This is very insightful, it made me think of something like a two-dimensional graph with one axis as "compliance cost" and the other axis being "enforcement credibility."
Most of the US is low compli...
This is also relevant to my favorite hobby horse, the de minimis exemption...
Why should you buy a cup of coffee with Bitcoin, and subject yourself to the very real possibility of a hostile regulatory regime coming after you, when you can just pay in Fiat and have none of that consequence?
Why should you buy a cup of coffee with Bitcoin, and subject yourself to the very real possibility of a hostile regulatory regime coming after you, when you can just pay in Fiat and have none of that consequence?