228 sats \ 2 replies \ @nikicat 12 Nov 2023 \ on: Some thoughts on the game theory that results from btc wealth bitcoin
This reminds me of the way socialists have taken all the sound money (gold, foreign currency, etc.) from Russian civilians after the revolution in 1917. Firstly, they robbed all the banks, rich people, and organizations taking all their money by force. When this stopped working, they monopolized all the imports of foreign goods to the country and started to sell them only for gold and non-local currency. It worked pretty well, people just wanted to buy something luxurious or even good enough. The final chord was the great famine in 1921-1923 when people were willing to buy any food, even wheat for gold.
So, I really think that when BTC becomes the sound money, it will be quickly acquired by those in power, no matter what. Just because your life is more valuable than your money.
It's interesting (and anxiety-inducing) to imagine the forms this might take, given the different offense / defense tradeoffs that btc introduces. In the era you describe, it was a lot more clear who had financial assets to be seized, and it was more clear when you had seized them.
What happens when it's less clear? What do the Power That Be do to restrict capital flight? Unpleasant to think about but important to try to get in front of.
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I think nothing can be done when you are under the power of someone else. Money, no matter fiat or bitcoin, is just a tool. To stay free you need power, not money.
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