Thread by @bquittem

1/ A quick thread exploring Bitcoin’s survivability.

Any cryptocurrency that cannot (feasibly) survive a nation-state level attack is pointless. Simply delaying their inevitable demise.

Let’s go 👇

2/ Bitcoin is unregulatable.

No one person or entity in charge. Code is free speech. Each country has their own competing jurisdiction.

3/ Game theory protects Bitcoin from a global coordinated attack.

Nation states compete with each other. Unlikely to see top nations cooperate.

If the US bans BTC, China has incentive to adopt. Nations not benefiting from the current USD regime have incentive to adopt BTC.

4/ Bitcoin’s PoW protects the ledger with an "energy shield."

By anchoring Bitcoin to real economic value (energy), the only way to change the ledger is to “re-do all the work” aka spend the same amount of money in the form of electricity. h/t @danheld

5/ Bitcoin inspires a religious fervor from it’s supporters.

Ideologically motivated “hardliners” act as an immune system. Surviving the scaling wars (NYA/S2X) demonstrates this.

Bitcoiners “provide cover fire” until Bitcoin gets through the door. (h/t Bitcoin Sign Guy)

6/ Bitcoin can route around ISP censorship.

Bitcoin has a growing network of alternatives to the mainstream internet (mesh networks, HAM radios, and satellites).

Maybe even routing transactions through a mycelial network 🍄 (theoretically possible).

7/ The idea of Bitcoin is eternal.

Bitcoin spreads like a mind virus. Even if somehow the current form was “killed,” the idea will live forever.

"This Snow Crash thing--is it a virus, a drug, or a religion?" Juanita shrugs. 'What's the difference?'" h/t @nealstephenson

8/ Bitcoin’s privacy improvements reduce taxability.

CoinJoins and other privacy technologies will minimize the ability for governments to attack Bitcoin through predatory tax legislation.

🙏 @wasabiwallet @SamouraiWallet

9/ Bitcoin minimizes the ability to cheat.

Bitcoin doesn’t rely on trust. Think “can’t be changed” instead of trusting that a system “won’t be changed.”

Bitcoin recognizes leaders, formalized governance, and concentration of power as attack vectors waiting to be exploited.

10/ Nation states underestimate Bitcoin.

This buys time for Bitcoin to get stronger + harder to kill. The hegemonic banking system is digging their own grave with shovel made of 100% pure hubris.

If only we had a ₿ackup plan 🤔