He can't accept Bitcoin because he's fully capable of recognizing its potential and he'll do everything he can to oppose the idea of a stateless society. Expect more venom from him as Bitcoin becomes increasingly successful.
He and Bill Still seem to be too locked up in their ideologies to just let go and see what happens with Bitcoin. Even if it fails, there will be another virtual currency. Something that especially Denninger should be able to spot.
It's kind of ironic that he seems to prefer holding on to the thought that politicians suddenly start to act reasonably and in the interest of the people instead of applauding
free market market initiatives, regardless whether he likes it or not.
The quote already mentioned sums it up fine:
"For these reasons I do not now and never will support Bitcoin or its offshoots, nor will I accept and transact in it in commerce. I prefer instead to effort toward political recognition of the duties that come with the
privilege that is bestowed on a sovereign currency issuer in the hope of solving the underlying problem rather than sniveling in the corner trying to evade it.".
Government with a self proclaimed privilege ....
But please have a look at Denninger's blog yourselves. He makes good points on all kinds of topics so don't run away just yet. Critical thinking is a depreciating asset nowadays so you just might want to hold on to what we still got.
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