How to Destroy Bitcoin

Author isn&#x27;t wrong, just missing the point which is that regulators and politicians of COURSE know how to crush Bitcoin. The issue is that the &quot;powers that be&quot; WANT crypto to succeed and that&#x27;s why you&#x27;re seeing the kind of regulation that legitimizes crypto instead of the kind that destroys it.<p>Specifically: - the intelligence community loves crypto because it gives them more &quot;digital trail&quot; to monitor people and populations.<p>- policymakers love the idea of a central bank digital currency (CBDC) because it provides fine grained monetary control. Everybody would love to see a federally backed stablecoin replace USDT etc.<p>- the taxation authorities like crypto because it&#x27;s a lot of net new revenue - millions of people are agreeing to tax themselves, and since transactions are all public, it&#x27;s hard to hide.<p><a href="https:&#x2F;&#x2F;www.forbes.com&#x2F;sites&#x2F;stevenehrlich&#x2F;2021&#x2F;04&#x2F;13&#x2F;janet-yellen-bitcoin-and-crypto-fearmongers-get-pushback-from-former-cia-director&#x2F;?sh=57cd7f4c9bb7" rel="nofollow">https:&#x2F;&#x2F;www.forbes.com&#x2F;sites&#x2F;stevenehrlich&#x2F;2021&#x2F;04&#x2F;13&#x2F;janet-...</a>

Bitcoin still has an important, legitimate use case: supporting legal businesses that have been ditched by the Visa and Mastercard circuits. Gab is one of them and, as much as you can hate it, it&#x27;s still a very legal business that can&#x27;t do business (if it wasn&#x27;t supported by Bitcoin) because two private entities decided it can&#x27;t do business.

Watch out, a horde of unwavering crypto supporters who still believe that it can somehow disrupt banking and change the world are currently converging on this location.

I have two serious examples of interactions between the &quot;legitimate&quot; market and Bitcoin:<p>1. The Bitcoin ETF: <a href="https:&#x2F;&#x2F;cointelegraph.com&#x2F;news&#x2F;debut-canadian-bitcoin-etf-nears-100-million-in-volume-in-first-few-hours-of-trading" rel="nofollow">https:&#x2F;&#x2F;cointelegraph.com&#x2F;news&#x2F;debut-canadian-bitcoin-etf-ne...</a> 2. The CME Bitcoin Futures market: <a href="https:&#x2F;&#x2F;www.cmegroup.com&#x2F;markets&#x2F;cryptocurrencies&#x2F;bitcoin&#x2F;bitcoin.quotes.html" rel="nofollow">https:&#x2F;&#x2F;www.cmegroup.com&#x2F;markets&#x2F;cryptocurrencies&#x2F;bitcoin&#x2F;bi...</a><p>Also, it provides protection against hyperinflation for some, be it legal or not:<p><a href="https:&#x2F;&#x2F;www.bbc.com&#x2F;news&#x2F;business-47553048" rel="nofollow">https:&#x2F;&#x2F;www.bbc.com&#x2F;news&#x2F;business-47553048</a><p>Not everything illegal is immoral. But I agree that there is an absurd amount of energy use and scams in the crypto ecosystem.

I read the first few paragraphs and he doesn&#x27;t say why Bitcoin needs to be destroyed.<p>I don&#x27;t think it needs to be destroyed. It will forever exist in the peripheries because it can not be used to pay government taxes and fees which need to be paid by every adult under threat of force and violence.

Stephen, I&#x27;m worried about you buddy. This is an obsession -- but it is one borne of your own ignorance. How someone can be so obsessed with something without actually understanding it is deeply troubling.<p>&quot;There is no legitimate economy that transacts in bitcoin.&quot; Vastly, Deeply incorrect.<p>You are spouting authoritarian nonsense. Its not too late to open your eyes and see the damage you causing to yourself. Bitcoin, like the honey badger, does not care.

Decentralized money is censorship resistant, it’s okay with me if someone won’t trade me dollars for it, I’ll pay with Sats.

&gt; Tokens which have no corresponding legal entity willing to claim legal liability for development of the product (i.e Dogecoin)<p>Stephen is implying that there are such entities for Bitcoin development, which I doubt.

Having read Taleb’s Bitcoin Black Paper this guy’s words make total sense, and he puts it really well, very concise, unapologetic writing

No, banning fiat on-ramps will not kill Bitcoin, although it would suppress the price for several years. No, banning exchanges will no longer work as trading would move to DeFi. Give it up already, your arguments are tired.<p>I don&#x27;t think you realize how strong the crypto movement is. Your vision is obscured by all the the snake-oil surrounding it. Government intervention will further legitimize it. This is nothing like the prior movements for alternative currency. Many millions of young people have experience buying and trading cryptocurrency now. It isn&#x27;t going away.