Comment: A rude awakening for some is indeed in the cards

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Michael Nystrom's picture

A rude awakening for some is indeed in the cards

Who those people are remains to be seen.

Only 21 million will be "mined" so it could never support the needs of a population of 300 million much less a population of 7 billion.

This is clearly not true, and is the same fallacious argument made by those who say "There isn't enough gold in the world to support a gold standard." Bitcoins are infinitely divisible. The marketcap of the entire 21 million coins is infinity. So that argument is false.

And if some individual was to somehow buy every bitcoin then how much would they be worth? Nothing, unlike gold or silver which are real.

Would they be worth any more than if someone bought every ounce of silver and gold? If none is for sale, a valuation is impossible - with bitcoins or gold.

And at least if I use cash for a transaction then it can be totally and completely anonymous while nothing is anonymous with bitcoin.

This is certainly true. The video linked in the article above is most helpful:

http://www.youtube.com/watch?v=zhj1zeisqWY

I would recommend watching it all the way through. Bitcoin is not anonymous. Furthermore, they are working with Federal authorities to register bitcoins as money, subject to all federal rules & laws.

On the one hand, yikes. On the other hand, this indicates a potential staying power. Meaning that it may not just be a bubble...

The final valuation remains a mystery.

Finally, I have to disagree with your conclusion that Bitcoin does nothing to promote liberty or freedom.

Bitcoin functions as money, meaning it facilitates transactions and voluntary exchanges, and that has everything to do with liberty and freedom.

The only way to make sense out of change is to plunge into it, move with it, and join the dance.
- Alan Watts