Posted by Julia Dixon
Wednesday, October 24, 2012
This piece was recently sent to me by “an old radical.” The message
is perhaps a bit harsh, but I have to admit, all I can do is grimace and
nod in agreement to this thesis… “Bitcoin and state banking
systems are born enemies: only one can survive. If you are imagining
that they can peacefully coexist, you are fooling yourself.”
Bitcoin users were born. That doesn’t make me any better than you
(hopefully I did a few things to make you better than myself), but it
does give me a better perspective; time just works that way.
developments in the Bitcoin markets, and having seen this drama before
(too many times), I thought I’d pass along a lesson. This will strike
its target in some of you, but others of you are also likely to reject
it, because it doesn’t match what you want to be true.
itself. The developers are doing a nice job of addressing its problems
and a heartening number of people have jumped up to create new tools and
new services. No problem here.
born enemies: only one can survive. If you are imagining that they can
peacefully coexist, you are fooling yourself.
banking. If you think that politicians and bankers will calmly allow it
to take over a significant percentage of world financial flows, you’re
in denial. States will come after Bitcoin, and hard. They have no
choice. Their money can only exist if there are no competitors.
way to protect savings from confiscation through inflation… If there
were, the government would have to make its holding illegal, as was done
in the case of gold.”
‘Legit’ means registered and regulated, doesn’t it? You have to tell
them your name, where you live, and where you put your money, right? It
means that they can control you whenever they want to.
- They want to get mega-rich fast, like Mark Zuckerberg.
- They have been trained to be obedient and can’t unlearn it. They are
compelled to believe that the government is basically good. It must
just be one bad politician or one bad law.
regarded as a currency and states will start to regulate it as one. That
means that they’ll attack the public exchangers and force everyone
possible to comply with their rules.
thing when the pressure is on? If yes, I applaud and honor you. If not,
here are a few cheap excuses to use (after all, who wants to admit
conditioning or cowardice):
- Without the rule of law, everything would fall apart.
- Without regulation, criminals would destroy everything.
- Yes, regulation is coercive, but along with it comes a certain amount of public benefit!
- I got ripped off, and someone has to fix it!
- If I can’t sue someone, they can get away with ripping me off!
- We can’t get people to use Bitcoin unless it’s authorized.
- We need approval or we will forever remain a tiny market.
will say these things (and others), but the real truth will be that they
are scared, or are still hoping to get mega-rich, or just can’t rip the
“government is our friend” meme out of their heads. But mostly it will
AT THE INTERSECTION OF FREE BANKING, CRYPTOGRAPHY, AND DIGITAL CURRENCY
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