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Get Ready for Bitcoin ETF Fuckery – Miyagi Mornings Epi-166 — 1 Comment

  1. Hello Jack, I listen with great interest to episode 166 of Miyagi Mornings, “Get Ready for Bitcoin ETF Fuckery”. Thank you!

    I agree strongly with your analysis. “there is more regulation coming”, “the Billionaire class has made a decision”, and “They’re going to release the fricken complicated, hard to understand, risky (Futures ETF) for their high fluting buddies, who can coordinate … and manipulate the price, forcing it up and down, creating excessive volatility.”

    On a different point, over the longer term (this decade), the “Bitcoin fuckery” will be far worse than you’ve foreseen. The abuse of the ETF coming this year will not be close to the far worse fuckery coming later in the decade. Those who control the government, intend to completely control bitcoin. Not ban it, as much as actually run the Bitcoin network in a manner that allows control of all transactions.

    Of course, it is true that Bitcoin has never been hacked. But hacking cryptography is not the government’s plan. Instead, they are looking at controlling the hash rate. It is not surprising that private entities have not attempted to do so, only a government could take over the network without violating laws against theft and wire fraud. By gaining control of the hash rate, government(s) will control the verification of all transactions. It will become simple for the government to decide that only transactions from compliant exchanges/wallets can get verified.

    As you stated, “They co-opt it. They grab on to it. They harness it.”

    The U.S. Government has studied Bitcoin for years. It knows multiple methods to seize control of the Bitcoin hash rate. For a technical view, see the research done by the U.S. Department of Defense through its Defense Advanced Research Projects Agency (DARPA), which sponsors University research. Here are two of the U.S. Government-sponsored studies of methods to control Bitcoin done for DARPA by the Computer Science Department of Cornell University in N.Y. First a study in (2013)

    https://www.cs.cornell.edu/~ie53/publications/btcProcFC.pdf .

    Then one from (2019) https://arxiv.org/ftp/arxiv/papers/1912/1912.07497.pdf.

    Understanding Government leads inevitably to the conclusion that government will seek to make the ‘immutable blockchain” of the Bitcoin network into a tool of government surveillance and control.

    An excellent description of how the process of controlling the hash rate can occur, written in understandable language, is provided in the Medium.com posts of Joe Kelly, “How To Kill Bitcoin (Part 3): No Can Defend” https://joekelly100.medium.com/.

    What Government will do with Bitcoin is also a point of considerable interest for me. https://medium.com/coinmonks/what-will-happen-with-bitcoin-5b284b44b19e

    Thanks again. Best wishes

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