The catch 22 of killing Bitcoin
The catch 22 of killing Bitcoin
- We can’t regulate PoS networks, although they are easily regulatable, because that will provide immediate verification of the PoW networks. This is causing exponential growth in the PoS drift and will make it actually hard for us to regulate PoS networks down the line. What to do?
- We can’t regulate the Lightning Network because if we do regulate those money-transmitting, route-finding LN hubs, we will prove the on-chain use case. This is causing LN to falsely advertise itself as an anon/tor option and is attracting the wrong crowd. It also doesn’t work so there’s no point in regulating it.
- We can’t kill TetherUSD because it will kill BTC (and our ability to short BCH infinitely), people will revert back to USING cryptocurrencies rather than speculating on their fiat price and BCH will absolutely shine. We can’t have that. But Tether is being used by governments we otherwise don’t allow on SWIFT. We also can’t have that.
- We cannot define cryptocurrency as a non-commodity because people will use it as cash, so we have to keep that special tax status and collect net gain tax on any transaction. But we’re losing on collecting ACTUAL cryptocurrency instead of our same old now hyper-inflated currency. How can we combine both when we can’t?
- We can’t outright ban all cryptocurrency because an all-out ban that quickly fails will make any subsequent banning weightless. Why quickly fails? Because it’s technically impossible to ban it, or you can only ban yourself from it, but never effectively ban it nor ban others from using it. We have to instead use banning (as a media bang!) to manipulate the market to our liking rather than actually execute said banning.
- We can’t officially adopt it because if people start offering their services for it, offering their produce for it, and using it, we’re screwed. We then lose on our ability to decide who gets it and who doesn’t, who gets to keep it and who doesn’t, and how much we can give ourselves of it. No can do.
- We can’t really create a crypto-like CBDC because it will prove the use-case without having any of the actual electronic-cash hard-money properties (hard-cap, known and automated emission rate, on-chain transparency, up-time, take-down-resistance, etc).
- We can’t fork it any further because we already sent billionaires after this; we have BCH and from it we also have BSV and XEC and more to come; it just creates noise like the banning-bang we mentioned, but Bitcoin continues unharmed as peer to peer electronic cash right on Bitcoin Cash.
- We can try to buy wallets and projects, but many of them are open-source and are not for sale. We bought what we can buy so far, but the biggest issue is that the ones we didn’t buy are the ones actually being used. We can try to regulate wallets and enforce KYC/AML first and then enforce permission-controls later, but the issue is that only the wallets we bought are implementing it.
- We can nuke the planet? Hold my beer.
[link] [comments]