Bitcoin, your 16th birthday is approaching. You are well past the teenage years. These years are when many make decisions which will affect the rest of your life without being conscious of doing so. The chances of someone getting a “redo” Wind back decisions that have forced them to follow a particular path.
Bitcoiners and you are about to make a monumental mistake that could have grave consequences on the entire existence of the currency.
This is a time of unprecedented growth. Bitcoin is at its highest price ever, it has finally broken the 100k mark, and major nations are discussing creating strategic bitcoin reserves. People have been totally reliant on the story that we’ve already won.
You can’t sleep without telling yourself “we have already won.”
Bitcoin remains unscaleable. The system is not scalable enough to allow everyone to have their own bitcoins. The government can seize their coins at will, revealing all those individuals. Without government approval, these people will be prevented from starting a new business, building something innovative or spending their money as they choose.
“Oh well sovereignty isn’t for everyone, it’s a responsibility. They wouldn’t have wanted it anyway.” The few “elites” The situation won’t be much better either. The authorities might not have the ability to take coins from a user who is self-custodial as quickly as they can with a user under custodial care, but that doesn’t mean that it’s necessary. The can seize anyone. You can be tracked, followed everywhere you go, and if they suspect you of doing something they don’t like, you will end up in jail. Anyone who tries to build or innovate in a manner that’s not approved by the government will be hounded with this threat.
Stablecoins even help to open up new avenues of demand for US Treasuries now that our enemies have started reducing the amount they buy. Bitcoin, which was born in order to support the Bitcoin market, is actively supporting the dollar. The dollar is being maintained by the things that Bitcoin has created in this ecosystem. This was out of necessity to help the market for bitcoin itself survive.
We are heading in that direction. Bitcoin is one of the most popular currencies. The ability to enable Government surveillance and control. What it does to help. Why are we going down this path? Bitcoin’s scaling isn’t good enough. There are also no tools that can be used to maintain privacy. It’s important to have tools that are easy and affordable enough for people who don’t actively seek privacy, but also simple enough not to discourage them.
The path that we’re on now is for people who want to give up Bitcoin and any formative changes it might bring, as well as do whatever the government says, will become rich. Nothing will change fundamentally in terms of the relationship between people and government, or even their financial status. It is important to recognize these issues and support real solutions in order to reduce their severity. “Bitcoin has already won.”
Bitcoin can bring positive changes to the world. But it will not if people are overconfident and indifferent about tackling problems they would prefer not exist. The party that is listening to only the youth’s arrogance rarely has a positive outcome.
It is not worth making mistakes that teenagers make. So don’t.
The article below is an overview of the topic. Take. The views expressed in this article are solely those of the author and may not reflect BTC Inc.
“This article is not financial advice.”
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Source: bitcoinmagazine.com
