Given that truth, the state and international financiers don’t like their money leaving their system, how will they respond in the coming months or years? It is hard to predict the future, but how do you address that?
Well, I estimate that they are transitioning through five stages of response.
Stage one is denial. “Bitcoin can’t work.” “Bitcoin won’t work.” “Bitcoin isn’t working.” Except that it is working.
Stage two is anger. “Bitcoin is for terrorists, criminals, and pedophiles.” Just like what they said about the internet. But of course it isn’t.
Stage three is bargaining. “We can do blockchains!” “Blockchains will fix everything!” “We will just take the open, borderless, transnational, open innovational, and permissionless system… and make it closed, jurisdiction specific, permission based.” “We will take everything good out of it, and then we will just have a blockchain. Ta-da!”
That is a bit like the horse and carriage association saying: “We have studied this newfangled automobile. It seems kind of sketchy. We don’t think it will work… but we are now heavily invested in pneumatic tires! Pneumatic tires, is the technology behind the automobile. That is what we believe makes all the difference. So we now present the new horse-and-buggy carriage – with pneumatic tires! That will preserve our investments in stables, veterinary doctors, and hay.”
That is bargaining.
After bargaining comes depression.
After depression finally comes acceptance. Acceptance is when the global financial system gets re-engineered to work on open, borderless, public ledgers. And it will. There is absolutely no question in my mind about that.