Article

2013-04-02 Economy

What Every Libertarian Should Know About Bitcoin

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Posted by tipper 2013-04-02 03:53|| || Front Page|| [2 views ] Top

#1 Bitcoin sounds like a fantasy by the type of libertarian that sits around trying to figure out how to charge for lighthouse services.

Currency is nothing more than a way to ease barter transactions. Transfers of any "leger entry" have to have some physical goal or it is pointless. Gov't could very easily declare Bitcoin illegal for all debts public and private and include in their auditing/surveillance process arresting anyone caught using it. It wouldn't shut it down completely but it would be no more than another part of the black market.

Unless you're a 3rd world economy the black-market is no threat to the gov't.

Posted by AlanC 2013-04-02 09:38|| 2013-04-02 09:38|| Front Page Top

#2 Unless you're a 3rd world economy the black-market is no threat to the gov't.
AlanC, the whole idea is not to be a threat to the Govt. Stay off the radar, remain invisible. My little investment which had gone up 30% in the previous 3 days has now gone up 200$ in the last 3 days after going up 300% in the previous 18 months. Is it in a bubble? It sure is and I'm loving it.

Posted by tipper 2013-04-02 11:56|| 2013-04-02 11:56|| Front Page Top

#3 It's not a bubble, what you're seeing is state monopoly currencies bubble popping..

Posted by Bright Pebbles 2013-04-02 12:09|| 2013-04-02 12:09|| Front Page Top

#4 tipper,

Are you paying your taxes on your investment? Is the SEC monitoring your transactions?

You can't stay off the radar as you start to grow. As soon as you access any of that "profit" you are lible to pay taxes on it AND your lible to report it whether it goes up or down. As soon as the amount becomes big enough to draw any attention the hammer will come down. See Cyprus.

If the amounts never become big enough to attract attention who cares?

Posted by AlanC 2013-04-02 13:30|| 2013-04-02 13:30|| Front Page Top

#5 AlanC
BitCoin wallets are anonymous.

Posted by Bright Pebbles 2013-04-02 17:51|| 2013-04-02 17:51|| Front Page Top

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