Could Bitcoin Be a Honeypot?

What is Elon Really Trying to Tell Us?

I get it. Bitcoin is a global decentralized system of payment and value. It is not the main one though. It is a competitor for the wealth seeking these things. Currently, the main one is the good old dollar bill but that is centrally controlled. The main store of value on the globe has been our currency. What happens, if it loses that perch and Bitcoin holds more global wealth?

I am a HODL’er, NOT a crypto-denier, so let us get that out of the way right now. I am acting a bit old-fashioned here, though. I understand this is probably more about patriotism and national security than the HODL risk. This could be foolish, but I am old. Are nation states even go to be around at peak Bitcoin? Who knows, but Janet Yellen’s statements on the matter illustrate a dangerous American blind spot on the risks Bitcoin specifically might represent.

Still, as a HODL’er, I think skyrocketing valuations which are not truly sustainable represent risk, too. The more money which goes into the system the more it becomes an attractive target for geopolitical leverage. If there is the possibility of gaining geopolitical advantage by owning the Bitcoin hash rate, then someone might want to make a run at that. The Iranians have openly spoken of the advantages to be gained on this front.

I have begun to worry that Bitcoin could be leveraged as a honeypot. Is this tweet…