This is an editorial opinion piece by Robert Hall, a content creator and small business owner.
The White House Office of Science and Technology Policy has released a report warning that mining uses large amounts of energy and requires miners to become greener or potentially face a threat. threat of an outright ban. As advocates, what can we do to protect Bitcoin from excessive government access?
September 8, 2022, should be considered the day the US government declared war on Bitcoin and its supporters. President Biden and the White House sent shock waves through the Bitcoin community with a notification challenges the idea of a potential ban on proof-of-work mining, the very nature of what powers Bitcoin.
There is no mistake in this action. This is a blatant attack on Bitcoin, the property, the Bitcoin protocol, the industry that has grown naturally since 2009 and, more importantly, the Bitcoin advocates.
The Biden Administration Doesn’t Care That Bitcoin Annual payment volume surpassed Visa last year. Did you know that over $13.1 trillion has been paid on-chain by 2021? I guarantee that the legacy financial system is losing sleep over this and is working overtime to put the screws in Bitcoin and try to destroy it before they lose full control.
The federal government, the Federal Reserve, and banks have a symbiotic relationship; They need each other to survive. They both take each other’s power to the point where you don’t know who is in charge most of the time.
Banks fund campaigns to buy the politicians they want, and politicians pass laws that benefit the banks. The Federal Reserve is the in-between entity that facilitates this entire relationship. This is how the system works for the banks and the political class. Of course, both sides are encouraged to attack Bitcoin.
The federal government uses the ESG (Environment, Society, and Governance) narrative as a convenient tool to facilitate broad public acceptance of overbearing government intrusions into business. The fact that Bitcoin is backed by energy makes it easy for the government to smear the Bitcoin protocol that harms society. Here is a small sample of the FUD:
This type of propaganda gets out into the world without much backlash as Bitcoin is still a relatively small asset class compared to the stock or bond markets. The market capitalization of Bitcoin, as of press time, is under $500 billion, So why are they chasing Bitcoin like this now?
Considering everything that is going on around the world shows that they are losing control of the situation and trying to block the exits. Think of this action as a sort of capital control function. Governments don’t want dollars flowing into an asset they don’t control. They can’t kick the can in the street, and they know it.
I believe the Biden administration is pushing the idea of banning proof-of-work mining as they plan to implement this policy in the near future. This is a code red situation, and all hands need to be ready for this situation. If you are interested in Bitcoin, you must act.
How can Bitcoin resist?
As Bitcoiners, we can take many actions to stop this policy before it is implemented. The best course of action is to educate people on the strength to prevent it from moving forward.
What this looks like in practice is contacting your chamber representative and senate representative to express your voice on the matter. The more people speak up, the more they will listen. This tactic has proven effective in the past, a recent example is rapid mobilization against infrastructure bill last year. Forty thousand calls were made last year in this fight!
Despite the brave efforts of supporters across the broader crypto industry, the infrastructure package was finally signed off by President Biden last November. Although we lost this battle, the bottom line in the episode was that we were able to mobilize thousands of callers, which is a big deal and can be built on.
Focus on the US
We need advocacy and education more than ever to help protect Bitcoin from being strangled to death. The beauty of America is that we have a decentralized form of government. We have 50 state legislatures who have to listen to what Bitcoiners have to say.
In my opinion, this is where we need to focus our efforts. Advocacy and education at the federal level can help, but I see it as a foregone conclusion that the current administration is anti-Bitcoin and will not be swayed from their stance because they value control and power over the well-being of the American people.
Bitcoin miners should rely on the power of the US 10th Amendment to bring their case before state legislators. The 10th Amendment states, “Powers not assigned to the United States by the Constitution, nor prohibited by it, are reserved to the United States, or to the people. “
Nowhere in the Constitution does the federal government regulate how people or states use energy. The so-called proof-of-work mining ban would be unconstitutional and should be nullified by the states in response.
Educating state legislators on both sides of the aisle about Bitcoin mining and the benefits it can create for their states will encourage them to defend Bitcoin mining using the amendment. 10th.
If you do not want to work through state legislatures, citizens of 26 states have the right to protect Bitcoin mining through a voting initiative!
Last but not least, ignore any possible “bans” and keep your miners at home. Imagine a world where every home has something as basic as an S9 mining bitcoin at home – there’s nothing they can do.
We, as free people, have the right to use the best money ever made to protect our wealth and our time. We can’t let the government take that away right away. Good fight! In the end, we will win.
This is a post by Robert Hall. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.