> ... But crypto assets come with an attached narrative economics that tries to rationalize their existence by appeals to either libertarian politics or technol

> ... But crypto assets come with an attached narrative economics that tries to rationalize their existence by appeals to either libertarian politics or technology. If we venture down the technology arguments, at this point the discussion of intrinsic value of crypto assets reduces down to a rhetorical word salad of decentralized woo making all manner of appeals to alleged ideals of decentralization and networks, yet like with quantum woo, without a reference to a mechanism. Decentralization by itself has no value. In fact, it has negative value because decentralized systems by their nature tend to be less efficient and more complicated than their centralized counterparts. Bitcoin's value proposition rests not on decentralization, but on censorship resistance. Censorship resistance means that in Bitcoin, it's difficult to impose rules designed to prevent specific groups or individuals from transacting. This approach is the polar opposite of the one taken by most of the world's governments. This is the point that zooms over the heads of just about every Bitcoin critic. They either don't grasp the value of censorship resistance or reject it because they've lived a life of financial and/or political privilege. Their world view tells them that censorship only happens to those who deserve it. By definition, only criminals and evil-doers seek censorship resistance. Financial repression and censorship are on the rise. The worlds governments now have not only the motive but the means for large-scale control by selectively shutting off access to financial services. Those who don't subscribe to this view are some of the harshest critics of Bitcoin.