"...it (Bitcoin) gives us the ability to buy and sell goods in services free of the control of central planners, governments, and banking monopolies.
The statement above is false for all of the following reasons:
1. Currency out->FAIL
There are NO goods or services needed that I can buy with Bitcoin that are competitive with my current suppliers.
2. Currency in ->FAIL
As a business owner, I would be remiss to start accepting a volatile "currency" that may lose a large part of it's value over days, hours or minutes.
3. Privacy ->FAIL
I don't see the NSA, IRS, CIA or any other node of the biggest, most unprincipled, murderous, enslaving, torturing government doing anything serious to stop Bitcoins. Therefore, I don't believe for a moment the computers handling Bitcoins are or will be anonymous or secure in any way.
4. Reduced transaction cost. -> FAIL
Fees, banks, credit card co's etc. I believe the government wants BITCOINS to be wildly successful so they can control it and manipulate it to tax online transactions worldwide, inflate and deflate it at will, allowing the Fed and Treasury to dispose of the cash dollar system entirely.
5. Investment vehicle. This is the closest to having merit. It is super high risk especially in light of the 4 reasons above. Too high risk for me.
Therefore there is no reason for me to buy Bitcoins.
"Timid men prefer the calm of despotism to the tempestuous sea of liberty" TJ
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