Thread by @Breedlove22

New writing up on my Medium page:

Sovereignism Part 2: #Bitcoin, The Ultimate Offshore Bank

breedlove22.medium.com/sovereignism-p…

International waters have historically been the greatest geographic safe haven from nation-states. Gamblers, pirates, smugglers, and other sinners seeking to engage in state-condemned activities willingly make use of this ungovernable territory.

This oceanic realm is rife with high degrees of risk, reward, and self-responsibility. But exactly why is maritime law so different from the legal systems operating within terrestrial nation-states?

A simple cost-benefit provides the root cause: given the sheer size and uninhabitability of the high seas, the revenues a taxing authority might hope to generate by establishing a permanent dominion there are far outweighed by the necessary costs of enforcement.

As a highly dynamic and low friction territory, water is an accelerant to the energy network of trade yet simultaneously an impediment to the establishment of permanent dominion.

The costs necessary for a tax authority to surveil, patrol, and collect in oceanic territory are simply staggering. Tax regimes must focus their efforts on terrestrial areas of high economic density to be profitable.

Being surrounded by the vast emptiness of the high seas is a natural defensive advantage. Interestingly, economic dynamics of the high seas can help us understand the advantages of commerce in digital space.

With digital technologies, information and capital can be moved at the speed of light, cloaked behind walls of encrypted energy, and stored “everywhere and nowhere” in a seemingly limitless array of ways, limited only by developer imagination.

As citizens awaken to the natural advantages of sheltering their savings digitally, a feedback loop between escalating government overreach and digital escapism will emerge, with heavier-handed attempts at control driving ever-larger waves of capital flight.

Everyone desires to “hold the keys” to their own financial wellbeing, and historically Swiss bank accounts offered customers superior assurances of financial accessibility, privacy, and security. Across these desirous dimensions, Bitcoin excels by many orders of magnitude.

A public utility that facilitates trade flows of private property, #Bitcoin offers universal financial accessibility. With proper opsec, Bitcoin is true stealth wealth. Bitcoin can be stored in a wide variety of ultra high security custody schemas virtually immune to confiscation

All capital stored in #Bitcoin essentially constitutes “offshore funds” at the full discretionary control of their respective owners. Market actors are quickly realizing the importance of monetary sovereignty, and #Bitcoin is rapidly flowing into self-sovereign custody schemas:

More than a mere game-changer, #Bitcoin is an entirely new game with unbreakable rules. Its derivative mode of socioeconomic organization promises to improve fortunes across the world as it incentivizes forsaking the use of force, forever.

Thank you: @Bquittem @dergigi @mkwml @Zach_of_Earth for feedback while writing.

Part 3 coming soon...