31 Dec '13, 8pm

Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct

Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct

Reform came later in the U.S., and for different reasons. During the Civil War, far more sweeping monetary legislation put an end of the era of private paper money, which was taxed out of existence by 1866, replaced by uniform fiat currency known as greenbacks and a new, standardized system of “national bank notes.” This was a wartime exigency, but it was framed as an act of patriotism. As one defender of an exclusive, state-issued currency averred in the darkest days of the war, “Government and the people … would for the first time become inseparably united and consolidated. The people would have acquired a new and direct interest in the support of the Government, because their currency would depend for safety on the maintenance of that Government.”

Full article: http://www.bloomberg.com/news/2013-12-31/bitcoin-is-a-hig...

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