Friday, 8 November 2013

Bitcoin and the end of big government...


There's a great article about Bitcoin over at ASI where Michael Taylor concludes:

The exponential rise of Bitcoin will no doubt start to generate some heat from here on in. It’s only a matter of time before we see the traditional gatekeepers start to cry foul. No doubt we’ll see a lot of anger and rage in the courtrooms. At least in the west. In Africa and Asia we’ll probably see things take off a little quicker. I predict it will only be a few years from now before we see Bitcoin (or other similar digital currencies) emerge as the exchange of choice for the majority of people otherwise denied access to the established money structures. And when that happens, prepare for the world to shake.

There's no doubt that the opportunity to eliminate transaction costs and ensure that the transaction is private is very appealing. Not simply because it makes the word a better place or that it begins to undermine that banking hegemony but also because it disrupts the basis of government finance.

Which is why the apologists for the current finance system and other fans of big government keep talking about drugs. It's all they've got!

Me I hope Taylor is right in his prediction and we can get the monkey of big government off our backs.


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