25 Aug '12, 3am

@slmccon This will explain it all...

@slmccon This will explain it all...

Liberty advocates love free markets. But, with freedom comes responsibility. Bitcoin exists in a free market. It is not regulated, tracked, or overseen by anything other than cold hard mathematics. Thus, the companies and organizations you find in Bitcoinland are often unregulated and private. A Bitcoin-based company doesn't even need to be registered as a company anywhere, because it doesn't need a business checking account or an IRS extortion number (known as an EIN). While this means Bitcoin enables truly free trade on a global scale, it also means Bitcoin users need to be careful and prudent. Don't buy things from companies or websites you don't trust. You may never see your money again, and there is no way to "reverse" a payment. With Bitcoin, reputation and history are everything. If you wouldn't give cash to a stranger in an alleyway, don't give Bitcoins to a strang...

Full article: http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian...

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