3 votes

Bitcoin: Will Govs Allow It To Stay Legal?

Recent statistics for Bitcoin peg the upstart digital currency at exchange rates of over $200 per Bitcoin – a very impressive return for those who were in the game early, and an indicator of the rapid adoption and infatuation with it. For those not familiar with Bitcoin, it’s an online currency that allows anonymity for those (rightly) adverse to their monetary transactions being tracked and who favor currency separation from government dependence/control. Unlike the standard fiat currencies issued by governments around the globe, the value of Bitcoins are determined by market pressure rather than government decree. They can only be “mined” at a certain rate, which is pre-programmed in. Thus, there is a certain scarcity to Bitcoins as opposed to the nearly limitless ability of the world’s central banks to create new money.

Despite (or in fact, because of) the popularity of Bitcoin as an alternative currency, the question must be asked: Will Bitcoin stay legal? And by that, I mean, will governments used to being in control of their citizens monies allow the adoption of this currency to continue unabated, or will it become common practice globally to outlaw the exchange of standard currency for digital currency?

There would be numerous reasons for them to do this: Continue Reading




Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

End the FED: Hoard Bit Coins

http://themisescircle.org/blog/2013/02/19/end-the-fed-hoard-...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Boycott the Fed.

Or just ignore them.

Let real currencies compete.

Free includes debt-free!

Probably not, but

Probably not, but they may be able to shutdown the exchanges between bitcoins and other currencies.

I'm confident that whether Bitself itself is vialbe in its current form or whether something else emerges in its place, free markets currencies along with advances in technology will finally end govenrnment monopoly in money.

It's already started.

http://lionsofliberty.com/
*Advancing the Ideas of Liberty Daily*

How do they make data transfer illegal?

They can make eating and breathing illegal, illegally. But I don't think they can change anything by doing so.

Free includes debt-free!

The weak point

is the exchange from bitcoins back to dollars and other currencies. Governments can track this.

Whether they will attempt to crack down or not remains to be seen, and I suspect they would have to do it sooner than later.

http://lionsofliberty.com/
*Advancing the Ideas of Liberty Daily*

Then it would be time to boycott Fed Reserve Notes.

We have, gold and silver. and we have stuff.

I have an old S10 i'd consider selling for for 9 bitcoins at today's rate. 100K on motor, 20K on trans, body is scrap. FOB Mid. Michigan.

If you bought the truck, you might sell it for $FRN.

In the end, if people can honestly turn a profit, they will make it happen. An analogy would be, turning off Niagara Falls.

Free includes debt-free!