TD₿: Bitcoin's Censorship-Resistance Test: Canada (a film) by ReasonTV
TL;DR Bitcoin's censorship resistance is becoming increasingly important in today's rapidly changing environment, but more work needs to be done.
Hey Bitcoiners,
Last week there was news coming out of China that hundreds of protestors had congregated on the steps of the entrance to a branch of China's central bank in the city of Zhengzhou in Henan province.
The protesters were among thousands of customers who opened accounts at six rural banks in the Henan province only later to find that they could not withdraw their funds after it was reported that the head of the banks' parent company was on the run and wanted for financial crimes.
These bank depositors were angry because they were restricted by these six rural banks from accessing and withdrawing the savings that they had worked hard to obtain.
This event is another example of why Bitcoin is important as a savings technology. Bitcoin enables individuals to store their wealth in something that can’t be censored. Unlike these Chinese banks, Bitcoin will never prevent someone from accessing and withdrawing their funds.
Unfortunately, this is what can happen when a person puts their savings in the hands of banks. Overnight, you can be restricted from accessing the fruits of your labor for any reason they deem fit. This is what we saw occur in Canada with the Freedom Convoy Protest only last year.
This short documentary highlighted what worked well and what didn’t when Bitcoin was used during the Freedom Convoy Protest to bypass censorship and capital controls (05/09/2022).
Bitcoin’s censorship resistance is only going to grow in importance this decade, so as an industry, we have to continue to support the builders and developers who are building tools and functionality that will better improve Bitcoin’s ability to overcome censorship and capital controls brought down by the traditional financial system and its proponents.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“And however long this tightening cycle lasts, I think we can still count on bitcoin adoption spiking aggressively once the new financial crisis leads to bank runs, capital controls, bail-ins. During inflation bitcoin’s scarcity shines—during deflation its censorship resistance.” - Tuur Demeester, Bitcoiner, Writer, and Editor of The Satoshi Papers
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