this post was submitted on 04 Feb 2025
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Exactly. The title is misleading af
They were forced to stop using Bitcoin as legal tender by external parties. The question people should be asking is why? And the answer is not that it was a failed experiment.
Would you loan money to someone who wouldn't be able to repay if the bitcoin market crashed?
“Bro, I swear this shit will pay 20% monthly”
Literally gambling.
The experiment was to move beyond external parties. They were not able to do so and returned to using external parties. Ergo "the experiment failed".
They were forced to do it by the IMF and US
Why do you think that they’d care about it if it was failing?
So they experimented with resisting the US and IMF and it was not successful.
We call that an experimental failure.
You really don't get it. "Blockchain" was not the experiment. "Utilizing blockchain in the global economy" was the experiment.
And it failed.
https://i.imgflip.com/9j0u6j.jpg
Again, for the people in the back:
The experiment was whether or not they could be independent monetarily. Not whether or not blockchain works. But whether, in actual practice, if it could provide the monetary independence some people claim it has the power to do.
Outside influences were strong enough to overwhelm Bitcoin adoption and it succumbed to those outside influences. As an experiment seeking to test whether or not Bitcoin could resist these influences it failed.
This is how experimentation works. Now you can tweak your experiment and try again, but acting like failing at the exact thing you were trying to accomplish is somehow not an experimental failure is just delusional.
You can argue semantics all you want
They were trying to break free using Bitcoin. It seemingly worked quite well so they were forced to stop doing it. The article title is misleading in the sense that the failure isn’t from Bitcoin (quite the contrary).
You don’t even have to be pro bitcoin to see this as something bad, but feel free to keep supporting such propaganda and external influence of politics. I’m sure it really benefits you
"They tried to break free but it didn't work".
You know we call that a failure, right? You're the one attaching emotion to it. Did it succeed? No. Thus it failed.
It's not semantics. It's basically logic. Maybe don't try and be a sophist. I never said it couldn't be tried again. In fact I said quite the opposite: you need to see this as a failure, address why, and make changes before trying again. But you're just stuck on the word "failure" and your own preconceptions. No one thinks this was a test of "just Bitcoin". The dark markets already tested Bitcoin thoroughly over a decade ago. This was a test of real world application of Bitcoin as a a government backed currency in the hopes of avoiding outside influence. Outside influence came in and managed to remove Bitcoin - the exact thing that was trying to be proved it was immune to.
But cope harder if it helps you sleep at night.