SANCTIONS AGAINST RUSSIA POSE A CONUNDRUM FOR BITCOIN
Bitcoin is a free and open monetary network, accessible by anyone — which makes sanctions quite ineffective.
MAR 31, 2022
- This is a guest post by Dominic Collard. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Almost half of Russia’s $630 billion reserves have been seized by foreign governments since the invasion of Ukraine. It was relatively easy to do given modern financial infrastructure.
The mainstream temptation is to react favorably to this move. Russia will be poorer and so less able to fund its war. The baddies lose, the goodies win.
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The Bitcoin community risks confirmation bias by not thinking through the full implications. It would be naive to think there is only upside. They say Bitcoin changes people; that it is “F-you money” and with it you are no longer beholden to anyone. But what if the person, or the government, with bitcoin needs to be held down. What then?
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Maybe I’ve become to cynical of all the politicians and bureaucrats. I wouldn’t assign labels of “baddies” or “goodies” to anyone. Just a lot of gray.
That being said, I think — as the Canadian Truckers demonstrated — “We, The Sheeple” should be more afraid of “our” Gooferment than some one a great distance away.
“Would you tell me please, Mr. Howard, why should I trade one tyrant three thousand miles away for three thousand tyrants one mile away? An elected legislature can trample a man’s rights as easily as a king can.” Mel Gibson as the character Benjamin Martin in the movie The Patriot http://www.imdb.com/title/tt0187393/quotes
“Think locally; act locally.” — BrionMcClanahan (where I first heard it)