Judicial Rackets: Judge Rakoff and the Fear of Monetary Exit

The author argues that Judge Jed Rakoff's essay, which frames decentralized systems as dangerous, reveals a core assumption that money requires state sanction and supervision. Bitcoin was created precisely because the traditional financial system, which socialized losses and vanished accountability during the 2008 crisis, failed. The author contends Rakoff incorrectly treats all 'crypto' as a monolith, ignoring that Bitcoin was designed to eliminate the centralization and secrecy found in frauds like Terraform Labs. Rakoff's view of economic reality is based on faith in central banks and elastic supply, whereas Bitcoin imposes a fixed supply. Furthermore, the article dismisses surveillance claims used in court as unregulated, commercially motivated junk science. The author concludes that the judicial system's anxiety stems from Bitcoin's ability to facilitate transactions outside state permission, citing the exemplary punishment of Ross Ulbricht as evidence of deterrence against autonomy. Bitcoin derives legitimacy from use, not from courts, and the constituency supporting monetary sovereignty will not seek permission for regulation.

(Source：Bitcoin Magazine)