03 Apr '13, 8pm

Why #bitcoin is poised to change society much more than the Internet did.

Bitcoins being essentially a more efficient communal fiat currency, I would argue that banks, states, governments, and the like have a solid investment in the maintenance of the status quo for it’s people, be it good or bad. With bitcoins, there is no overall regulation, ergo, the responsibility falls on a lot of individuals to act responsibly. If the holder of the first 1 million or so bitcoins unleashed 500,000 bitcoins into circulation immediately, the market price would plummet, they could use another currency buy up a much higher number of bitcoins, and control progressively larger shares of the market, shrinking the availability of coins for others, and build their own wealth through exploiting the lack of overall regulation. Eventually, you do a giant pump and dump and make a fortune and walk away rich, crashing the market for all others. Eventually it might rebuild...

Full article: http://falkvinge.net/2013/04/03/why-bitcoin-is-poised-to-...

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