Des Imoto マキシ on Nostr: While I’m against any government involvement with Bitcoin a Digital Shitcoin Act is ...
While I’m against any government involvement with Bitcoin a Digital Shitcoin Act is clearly an attack vector.
It will cause confusion, as it equates Bitcoin and crypto. Crypto are all the scams and Ponzies that are using the Bitcoin brand to fool people but lack at least one of the elements that make Bitcoin immutable to manipulation for personal gain: Decentralization, Proof of Work or Scarcity. People will not know the difference between all these Cryptos. Which will keep the Bitcoin adoption low as people will also “invest” in other cryptos. (Note: Bitcoin is not an investment but money, but that’s a different topic). Thus, it will also dilute the focus on Bitcoin and effectively act like inflation as the other Cryptos will extend the limit of the 21 million scarcity cap. Lastly, calling Bitcoin an asset, or digital gold, or a commodity, or property also causes confusion as it is money. But more so, it moves Bitcoin into regulated realm in terms of taxation and tracking and tracing and therefore slow down its adoption as money, the real use case.
A SBR would make the Bitcoin price skyrocket vs fiat so quickly and so much that the fiat system would collapse. Because as game theory has it, every person, every fund, every company and every country would only buy Bitcoin based on the US’ signal.
“Crypto” is the attack vector. When Bitcoin is actually the only crypto.
It will cause confusion, as it equates Bitcoin and crypto. Crypto are all the scams and Ponzies that are using the Bitcoin brand to fool people but lack at least one of the elements that make Bitcoin immutable to manipulation for personal gain: Decentralization, Proof of Work or Scarcity. People will not know the difference between all these Cryptos. Which will keep the Bitcoin adoption low as people will also “invest” in other cryptos. (Note: Bitcoin is not an investment but money, but that’s a different topic). Thus, it will also dilute the focus on Bitcoin and effectively act like inflation as the other Cryptos will extend the limit of the 21 million scarcity cap. Lastly, calling Bitcoin an asset, or digital gold, or a commodity, or property also causes confusion as it is money. But more so, it moves Bitcoin into regulated realm in terms of taxation and tracking and tracing and therefore slow down its adoption as money, the real use case.
A SBR would make the Bitcoin price skyrocket vs fiat so quickly and so much that the fiat system would collapse. Because as game theory has it, every person, every fund, every company and every country would only buy Bitcoin based on the US’ signal.
“Crypto” is the attack vector. When Bitcoin is actually the only crypto.