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Brendan Bernstein @BMBernstein
, 6 tweets, 2 min read Read on Twitter
From the history of bearer instruments it couldnt be clearer that govt's will be hostile to cryptocurrencies. Bearer bonds were prohibited in 2010, Liberty dollar, e-gold, etc.

When you add a token to a crypto-protocol, it transforms it from "interesting tech" to govt nemesis
People who don't understand this optimize for "features".

People who do seek to optimize for resilience and the cost to run a full node, because they recognize that we're flirting with the boundaries of the law (if not today, we will be)…
Decentralized file sharing protocols are a good comp. The ones that won (Bittorent) were actually harder to use

If you're investing for the long run it's pointless to invest in growing DAUs when they can be wiped out with the flick of a switch…
The crazy thing is people launching new tokens are either entirely deceiving themselves into believing this won't be an issue or just woefully unaware

Everybody is trying to create their own liberty dollar right now...…
If Ethereum the network rips out ETH or implements full KYC / AML, it's a different story.

But I don't see how you can simultaneously be bullish on both Ethereum the "SC" platform and ETH the token
The same rationale sort of applies to bitcoin, except that I believe it's 100x more resilient

People investing in tokens are playing short term musical chairs while those in BTC are preparing for battle with the final boss
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