Bitcoin Economics in One Lesson

The Bitcoin economy, unlike state economies, is thankfully one of voluntary participation. While the end result of price controls, a petrified totalitarian economy, will be the same, the consumers in the Bitcoin economy have a choice and do not need to remain participants. Packing up and moving to another cryptocurrency is far simpler than packing up and moving to a country with more favorable economic policies, and this is exactly what will happen (we are already seeing it happen with the news of Circle abandoning Bitcoin this week). Attempting to centrally plan Bitcoin’s underlying economics, as the Bitcoin Core developers do today, is guaranteed to lead Bitcoin down the path of irrelevance.