Recap on how the rules that currently govern BTC are IMPLEMENTED / ENFORCED

• 1. BTC exists as the sum of transactions on a LEDGER run by a validator NETWORK ( 'the bank' ). 64% of the NETWORK is currently anonymous : it could be the mafia, BRICS, or CIA black-ops. But since many of the adults in the finance world support it, I guess they have done their homework on this. What do I know?
• 2. There's no moat to setting up new LEDGERS with the same or different rules, like instances of a boardgame, BTC2, BTC3, etc.
• 3. LEDGERS can undergo mitosis, e.g. BTC and BCH were the same until a point in time. This is sometimes referred to as a hard-fork or net-split.
• 4. Sibling ledgers may follow different rules.
• 5. The market capitalisation dominance of BTC, represents the fact that it presently holds the greatest brand-equity, or user-base. The value of BTCUSD is completely extrinsic to the internal functions of the BTC network, in the same way that a company's share price is extrinsic to the internal ops of the company.
• 6. If there was another disagreement about how to run BTC tomorrow, we could see another hard-fork.
• 7. The UN could hard-fork BTC and upgrade the protocol to make it a CDBC. This hasn't happened yet mainly because the tech is not well understood by states, nor are the economic implications. It's a rich field of research.
• 8. The trending SBRs are a gateway drug to UN-CDBC. Once many states have SBRs, they understand it better.
• 9. USDT is another CDBC testtube. TetherInc can remotely confiscate USDT and remit the backing USD to anyone it wants to.
  

• 10. The absence of a global ban on non-state-cryptocurrencies, is implicitly a policy of mutually assured enfeeblement, as states struggle to comprehend the new technology. Meanwhile, states aren't sure about how to handle NGO-cryptocurrencies, but they are tolerated as long as the Five Eyes appear to tolerate them.