Bitcoin is a virtual currency created by a libertarian** computer coder and is supposed to be the downfall of the evil American Dollar. It’s not backed by gold, the libertarian’s usual fetish, but it can’t be controlled by The Man. It also can’t be tracked and can be used with 100% anonymity. That combination immediately led to criminal activity including drugs and, allegedly, crowdfunding assassination, but who cares?! FREEDOM, baby!
Of course, being as Bitcoin is completely unregulated, it is also extremely volatile and people have lost millions. But, you know, FREEDOM! Heck, almost 6% of the entire Bitcoin supply was stolen earlier this year and thousands of FREEDOM loving
suckers customers lost everything. Right after that happened, we also learned the Big Banks are about to enter the virtual currency market. Knowing the Big Banks as well as we do, they might as well hold up a sign that says “We are about to rob you!”
But you can’t explain that to a true believer. The following is the abrdged version of a conversation (follow the hyperlink to read the whole thing if you have the time) I had that perfectly illustrates the level of denial libertarians live in:
Mason Crow Bitcoin is money and it would still be here, even without government. You are wrong, very very wrong. (This kicked off the Bitcoin discussion and it’s stunningly ignorant of history. Bitcoin does not exist without the internet. Who created the internet? The government.)
Justin Rosario And how many people lost all of their money during that bitcoin theft? I bet they wish they’d had the FCC to secure their deposits.
Mason Crow ”And how many people lost all of their money during that bitcoin theft?” how many people lose their gold when it is stolen? How many people are affected by the massive inflation on the USD? (When we were still on the gold standard, people hoarded their gold and the economy stalled. This caused the government to pass Executive Order 6102 which made such hoarding illegal. Libertairans consider this the greatest crime ever committed)
Justin Rosario ”how many people lose their gold when it is stolen? How many people are affected by the massive inflation on the USD?”
Uhuh. So do YOU keep all of your money in bitcoin? Let me know how that works out for you.
Justin Rosario The best thing about Bitcoin is how loud the anti-government fanatics are going to scream for protection in the next couple of years. Why? Because the Big Banks are moving into virtual currency. Why are they doing this? Because it’s more secure? Because it’s better than the Dollar?
Hellllll no! They figured out how to manipulate the system and they’re going to rob Bitcoin users blind. It’s even better because it’s not covered by the law so anything they do, no matter how shady, is legal.
I already have my popcorn ready to watch the fireworks.
Mason Crow ”So do YOU keep all of your money in bitcoin? Let me know how that works out for you.” Yeah, it has only gained about a 400% increase since last year. (That’s great for the people who didn’t have all of their money digitally erased. Also, the daily value of Bitcoin can be charitably called “schizophrenic.” Today’s 400% increase will be tomorrow’s 400% collapse.)
Ralph Bonifant Justin Rosario is absolutely correct. When this fails there will be many people wailing about the “government did not protect us”! (Seriously, Ralph and I disagree on what time it is)
Bill S Preston-Esquire Justin Rosario , you are missing the point. The great majority of BTC users are in it *specifically* to circumvent the state in all regards, not just the commerce portion. Make friends with some of users and ask them yourself. Don’t make assumptions based on your personal preferences in commerce. We actually *prefer* the risks of unregulated ventures within a free society instead of the illusion of safety provided by the state. (This is it: the distillation of libertarian thought. “We actually *prefer* the risks of unregulated ventures within a free society…” They “prefer” it because they’re convinced that they’ll always be the cream of the crop. There’s a reason the vast majority of libertarians are white middle class males and god help you if you point out the unearned privilege they’ve enjoyed their entire lives. They’re all “self-made” men that never had any help of any kind ever ever EVER! If they’d been born black in a crime-ridden ghetto, they would -still- be as totally awesome as they are. They tell themselves this a lot. Maybe someday they’ll actually believe it.)
Justin Rosario OK, but that will only last until the banks screw everyone. Then the wailing and gnashing of teeth begins.Justin Rosario Bitcoin will fail for the same reason pure Communism or Capitalism would fail: some people are scumbags and will destroy the system for a profit. If you think the Big Banks are coming to turn a quick profit and annihilate the whole system in the process, you must have been in a coma for the last 20 years
Bill S Preston-Esquire ”OK, but that will only last until the banks screw everyone. Then the wailing and gnashing of teeth begins.”Justin Rosario ”You have no understanding of what goes through the minds of those who want nothing more than actual liberty and nonaggression.”
You have no understanding of what goes through the minds of those who want nothing more than actual liberty and nonaggression. You only think in the one paradigm that you understand, and that alone is the basis for that opinion. (Do you see the complete disconnect from reality? The banks have an indisputable track record of manipulating currency and economies to benefit themselves and screw everyone else. But -I’M- the one stuck in a paradigm?)
Ah, so the Big Banks fall into that category? Yes or no, Bill (What happens when you confront a libertarian with reality? They run away, of course.)
Bill S Preston-Esquire The big banks that the government bails out with my own money and without my consent? Count for what? Or are we talking the ones that run the federal reserve? (And there’s his response. LALALAALALALALAAL I CAN’T HEAR YOU!)
Bill S Preston-Esquire You cannot destroy BTC.
Bill S Preston-Esquire It cannot be hijacked by a person.
Aaaaaannnnd there you have it. Bitcoin cannot be destroyed. It cannot be hijacked by a person. That comes across as less than a statement of fact and more like something a brainwashed cult member would say. As I said already, anyone that thinks the Big Banks are not going to come in and rig the Bitcoin economy is completely ignorant as well as delusional. Then again, “ignorant and delusional” is a pretty accurate description of libertarians anyway so I guess it makes sense they think their Bitcoins will be safe. Suckers.
**Lately, some libertarians have taken to calling themselves anarcho-capitalists but it’s still the same silly anti-government “fiat money is slavery” crap. I just call them libertarians because I can’t be bothered playing dress-up with them.