: Does Bitcoin have a hostage situation of its own? bitcoin
If the majority of people go through regulated exchanges for their transactions, and those people are blocked from moving their coins to anonymous wallets, then there will be two separate markets created – one trapped in the legacy financial system, and one free.
Personally, I tend to think of Bitcoin like oxygen. You can try to contain it, but only for so long.
I didn't post this out of fear or to make anyone afraid. I like to think about how the future might play out.
I was hoping someone like Darthcoin would have deeper thoughts than, "you are afraid".
Your post here is thoughtful. I think the realization is that the Bitcoin is the property of the exchange until they send it to your address. Whatever that address is that you want (under your public / private key) If they do not send it to you in exchange for Fiat, then it is fraud.
Regardless of the rules the Bitcoin is not yours until you can send it where you want. So if you want to use Bitcoin you stay away from the fraudulent paper Bitcoin. This Bitcoin will be on paper only and it will end up as fraction reserve nonsense. The original UTXO to UTXO will be someone else's if you can not use it.
You'll have to earn it or just say, OK exchange assholes congratulations on your ownership of Bitcoin. HFSP because they can't use it either! It will end up getting "stolen". It should be entertaining.
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Will this ultimately result in a bifurcation of UTXOs – whereby, some quantity of bitcoin becomes trapped within the legacy financial system, segregated from the rest which can be spent freely?
The myth of authority is stronger in your mind...
free your mind from that crap and live free.
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Ok got it. Darthcoin votes "no".
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Darthcoin never vote.
Darthcoin doesn't give a shit about anything politicians do or say.
Darthcoin doesn't give a shit about any so called "laws" (aka pieces of paper).
Darthcoin is fearless.
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Nope nope... you definitely voted. I've got you down as a solid "no" vote.
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+1 to Bitcoin as oxygen
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