Who would win: The collective governments of the world or Bitcoin? submitted by
People perceive government as an extremely powerful and effective entity, and this is largely true in many aspects. Government is able to bring tremendous force against many entities to either compel them into submission or even destroy them completely.
But in order to accurately understand the situation, you need to look deeper. Governments are very good at bringing compelling or destructive force against centralized entities. Corporations, organizations, specific individuals, and other governments are all entities that have reason to fear governments based on past evidence.
But what are some areas government is not so good at, or even areas they are exceptionally weak in?
Governments seem to have a rather big problem attacking things that do not have a centralized point to target. The illegal drug market is one such example, certain terrorists organizations are another. Perhaps even the Vietnam War is a display of the difficulties a powerful government has with attacking a distributed or non-centralized entity.
Governments also seem to have great difficulty knowing how to responding to disruptive change preemptively or even in a timely manner with the appropriate counter response
. Instead governments seem to respond after a threat becomes clear and does so with a response that is inadequate or even does more damage to itself than doing nothing at all. The government response to 9/11 is a good example of this, with the creation of the TSA which costs that same government over $7 billion/yr.
Also, government just seems to operate in a horribly inefficient manner generally. An entity that creates sinkholes of bureaucracy
is especially ill equipped to conserve, adjust, and survive when resources are constrained or more generally to execute an effective counter strategy efficiently.
We also know that government gets a great deal of its funding through seigniorage
, which would quickly be cut off as a revenue source if the dollar were to lose value. If this were to occur, it would put the government in a situation where it's resources are cut off at the very moment they need additional resources to counter attack the monetary threat.
These are all ominous factors for the governments of the world when this inevitable confrontation with Bitcoin finally occurs, but I think there is another perhaps even greater factor that will tilt the scales to the point we can know the outcome of this conflict before it occurs.
When Ross Ulbricht was arrested in a public library it seemed like a great victory for government and a display of their ability to strike decentralized targets (although this was only possible because of Ross' poor OpSec). But in the wake of this arrest, I think we see some very worrying signs for the fate of government. THREE of the agents (Carl Mark Force IV, Shaun Bridges, and a DEA Agent) that were a part of this investigation were charged with criminal activity relating to their efforts to enrich themselves with some of the seized bitcoins. These agencies are not the local corrupt police force, but rather the FBI, Secret Service, and DEA--why would THREE professional and highly-trained agents switch sides and effectively go from acting on behave their government overloards to rabidly and greedily acting in their own individual interest. I would suggest this is because of Bitcoin. When you have a drug bust, generally speaking, most (maybe) of the cash and drugs makes it way through the evidence chain without individual actors siphoning off too much, but with Bitcoin there is no need to launder the cash or sell the drugs, it is just super easy to conceal with much lower risk for the agents getting caught (though not quite low enough for Carl Mark Force IV, it would seem). In any case, Bitcoin seems to have a mysterious power to pull government actors away by tempting them to act in their own self interest. In short, Bitcoin lures government agents into defecting and switching sides to Bitcoin So what do we expect will happen?
As Bitcoin grows in size governments will eventually move to attack or kill it. They will take this action too late (it's already too late), their action will be ineffective, and their response will eat up their dwindling resources in a time when their revenue stream is being squeezed by the bitcoin-induced fiat devaluation. Among those government uses to lead and implement its response, many of those actors will defect and switch sides to Bitcoin perhaps like how King Louis the XVII kept sending waves of soldiers to arrest Napoleon who had escaped Elba until Napoleon sent him word "please send no more troops, I have enough".
I see Bitcoin vs Governements of the world as a quintessential David vs Goliath event. But like David vs Goliath, if you had looked past the surface and understood the situation correctly, you would have known Goliath was dead the moment David stepped onto the battlefield.
Shaun Bridges is one of two agents who pled guilty to stealing from the Darknet market. Bridges stole about $800,000 worth of bitcoins from Silk Road drug dealers after he and a partner arrested a ... Shaun W. Bridges is an American who pled guilty to stealing $820,000 worth of bitcoins, he had helped seize as evidence, when he was a Secret Service agent. Bridges and Drug Enforcement Agency Carl Mark Force IV were arrested on March 30, 2015. References ↑ Matthew Schwartz (2015-09-01). "Former Secret Service Agent Pleads Guilty to $800K Bitcoin Theft Investigators Claim to Have Unmasked Ex ... Ex-Secret Service agent Shaun Bridges was sentenced to nearly six years in federal prison afterpleading guilty last year to money laundering and obstruction charges tied to the theft of more than $800,000 dollars in bitcoin from the Silk Road during the US government’s investigation. Bridges was re-arrested in late January on suspicion that he was going to attempt to flee the country. Since ... Bitcoin Wiki:To-do list. From Bitcoin Wiki. Jump to: navigation, search. Standardize pages about current companies and events ; Standardize pages about prominent bitcoin figures and developers; Standardize pages about mining hardware and their creators; Consider banning mixing services and escrow organizations except when notable; Standardize the year pages (high priority, see 2011) History ... Shaun Bridges is a former United States Secret Service agent who kept and sold $820,000 worth of bitcoins he stole from Ross Ulbricht and the Silk Road. Bridges pleaded guilty on September 1, 2015. Bridges pleaded guilty on September 1, 2015.
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