Bitcoin: Short And Long Term

Bitcoin’s Viability In The Long Run

In a Top Secret insider newsletter, Chris from CapitalistExploits shared the following thoughts on Bitcoin:

I want it to succeed. Oh, how I want it to succeed. But…
Take a look at this bill S. 686, which bans VPN usage for “banned apps,” and if you disagree? Well, you get a 20-year sentence and a $250,000 fine.
It’s 55 pages of legal mumbo jumbo, which — if you’ve masochistic tendencies — you’ll absolutely love reading. If not, here’s what you need to know.
I am quite sure you’ve figured out by now that these bills are always always simply stepping stones. First, it will be for “banned apps.” Then it’ll be for “hate speech” or some such hogwash. Finally, it’ll be for everything, because… jeez, why do you need a VPN? What are you, a terrorist?
[…]
Ostensibly, all of this is about countering Chinese influence, data gathering, and psyops. In reality, it’s about implementing a worldwide industrial level surveillance system.
A friend of mine summed it up well:
“In summary, the way I’m reading the bill, if you use any tech in a way that a bureaucrat doesn’t like, or if you think you will in the future, or if they think you did at some point in the past, no matter where you are in the world, and no matter your citizenship, the US may sentence you to 20 years in prison and/or $1 million fine per instance (or twice the value of any “transaction” they think you made if higher) and they may also seize and property they consider connected. And all of this may happen in secret, without any court involvement.”
For your safety, of course.
Oh, and all are excluded from FOIA, congressional oversight, or any other checks or balances. They make it especially clear that if they say you disagree with their statements regarding the results of an election, you’re also particularly subject to these penalties.
This is arguably the most totalitarian bill I’ve ever seen. It is likely to NOT be upheld in certain states, as per topics just discussed. That means that the divorce of States within the USA is coming.
Bringing it all back to bitcoin…
In the short to intermediate term, I think it can and probably will do quite well, but unfortunately I just don’t see it working long term. Those with the guns (governments and central banks) don’t buy bitcoin, and they’ll never ultimately allow it. I pray I’m wrong.

I largely agree with Chris, except I am even more pessimistic. Long term, no chance. No discussion is even needed. Just go read Revelation. It is all clearly explained there that there will only be two methods of buying/selling: the Mark-approved route (Fedcoin?) and local communities bartering in secrecy. Nothing else—especially digital options—will be possible.

I am not so sure about the intermediate term, because I am not sure this country will not collapse or go full totalitarian in the intermediate future. In either of those situations, no one will care about Bitcoin.

But until then, I am sure Bitcoin will do fine. In the short term, people can make a lot of money. But once the Feds introduce Fedcoin, they’ll just ban it. Or demand forfeiture of it. Or not allow any purchases with it. The options are endless.

The Feds even banned gold back in the day. Gold is a physical, tangible asset that is far harder to ban compared to a digital asset. But they did it anyway. And successfully, too.

I think people far underestimate what is truly coming. We’re not entering a peaceful little transition phase. Empires do not go out quietly. Things are going to get really rough. When that happens, governments do baffling, unpredictable things.

There is no sustainable hope for Bitcoin unless the Feds find a way to make Bitcoin the Fedcoin. Which is not an impossibility, but not likely in my estimates, either. They already have Fedcoin and FedNow scheduled for July. It seems they have pivoted to that over Bitcoin.

There are also tremendous amounts of red flags behind Bitcoin in the first place. Especially with “Satoshi Nakamoto”, a man who no one knows if he even exists, other Bitcoin developers, and their connection with the CIA. It is awfully fascinating that the main engineer of such an important project was never made public, never even known by the government, became a massive billionaire but no one knows him, and so on. The entire background of Bitcoin is sketchy, and I’d wager a rather sizeable sum that it was actually a pet intelligence agency project. As I think most would if they took the time to dig into the history of the original Bitcoin developers and Satoshi. But that is a conspiracy for another time.

I know a lot of people have major hope in Bitcoin or similar crypto assets. I did too, at one point. But that hope is fading fast. The technological system will engulf it as it does everything else. And once that happens, there is no turning back.

Go get TCAs instead.

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Kaisar

Kaîsar is the sole owner of The Hidden Dominion. He writes on a wide range of topics including politics, governmental frameworks, nationalism, and Christianity.

Hosea 4:6 & Ezek 33:1-11

Articles: 1376

3 Comments

aiueo
May 13, 2023 / 6:41 am Reply
RESTRICT Act is unenforcable, it’s conflicting with so many other laws, it would make you into a criminal regardless of your actions.
Support free speech? Now you’re committing treason.
Oppose free speech? Now you’re committing treason.
You STFU about it all? Now you’re committing treason.
You declare not to pick any side? Now you’re committing treason.
They can ban 99% of the VPNs (all bottom of the barrel tier anyway), but good luck banning providers that don’t collect any personal information in the first place like IVPN and Mullvad, especially if you pay by Monero, so the only way to get caught is if you practice poor OPSEC.
Look at pompompurin from BreachedForums for example, that guy ran the biggest hacking forum on the internet for a year, and even hacked the FBI, only to then get arrested by the FBI thanks to very dumb OPSEC mistakes.
He used those 2 VPN providers, but for some reason still decided to use an email address under his real name, and pay by credit card also linked to his real name and address.
J-Gov has been desperately trying to go after piracy, but the reality is, the only true way to stop piracy is by cutting all communications, which they won’t do, because none of the tyranny (CBDCs, digital ID, and so on) will work without it, and even if they did, all it will do is enable offline piracy.
And despite the massive efforts banning piracy, I’m still here seeing anime, manga, and video game torrents for years without getting caught even once.
The only ones being caught are either controlled opposition (to make an example out of), or genuinely stupid.
If J-Gov can’t enforce their anti-piracy tyranny, then US-Gov won’t be able to enforce their anti-internet tyranny neither.
- Kaisar
  May 17, 2023 / 10:49 am Reply
  Fair points, but you won’t have mass usage or high desirability if everyone has to employ high OPSEC. Most people are not smart enough to do so or would not risk it. Maybe ours guys would, but that’s a small portion of the actual population. It works now because it is easily available, legal, and useable for many things. If those conditions change, so too will its usefulness.
  - aiueo
    May 26, 2023 / 10:36 am Reply
    OPSEC strategies change all the time, you simply keep up to date, and adapt your strategy.
    OPSEC is simply short for “operation security”, it’s just a way of using the internet while resisting the continuous attempts to make digital privacy impossible.
    The whole digital privacy movement is growing as more and more people start to wake up, so every time they try to make it impossible to protect your identity, new ways get invented to protect your identity.
    An example of that would be the rapid raise of privacy frontends for popular services, so you can still use YouTube and Twitter via Invidious and Nitter respectively without having to sacrifice your privacy.
    So far, only Facebook has been desperately fighting these frontends (specifically Bibliogram for Instagram, but who even uses Instagram anyway?).
    On the other hand, as more people wake up into becoming pro-privacy, so are more people falling asleep into becoming “I have nothing to hide”.
    But realistically, either one of the 2 sides are artificially being propped up, or the world is apparently having an explosion in birth rates right now, seeing how 2 completely opposing sides are seemingly growing at the same time.
    Or people who previously didn’t care either way are starting to pick a side, like with the right to repair movement that converted people who didn’t care to people who have finally realized that planned obsolescence is a horrible idea after all, now that planned obsolescence is creeping into things like cars, wheel chairs, and coming soon to an essential tool near you.