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> a law appropriating tens of billions to create a crypto deterrent would crash prices on its own Doubt that. All that would happen is driving the industry und
by overthrow 3y ago
> a law appropriating tens of billions to create a crypto deterrent would crash prices on its own
Doubt that. All that would happen is driving the industry underground or overseas. It wouldn't be the first time a government overplayed its hand and failed to acknowledge that bitcoin is a global technology.
https://data.nasdaq.com/data/BCHAIN/HRATE-bitcoin-hash-rate https://data.nasdaq.com/data/BCHAIN/HRATE-bitcoin-hash-rate
That isn't slowing down. I have exactly 0 faith that governments across the world could start from scratch and cooperate to outpace and then surpass the private sector in a chip fabrication project, no matter how many billions they throw at it.
- JumpCrisscross 3y ago> cooperate to outpace and then surpass the private sector in a chip fabrication project You move to seize it. ASICS are manufactured in China and among American allies.
- overthrow 3y agoSeizing overseas fabs to attack a private industry would be a historically unprecedented, diplomatically suicidal move. It wouldn't stay secret for more than an hour, and they'd have to stay and operate the fabs for years to manufacture enough chips. Then of course while that's happening, the rest of us would use that time to prepare a mitigation, not sit around on our ass for 5 years waiting. But sure, I guess they could try.