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1 sat \ 2 replies \ @Solomonsatoshi 21 Oct \ on: Minneapolis Fed's paper on banning Bitcoin to maintain "permanent deficits" bitcoin
Fiat money is a state imposed but in the modern largely digitised money economy largely private bank operated monetary monopoly.
Bitcoin provides some competition- which is healthy.
But as fiat - especially the USD is such a powerful source of power and wealth for government and bankers, they will not and do not like Bitcoin.
The strictly managed Bitcoin market with a few selected CEXes, KYC and more recently ETFs prepare the ground perfectly for a ban on private custody ala Order 6102B.
Before I read this paper... I would have been kinda skeptical to be honest. NOT because I am overly trusting (I'm not) but because trying to ban Bitcoin helps no-one.
However this paper is crazy.
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The paper admits that Bitcoin presents an attractive alternative to USD to enough people that it undermines the monopoly the dollar has previously enjoyed.
They do not like the idea of competition when it is applied to their fiat debt slavery/seigniorage.
So they propose banning that competition.
This should not be a surprise- they are the most powerful monopoly on the planet.
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