1/ The establishment is now getting its first inkling of the existential threat Bitcoin poses to nation states. It is not from anonymous transactions or teenagers illicitly buying pot. It is from the world's savings fleeing to a censor resistant, uninflatable currency. @jmackin2 
@jmackin2 2/ From the founding of the Bank of England, central banks have been used as means for states to fund their policies (often warfare) without risking the popular ire caused by direct taxation.
@jmackin2 3/ When the capital provided by central banks is misallocated by either the state or in a market distorted by artificially low interest rates, an inevitable collapse occurs. The central bank is the root of these periodic market dislocations.
@jmackin2 4/ Prior to the 20th century, ordinary people could always flee to hard currency (gold) to save themselves from the effects of the failed, inflationist, policies of the central bank. This ended across much of the world in the 20th century as gold was outlawed.
@jmackin2 5/ Bitcoin finally promises an alternative for citizens across the world to keep their savings in a form of money that can neither be confiscated nor inflated. It is gold on steroids.
@jmackin2 6/ Predictably, the establishment is raising alarums that if Bitcoin were to become the world's reserve currency, central bank policy would become ineffective. Indeed it would. *And this is a good thing*.
@jmackin2 7/ To claim central bank policy is what saves us from deep recessions is like claiming that a scoundrel who breaks your leg is helping you if he afterwards offers you a crutch.
@jmackin2 9/ Quote taken from: wsj.com/articles/is-it…
