The Great Danger is Not That Government Will Kill Bitcoin, but that Government Will Control all Bitcoin Transactions.
Having good intentions doesn’t mean you see the world as it is.
Last edited Jan 3, 2023
The government will control the current version of Bitcoin in a manner that renders it just another impotent currency. Most commentators tend to view Bitcoin as an all-or-nothing phenomenon. As though Bitcoin is destined to take over the entire global financial system, or that Bitcoin will revert to worthlessness. Neither is probable in our lifetime. Complete governmental control of the main Bitcoin blockchain is probable.
In order to completely control Bitcoin, the government needs to control the majority of the Bitcoin ‘hash rate’, -its computational power. However, the government won’t need to physically control any miners, it will merely regulate the existing miners. Government control of the Bitcoin blockchain will almost certainly occur during this decade, and will result in complete control of all transactions globally.
“ … the long term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with lifeblood interests in monopolies on currencies. In the short run anything is possible —…
