Yes, and without a monetary policy secured without the state, there’s no such thing as “permissionless value transfer.” That is what I mean by “it follows” and “it’s downstream.” You cannot have those characteristics without first securing the money. This is exactly what Satoshi realized which is why when he finally solved digital cash, he first had to figure out how to invent money without the state. What you bring up follows from exactly what I am saying.

Yes, it's quite a wake up call to those who believe monetary policy is a protection. For those of us who used bitcoin to feed ourselves before any nation (the authority of monetary policies) had decided it was money, a token, a commodity, we were pretty sure on what it was: speech packets and the last bastion of secrets. The fear boys who came in post 2014 all say the same things. They just cannot stand the idea that they are not relevant.