Wir brauchen mehr Schwarzmarkt!
Permissionless Principle
Bitcoin is designed1 to operate without permission from any authority. Its value
proposition2 is entirely based on this property.
A market can be divided into permissioned and permissionless from the perspective of
the state. For ease of reference the former is often referred to as “white market” and the
latter “black market”. White market trade, by definition, requires permission, and black
market does not.
As a simple matter of definition, Bitcoin operations cannot be both white market and
permissionless. Any person operating in the white market requires permission to do so.
Bitcoin is therefore inherently a black market money. Its security architecture
necessarily assumes it is operating without state permission.
.
The security of Bitcoin does not extend to white market systems. Any system dependent
upon the value proposition of Bitcoin must also be black market.
Cryptoeconomics
