Friday, March 22, 2013

A libertarian nightmare: Bitcoin meets Big Government

A libertarian nightmare: Bitcoin meets Big Government - Salon.com - Andrew Leonard:

March 22, 2013 - "Bitcoins are ... a form of monetary exchange invented in 2009 by a mysterious character who called himself “Satoshi Nakamoto” but then disappeared.... Bitcoins are undeniably cool: marvelously “mined” from the ore of computer processing power and electricity.... Bitcoin is the fulfillment of a libertarian dream, a currency created out of the workings of the free market, unaffiliated with any state authority, respectful and protective of user privacy and anonymity, and designed to resist inflationary pressures.

"That’s all fine and dandy, but then here comes the government with its strong suggestion that any organization that facilitates the exchange of Bitcoins into other non-virtual currencies needs to register with the proper authorities....

"The more popular Bitcoin gets, whether as a symbol of resistance or a perceived safe haven in financially troubled times, the more government attention it will inevitably draw, and the more inexorably it will be sucked into existing regulatory structures."

Read more: http://www.salon.com/2013/03/22/a_libertarian_nightmare_bitcoin_meets_big_government/
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