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Comment by 0x500x79 | Hacker News Reader

Is bitcoin "to big to fail" at this point? I think the thing this points to the most is that Bitcoin is no immune to market movement and it is a speculative asset (since right now speculative assets are the places where the market is getting hit the hardest).

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That only works if you can convince those in the government that it is "too big to fail". This is why there has been a push to get politicians involved.

When bitcoin fails (and it will), those who mine will be the first to move their value out to whatever BitCoin2.0 is. Then they will be able to charge whatever they want to the suckers left who want to exit, because you literally will have to pay the miners transaction fees to let you do this, and there will be no cap on what they can charge.

The final appeal will be to the government, saying "you bailed out the banks, homeowners, students, the auto industry, the airline industry, why not those who lost money in bitcoin?"

Unfortunately, the US politicians are largely incompetent in technology and currently have market holdings across a lot of different sources (possibly including Bitcoin). So the question becomes: Will the politicians let it fail, or will there be a bailout/support purely on economical reasons.

We can't look at Bitcoin as a purely economical issue. There are a lot of facets that need to be understood.

DeFi COULD be useful for people in under-developed or generally economically limited countries but I believe that the implementation needs to go back to phase-0 and solve many of the speculative issues that are inherent in DeFi today.

You don't need them to understand it. You need them to repeat the right words after donating to their campaign. That's how everything works.

So you would be against crypto getting bailed out by the government?

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