Regulation- The Approaching Death of Satoshi’s Bitcoin
A response to, “If I’m Wrong, Could You Let Me Know?”
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Last Edited December 21, 2022
“Those who want honest money must first create an honest government.” Davido Davido, Medium.com 2021
Complete government control of Bitcoin is coming, it will be simple, effortless, and mostly uncontested. When governments exert their control over the Bitcoin main chain, those who today doubt that control of Bitcoin is possible will suddenly claim they saw it was coming.
“Well of course, we’ve always known government would control Bitcoin”.
This article describes how cooperative regulation of Bitcoin mining by a group of Western Governments will be used to control all transactions on the Bitcoin network.
Regulation will allow Bitcoin to carry on without apparent change. However, government regulation of Bitcoin mining will destroy the vision that Satoshi Nakamoto had for Bitcoin. Bitcoin would no longer be peer-to-peer, permissionless, or even immutable. Regulation will be the end (death) of the Bitcoin that Satoshi Nakamoto envisioned. Instead of being a tool of liberation, the current version of Bitcoin will become another tool of government control. It would be wonderful to be wrong, but wishing doesn’t make it so.
Fellow Medium.com writer, Alberto Guerrero, inspired this story with one of his own. I have respect for a man who actively seeks to challenge his views. Challenge accepted.
Here is a link to Alberto’s story.
And here is my response. If I am wrong, then, please do let me know too. You the reader, with your wisdom, may save fortunes and a future for myself and others.
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Alberto,
If you are committed to the success of Bitcoin because it is an open, just, decentralized, permissionless, monetary system -then I am with you completely. I want and…
