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0 sats \ 4 replies \ @joda 23h \ on: IMF and El Salvador bitcoin
Years ago I thought El Salvador would be a Bitcoin utopia by now; it's clearly not-- if anything Bitcoin may have less acceptance and interest than two years ago.
Bhutan and US States creating Bitcoin reserves is much more interesting to me now. Apparently the world really does need to go through Store of Value phase before Medium of Exchange.
Bitcoin used as SoV without any substantial use as MoE makes Bitcoin easy to capture and control- it also creates the perfect conditions for an Order 6102฿.
And Bitcoin being defined as and used as a speculative commodity SoV is precisely what is happening due to the tax rules obstruction of use as a MoE.
Many Bitcoiners including you seem unaware of the capture and control of Bitcoin that is underway and increasingly advanced...blinded by price gain greed?
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Are you perhaps into Monero or, by your tone I would guess BCH?
6102 may be a real threat; it's really hard to say. I'm not worried so much about direct confiscation, as it would be entirely the obligation of the government to prove that you own (and control) any. It could however be made much more illegal to accept it or transact generally.
The common argument, among others, is that this would put the United States at a disadvantage as other countries would shift to using it and de-dollarize.
I don't think you'll find a lot of NGU peeps here. The range is pretty much libertarian to anarchist, or at least those are the outspoken ones. I think most people here want to own Bitcoin, own assets, or spend Bitcoin to get assets.
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Not a holder of Monero or BCH.
I searched NGU on duckduckgo and all that came up was some urinary tract infection- otherwise not sure what you mean by that term.
Yes Libertarians are loud on here. Not sure what the connection is but few on here seem to understand that without Bitcoin being used much as a p2p payments protocol it is at real risk of becoming a speculative commodity plaything and easily controlled by the legacy fiat debt slavery cartel operators- in fact this is exactly what is happening.
So much for the revolution as soon as greed stepped in...
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"Number Go Up" (just in it for the fiat).
There is a theory that money must first be a store of value before it can be a medium of exchange. If so, and it is permissionless and decentralized, it stands to reason that more people will accumulate it. However, its value is dependent on it not being co-opted. If it loses decentralization and becomes permissioned, it is essentially worthless. So there is a catch-22 for a sovereign nation who wants to unilaterally control it: they have to pay an exorbitant amount to do so, and then it becomes worthless.
Furthermore, simply owning the money doesn't give one any special rights or privileges to the code (it does allow price manipulation, however). So I'm curious what capture and control mechanisms are you referring to?
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