Point out that I'm not claiming securies law isnt a noble thing to change

diff --git a/_posts/2024-05-11-bitcoins-precarious-position.md b/_posts/2024-05-11-bitcoins-precarious-position.md
index a15012ebc8686c465dfe68bfa22b7e552bad889c..8134eae16b8eb8378fe7c598f0fe1de6d100eb0b 100644 (file)
--- a/_posts/2024-05-11-bitcoins-precarious-position.md
+++ b/_posts/2024-05-11-bitcoins-precarious-position.md
@@ -15,10 +15,12 @@ Sadly, all the ideas for making bitcoin (or any cryptocurrency) actually useful
 
 With regulators cracking down and more and more participants in the bitcoin ecosystem only interested in a 21M coins limit and seeing any form of non-KYC payment rails as hostile to the value of their investment, these centralized parties are increasingly going to be targets, and over the past few months we've even seen proactive closures to avoid regulatory scrutiny.
 
 
 With regulators cracking down and more and more participants in the bitcoin ecosystem only interested in a 21M coins limit and seeing any form of non-KYC payment rails as hostile to the value of their investment, these centralized parties are increasingly going to be targets, and over the past few months we've even seen proactive closures to avoid regulatory scrutiny.
 

-While there may have been a chance at clarifying (US) regulations that an untrusted party in the flow of funds isn't required to perform the usual slate of KYC nonsense that [strangles the traditional finance world](https://www.researchgate.net/publication/339486326_Anti-money_laundering_The_world's_least_effective_policy_experiment_Together_we_can_fix_it), we squandered it expending all of crypto's political capital pushing for securities reform to ensure token issuance is (maybe) legal rather than trying to ensure people can meaningfully transact without the entire world learning what they're doing.
+While there may have been a chance at clarifying (US) regulations that an untrusted party in the flow of funds isn't required to perform the usual slate of KYC nonsense that [strangles the traditional finance world](https://www.researchgate.net/publication/339486326_Anti-money_laundering_The_world's_least_effective_policy_experiment_Together_we_can_fix_it), we squandered it expending all of crypto's political capital pushing for securities reform [^1] to ensure token issuance is (maybe) legal rather than trying to ensure people can meaningfully transact without the entire world learning what they're doing.

 
 Worse, with mining (pools) as centralized as ever and relatively little desire to change from most miners, every layer of bitcoin is centralized and ripe for regulatory capture. While Sv2 or p2pool revival has a chance at improving this, the push for increased expressiveness on bitcoin and the [MEVil](/2024/04/16/stop-calling-it-mev) that may come along with it may all but close the door to decentralized mining.
 
 With where bitcoin is today its hard not to see a bleak vision of the future. Building a system that enables trustless global transacting was always going to be an uphill battle, but I always anticipated most bitcoiners would remain focused on this goal. Instead, today, the bitcoin community is focused on petty squabbles and [increasingly headed for yet another civil war](https://twitter.com/reardencode/status/1789288446420521289).
 
 Sadly I don't have any great solutions here. If bitcoiners want to preserve what we've built and fight for it the focus needs to be on drastic improvements to default wallet privacy across the ecosystem, aggressive investment in regulatory change (and not through lobbyists focused on securities regulation for crypto token issuance), and operation of scalability solutions across the world, not just in the US. Sadly, all of these areas are horribly underinvested in, and invested in at only a tiny fraction of the amount of energy that has gone into other areas of bitcoin.
 
 Worse, with mining (pools) as centralized as ever and relatively little desire to change from most miners, every layer of bitcoin is centralized and ripe for regulatory capture. While Sv2 or p2pool revival has a chance at improving this, the push for increased expressiveness on bitcoin and the [MEVil](/2024/04/16/stop-calling-it-mev) that may come along with it may all but close the door to decentralized mining.
 
 With where bitcoin is today its hard not to see a bleak vision of the future. Building a system that enables trustless global transacting was always going to be an uphill battle, but I always anticipated most bitcoiners would remain focused on this goal. Instead, today, the bitcoin community is focused on petty squabbles and [increasingly headed for yet another civil war](https://twitter.com/reardencode/status/1789288446420521289).
 
 Sadly I don't have any great solutions here. If bitcoiners want to preserve what we've built and fight for it the focus needs to be on drastic improvements to default wallet privacy across the ecosystem, aggressive investment in regulatory change (and not through lobbyists focused on securities regulation for crypto token issuance), and operation of scalability solutions across the world, not just in the US. Sadly, all of these areas are horribly underinvested in, and invested in at only a tiny fraction of the amount of energy that has gone into other areas of bitcoin.

+
+[^1]: Securities law reform in the US is a legitimate and important issue, to be sure, and one that screws over more investors than just crypto even though crypto is one of the only industries pushing for it.