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thoughtcrimeboss
@thoughtcrimeboss
I read on Nostr that Michael Saylor advised Trump that the United States should try to acquire between 5 and 25 percent of the total supply of Bitcoin through regular purchases. Michael Saylor doesn't understand BTC, the point is to escape the nation state's control of money, not strengthen it. No one entity should control that much bitcoin and certainly not any government!
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Anniceris 🎩
@anniceris
How does owning lots of bitcoin allow a nation state to control the network? I don't see it as an issue personally. For global adoption nations states and corps were always going to have to be holders.
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thoughtcrimeboss
@thoughtcrimeboss
I dont think I said anything about it allowing them to control the network, controlling the supply is still an issue. Price manipulation is easy when you control that much, they can dump on the market, crash the price, and then buy up people's coins any time you want. If price goes up enough they can use the massive purchasing power to buy up ASIC miners and then they will have influence on the network and could collude with other nation States to support contentious hard forks or even do 51% attacks although the 51% is unlikely at least. Yes, they were always going to be holders but they remain an adversary for the network itself, so the idea is to try to keep the amount of coins nation states control to a minimum not actively encourage them! The state has direct incentives to prevent people from owning Bitcoin, controlling the supply is a way to do that.
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Anniceris 🎩
@anniceris
They can just print massive amounts of fiat right now, and in the future, to buy up ASICS and do that or just confiscate them. This becomes harder as price goes up as miners are better able to fund legal and informational challenges and have political reach. Price is more likely to do this if more nation states adopt and this also provides better location arbitration for miners. I do get what you are saying regarding price but I think that gets negated once we pass a threshold of nation state adoption as other states, cooperations and the general public will just say thanks for the cheap coins. It's right to be cautious but things like nation state adoption, corporate treasuries and bitcoin banks are unavoidable, and likely necessary, for adoption imo. "The liquidity must flow!"
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