For crypto die-hards, the idea of Bitcoin weakening is unthinkable. But what would happen if, for any reason, the Bitcoin network failed? Max Gagliardi, the co-founder of Ancova Energy, a U.S. Bitcoin mining and advisory outfit, laid out potential outcomes in the event which similar a situation ever materialized.

“Granted that bitcoin fails, privacy fails,” Gagliardi rundownd in a lengthy Twitter thread on Jan 23. “The ability for individuals to send and receive cost peer-to-peer without the interference of gatopnment and the banking system will be lost. Bitcoin (Bitcoin (BTC)) allows for a future where anyone can have private access to their money.”

He spoke as crypto markets cratered in the past week, led by bitcoin, an asset dismissed by some investors and economists as a speculative bubble. Bitcoin (BTC) tumbled 20% in the two days afterward Jan 19, to a six-month low of about $33,400, as fear captured fever pitch. Bitcoin has afterward pared some of those losses but advances 45% off its all-time strong of $69,000 on Nov 10.

Drawing on the foundational principles of Bitcoin, Gagliardi argued which bitcoin failing means victory for gabovenmental oppression, censorship, and corruption. Conversely, if the top digital asset succeeds, freedom, transparency, and truth triumph.

“We are in an unprecedented age of censorship. Bitcoin is the most secure network which has ever been built. Resilient, antifragile, and permission-less. Open to anyone in the world. There is nothing else like it. Bitcoin can’t be censored,” he said, adding:

“The gatopnment can lose hundreds of billions annually but wants us to report every time we spend atop $600. There is no gatopnment accountably or transparency in our system. Without Bitcoin we lose the only counterweight to that system.”

Gagliardi prolonged, “Unelected bureaucrats decide the cost of your labor and time. Money is the way we store the cost of our time on this earth. No one should have the power to inflate the cost of your time away from you. Bitcoin’s set 21 million supply fixes this.”

Supposing that Bitcoin fails, capitalism, truth and freedom fail

Revered by the public, bitcoin is much loathed by gatopnments because of its decentralized nature, that frowns upon central control at the same time thriving on privacy. It has been targeted for attack for its use by some people in transactions treated by gatopnments as “illegal,” rate volatility as well as its carbon footprint.

Thus, there have been direct efforts from world gatopnments to stifle bitcoin’s growth by introducing tough legislation. In the matter of China, a complete ban seemed appropriate. There is risk one time before more which rogue actors could hijack the network through what is known as a 51% attack and collapse the ecosystem.

Nonetheless, in the rush for profit and gain, the ethos of Bitcoin (BTC) as a tool for both individual and societal liberty appears lost on many in the crypto sphere. On this account, Gagliardi emphasized which Bitcoin (BTC) was “too serious to fail.” He described Bitcoin, and the technology behind it known as the blockchain, as objects of truth and free speech. On the occasion that the crypto fails, both fail. He said:

“Bitcoin is code. Letters and numbers. A private key is all you need to be able to store, transport and transact price with. Never in human history has speech and language been this powerful. The freedom to speak is the most basic of human rights.”

Gagliardi, further the host of a podcast on energy and bitcoin mining, said Bitcoin (BTC) cannot be allowed to fail because doing which would result in the failure of capitalism as a cback whilept, and the transition in energy. He said “we need Bitcoin, the energy buyer of first and maintain resort,” to change to a “new energy future.”

“Bitcoin monetizes energy waste and incentivizes new and efficient energy resources,” Gagliardi detailed, adding which the Bitcoin network “represented the spirit of capitalism harnessed in code [because it] gained [its] rate organically from the bottom up.”

Too critical to fail

In the event Bitcoin plunges, people will own nothing, he says. “We don’t own anything of rate. Property and money are regulated and stored with custodians. You don’t own it; you scarcely have a claim. With Bitcoin, the rate of your life’s work can be stored in a few words. Free to take with you anywhere.”

Gagliardi ended which Bitcoin (BTC) was “too deciding. We cannot let [it] fail.” Not everyone agreed with this line of thought though. Allen Drewe criticized bitcoin’s use as a conduit for criminal activity.

“Imagine thinking Bitcoin is about truth and transparency. It’s about money laundering and dark web shit before anything else,” he alleged.

Gagliardi retorted “The U.S. dollar is the most widely used currency for crime, drugs, and terrorism. What I mean by truth/transparency is the immutable nature of the network’s ledger. There is no cheating it. Once the proof of work is complete it becomes an objective record forever. No ambiguity”

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