Submitted by Michael Krieger of Liberty BlitzKrieg
So Bitcoin has finally dipped its electronic toe into the fringes of mainstream consciousness. The results have been, to put it mildly, explosive, divisive and highly emotional. I can see why.
As I write this, there are about 10.9 million Bitcoins in existence, putting the entire market at around $775 million. To put this into perspective, even after this parabolic move, Ben Bernanke still prints into existence an average of four new Bitcoin markets every single day.
Supporters of Bitcoin should not only expect an attack from “the state”, we should embrace it. Just think about how ridiculous the government will look if they attack Bitcoin. I mean, these guys can’t put a single banker in jail, but when citizens decide to freely exchange goods using a currency of their choice that is where they draw the line! Bitcoin’s purpose is to both show us the way forward and to make the authorities look foolish as they spastically and irrationally respond to it. I suspect it will be highly successful in accomplishing both objectives.
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