Tuesday, June 14, 2011

Very Good Sentences

In fact, Bitcoin takes the denationalisation of money a step further than Hayek did. Where Hayek’s system requires government to remove legal tender laws and Rothbard’s requires governments to return to the gold standard, cryptocurrencies like Bitcoin have no such political prerequisites. There is no bank to shut down, no specie to seize (the downfall of the ill-fated Liberty Dollar) – nothing at all for governments to aim at, except individual users. And as the war on internet piracy should demonstrate, such a campaign cannot be other than costly and ineffective.

That's C. Harwick's (@thrica) article 'Bitcoin and the Denationalisation of Money'.

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