Here Comes Bitcoin’s Big Test: The Empire Strikes Back, by John Rubino

Can governments kill Bitcoin and replace it with something more amenable to their control? From John Rubino at dollarcollapse.com:

One of the flaws in the revolutionary mindset is a tendency towards overconfidence. Combine absolute belief in a new idea with a couple of early wins and you get an absurd level of cockiness. This leads the would-be revolutionary to underestimate the challenges involved in getting from there to ultimate victory.

Why? Because those early successes happened when hardly anyone was paying attention. Once the threat is recognized, the Empire usually strikes back with intent, and the revolution turns out to be a lot harder, and a lot less certain, than it seemed.

History is littered with examples of this principle, from 20th-century geopolitics (where the Nazis and Communists, at various times, each thought they had world domination in the bag) to investing, where the 1990s dot-coms were going to grow forever – until they collapsed under the weight of their own hubris — and 2006 home flippers thought they could build real estate empires without bothering to learn the business.

Which brings us to bitcoin. Its early success has been spectacular …

Continue reading→

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.