22 Mar '13, 11am

A libertarian nightmare: Bitcoin meets Big Government

But while some observers have applauded FinCEN’s guidance as acknowledgment that Bitcoin isn’t illegal or considered a “threat” by the government, not everyone is cheering the news. Because there’s a problem here. Bitcoin isn’t just an elegant way to create money using peer-to-peer networks and cryptography. Bitcoin is a currency with an ideology. From the beginning, Bitcoin was envisioned as a form of monetary exchange that didn’t need third-party financial institutions or central banks or even governments to validate it or back it up. Bitcoin is the fulfillment of a libertarian dream, a currency created out of the workings of the free market, unaffiliated with any state authority, respectful and protective of user privacy and anonymity, and designed to resist inflationary pressures. By its very nature, Bitcoin is made for people who don’t want other people to know what t...

Full article: http://www.salon.com/2013/03/22/a_libertarian_nightmare_b...

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