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Tuesday, December 10, 2013

Bitcoin and Central Banking - Peter G. Klein, The Mises View

Some of the comments:

Bitcoin is a shortcut to change people's mentality. It will be slow and gradual, but as more and more people adopt Bitcoin, more it will be clear that they have more freedom from government. The main way to control the individual is through the monopoly of currency and if bitcoin replaces the dollar for example, the state can't confiscate people's money as it does right now. The state will put everybody in prison? If it does, it will be the suicide of the state :D

Dâniel Fraga

I'm a good case in point. I found out about bitcoin in 2009 and I rejected it based on the inherent deflation because I was a good little keynesian. Once I owned a few it suddenly became clear to me how great it is to see your purchasing power increase from year to year.

FreeGoro

The US government may come out with their own - because no one country owns bitcoin - it is country agnostic and is used more widely outside of the US than inside it. Chinese are the biggest current adopters but it's a world-wide phenomenon. Any attempt by any country to regulate it will be seen by all the other countries as interventionist. THey would all collectively roll their eyes and rightfully ask "who put you in charge"? Bitcoin has no allies nor enemies. It's the first truly "neutral" currency free from the dogma and power structure of gold and the central bank "good old boy" system of confined authority.

All world governments can sit around in a circle and point fingers to all the other countries and say that kettle is black - and think their own currency is supreme and should be admired and used by the other countries in the circle. Much fighting and arguing ensues - meanwhile bitcoin continues to chug away following the rules of its protocol unable and and unwilling to stop, change directions, or be manipulated.

Eventually they will all come around to the fact that the world already has a currency that answers to no one. In adopting it will become obvious.

The more Keynesian approach the government takes with it's version of controlled digital currency, the free market will decide which one holds more power. Fiat money will always gravitate to the deflationary currency that only gains in value over time rather than being devalued by reckless spending and debt.

The network effect of bitcoin has gained too much momentum now to be stopped. It will become too dense as it sucks up all national currencies as people try to trade it in for the bitcoin they will learn to trust much more that their own pretty paper and ink - or bits of ones and zeros decided by just a few men in a hidden chamber with their own power, debts, payoffs, bribes, favors, and human frailties.

In math we trust. Go bitcoin.

Mark Rees

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