বিটকয়েন কিভাবে বাঁচিয়েছে?

The Quiet Revolution

আমি কখনও বিশ্বাস করিনি—token-এরা SEC-এর check-এর মধ্যে survive कরতেপারবে। SEC-এর legal loopholes, lobbying—সবই empty। token sovereignty code-এর through। Ethereum’s EIP-1559 fee burn–সত্যিই sovereignty redistribute कরল। gas unit–dividend not, covenant of code।

Chain Up, Not Down

Equity Wall Street-এ: balance sheet-এ locked। Token chain-এ: independent—founder disappearহলেও। Shareholder dividend wait. Token holder protocol own.

The Haunted Test

Howey Test broken na—bypassed. SEC search investment contract—but if asset coded, autonomous—tobacco securities not. Control sell.

Minimal Governance, Maximum Ownership

DAOs vote chai na—bureaucrat kom na! Power governance? None. Automation upgrade–human intervention exception—not rule. Token holder fee parameter vote chai na—own forever.

The Phantom Asset

FTT? Corporate shadow disguised as token–value vanish firm fail hole. True token? Digital land deed—landlord disappear holeও control survive. No trust obligation. Only code proof—and your keys.

The Path Forward Isn’t Clear—It’s Being Written Now

The future token vs equity choose kore na—it’s ownership delegated or embodied in code. Regulators catch up—but chain permission wait kore na.