Bitcoin’s Viability In The Long Run
In a Top Secret insider newsletter, Chris from CapitalistExploits shared the following thoughts on Bitcoin:
I want it to succeed. Oh, how I want it to succeed. But…
Take a look at this bill S. 686, which bans VPN usage for “banned apps,” and if you disagree? Well, you get a 20-year sentence and a $250,000 fine.
It’s 55 pages of legal mumbo jumbo, which — if you’ve masochistic tendencies — you’ll absolutely love reading. If not, here’s what you need to know.
I am quite sure you’ve figured out by now that these bills are always always simply stepping stones. First, it will be for “banned apps.” Then it’ll be for “hate speech” or some such hogwash. Finally, it’ll be for everything, because… jeez, why do you need a VPN? What are you, a terrorist?
[…]
Ostensibly, all of this is about countering Chinese influence, data gathering, and psyops. In reality, it’s about implementing a worldwide industrial level surveillance system.
A friend of mine summed it up well:
“In summary, the way I’m reading the bill, if you use any tech in a way that a bureaucrat doesn’t like, or if you think you will in the future, or if they think you did at some point in the past, no matter where you are in the world, and no matter your citizenship, the US may sentence you to 20 years in prison and/or $1 million fine per instance (or twice the value of any “transaction” they think you made if higher) and they may also seize and property they consider connected. And all of this may happen in secret, without any court involvement.”
For your safety, of course.
Oh, and all are excluded from FOIA, congressional oversight, or any other checks or balances. They make it especially clear that if they say you disagree with their statements regarding the results of an election, you’re also particularly subject to these penalties.
This is arguably the most totalitarian bill I’ve ever seen. It is likely to NOT be upheld in certain states, as per topics just discussed. That means that the divorce of States within the USA is coming.
Bringing it all back to bitcoin…
In the short to intermediate term, I think it can and probably will do quite well, but unfortunately I just don’t see it working long term. Those with the guns (governments and central banks) don’t buy bitcoin, and they’ll never ultimately allow it. I pray I’m wrong.
I largely agree with Chris, except I am even more pessimistic. Long term, no chance. No discussion is even needed. Just go read Revelation. It is all clearly explained there that there will only be two methods of buying/selling: the Mark-approved route (Fedcoin?) and local communities bartering in secrecy. Nothing else—especially digital options—will be possible.
I am not so sure about the intermediate term, because I am not sure this country will not collapse or go full totalitarian in the intermediate future. In either of those situations, no one will care about Bitcoin.
But until then, I am sure Bitcoin will do fine. In the short term, people can make a lot of money. But once the Feds introduce Fedcoin, they’ll just ban it. Or demand forfeiture of it. Or not allow any purchases with it. The options are endless.
The Feds even banned gold back in the day. Gold is a physical, tangible asset that is far harder to ban compared to a digital asset. But they did it anyway. And successfully, too.
I think people far underestimate what is truly coming. We’re not entering a peaceful little transition phase. Empires do not go out quietly. Things are going to get really rough. When that happens, governments do baffling, unpredictable things.
There is no sustainable hope for Bitcoin unless the Feds find a way to make Bitcoin the Fedcoin. Which is not an impossibility, but not likely in my estimates, either. They already have Fedcoin and FedNow scheduled for July. It seems they have pivoted to that over Bitcoin.
There are also tremendous amounts of red flags behind Bitcoin in the first place. Especially with “Satoshi Nakamoto”, a man who no one knows if he even exists, other Bitcoin developers, and their connection with the CIA. It is awfully fascinating that the main engineer of such an important project was never made public, never even known by the government, became a massive billionaire but no one knows him, and so on. The entire background of Bitcoin is sketchy, and I’d wager a rather sizeable sum that it was actually a pet intelligence agency project. As I think most would if they took the time to dig into the history of the original Bitcoin developers and Satoshi. But that is a conspiracy for another time.
I know a lot of people have major hope in Bitcoin or similar crypto assets. I did too, at one point. But that hope is fading fast. The technological system will engulf it as it does everything else. And once that happens, there is no turning back.
Go get TCAs instead.
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