Ever wondered why Libertarians love Bitcoin?
"There's a long trend of libertarian thought about the functions of the state and what can be done outside the state," said Eli Dourado, research fellow and director of the technology policy programme at Mercatus Center research institute, said. "For example, there's a famous article by Nobel Laureate Friedrich Hayek on the denationalization of money; so this is very much in that current of thought: serious people thinking about whether money can be done without the state."
I wrote a feature for CoinDesk on how trends in established libertarian philosophy intersect with the recent development of cryptocurrency, featuring comments from Roger Ver and Erik Voorhees among others. Extract above, and full text here. Since the Steemit community also has a strong libertarian element, I'd love to know what you think is accurate, inaccurate, or could be developed into a further piece, perhaps for this platform - let me know in the comments!
-Corin
People used money - tokens of currency exchange - long before there were centralized states.
People in the US became far more accepting of a centrally controlled money source after the Panic of 1837. One of the many causes of this crash was that banks were issuing their own money in a fraudulent or in an insecure manner.
This became the de facto authorization of a central bank and a central money, despite the fact that it wasn't really necessary.
Just remember that any currency depends on market value, AKA trust.
These days, I would put more trust in the blockchain than the politicians that control the Fed.
And please do write more on this, it is an excellent subject!
One additional topic might be privacy. The Bitcoin blockchain is open to everybody to track all transactions which is somewhat problematic. Government officials can see how people are using their money.
We need more privacy oriented blockchains in the future. The sooner the better.
There was a good article on CoinDesk about this: What If One Bitcoin Isn't Like the Others? Fungibility Debated At Scaling Conference
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