The true value of Bitcoin is that no government gets to:https://cointelegraph.com/news/texas-se ... serve-bill
Texas Senate passes Bitcoin strategic reserve bill
According to Bitcoin Laws, a total of 32 Bitcoin strategic reserve bills have been introduced in 24 US states at the time of writing.
The Texas Senate passed the Bitcoin strategic reserve bill SB-21 in a 25-5 vote on March 6, following a fierce debate on the state Senate floor.
- decide who exactly can open or operate an "account";
- prevent any existing or potential user from receiving or sending money;
- confiscate user balances;
- impose financial "sanctions" on existing or potential users;
- debase the currency by conjuring up new money out of thin air.
Hence, the true value of Bitcoin is that no government gets to mismanage the system or harass its users.
There is tremendous user demand for a financial system that prevents the government from mismanaging it; apparently, even from governments themselves.
Hence, we can accept these American states as simple unprivileged users in the system. Just like anybody else, they are free to use the system for the purpose of storing their savings ("reserves").
However, they will not get to have any say in how the system is being operated.
If what they actually want, is managerial control over the system, then they should store their savings ("reserves") in the fiat banking system instead. They already have managerial control over that system.
In the meanwhile, the Bitcoin network will continue to rigorously impose countervailing mathematical measures to prevent any government from acquiring managerial control.
In my impression, the mathematical war is not over at all. On the contrary, the war has just begun in full earnest.
That is why I advocate that new efforts must be rolled out to firmly shore up the mathematical defenses of the Bitcoin system against any attempt by any government to encroach on it.
We must become even more vigilant. The adversary will always seek to harass our users and steal their money. It is our job to prevent that.