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RE: F-O-M-C yah you know me

in LeoFinance2 years ago

"More importantly, it's simple enough to be unassailable and impossible to corrupt/kill. That's the value of Bitcoin: security."

The above statement is factually incorrect.

What do you think will happen to BTC if the price of electricity increases by 2500%? PoW makes BTC highly susceptible to high electricity prices, and prices in Germany briefly rose YoY ~2500%. They don't even have to admit they're killing BTC to kill BTC. They just have to sanction Russia. Price controls simply transform inflation into shortages, and exchange blackouts for power bills. They will not save BTC.

BTC is the Gorilla King of crypto today, but all cryptos I am aware of can be eliminated by censorship, because they all depend on someone else's network. Network operators can simply demand the keys and refuse to allow encrypted communications they don't have the keys for. Worse, they probably don't need to convince you to give up your keys. There are credible reports that commercially manufactured chips are backdoored at the factory. In the event the WEF intends to eliminate competition for CBDCs, such backdoors leave crypto stakeholders unable to resist forced swapping for CBDCs. That's if they're being nice and don't just delete cryptocurrencies out of hand.

Russia is now testing the digital ruble. Russia has already made BTC illegal. Russians almost certainly continue to transact with BTC, and Russia is probably incapable of enforcing it's laws in this regard, but the WEF isn't Russia, and can enforce Russia's laws for them.

Putin-Davos-2022.webp
IMG source - Russia-briefing.com

If you see a dichotomy between WEF sanctioning Russia and enforcing Russia's laws, perhaps you will see a similar dichotomy between Biden declaring the pandemic over, and NY firing >800 teachers that same day because they weren't jabbed.

Not only is BTC assailable and possible to kill, it's almost certain to face CBDCs, censorship, and electricity prices orders of magnitude higher than it can sustain, all of which are existential hazards. BTC will have to withstand all these hazards in the foreseeable future.

I hope you can rationally grasp the hazards BTC does actually face, so that your investments aren't dependent on luck. Luck is for gamblers. If you're betting on BTC, you're betting against the house. The house always wins.

Thanks!