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"Your paper dollars say “legal tender for all debts, public and private.” If you owe somebody $20 and you “tender” a $20 bill, technically the debt is paid, whether the person accepts the $20 or not."

Aggravatingly this law is not recognized by the PA DMV. In many locations they refuse to accept cash as payment, presumably because their staff keeps stealing it. How this continues, and how one would get the law enforced, elude me.

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There is a lot of unrestrained experimentation happening in the crypto space, and failures are to be expected. Over time the harsh winds of the real world, should leave the crypto space with strong players. Already, blockchains such a Bitcoin are the most secure and reliable financial systems in the world. Other cypto players like the exchanges seem to have overcome their initial security problems, despite becoming tier 1 targets on the internet.

In the most recent crypto turbulence, weak players failed and the strong players carried on without missing a beat. The overall stability may look "pretty fragile" when one focuses on recent failures, but may look more robust when compared to the periodic bailouts necessary to keep the traditional financial system running.

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Persuasive insights. However, the final analysis, as summarized here, lacks rigor. The fundamental distinction between Bitcoin and all other cryptocurrencies is not made. Therefore, the generalizations are mushy. Smarter to jettison all crypto and speak to the manifest fragility/resilience of Bitcoin only.

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deletedAug 5, 2022·edited Aug 5, 2022
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