hey during the 2008 ron paul campaign i became really fascinated with austrian economics. this also very much contributed to my interest in bitcoin and the whole idea of competing currencies that hayek talked about
http://www.reddit.com/r/Bitcoin/comments/1mlsuf/the_denationalization_of_money_hayek/so my thought here was that when ron paul speaks about ending the Federal Reserve Bank he doesn't really call for eliminating it instantly he argues that it would self destruct because if you legalize money competition and get rid of the monopoly you would eventually have something like bitcoin/altcoin or gold/silver put it into a private bank and they issue "the bitcoin private reserve paper currency" or something like that, and people like it, you have money that could or should grow in value because it is scare as we all know here and nobody would even like to use paper monopoly money anymore because new market money would be way more efficient.
so lets assume that federal reserve money is gone and now we all live in my fantasy world where we have competing currencies. NOW how would you be able to pay taxes?
would there be paper money issued by the state that for example not a foreign debt bond is used as a backing for newly issued dollars but instead useful things like bitcoin or gold?
you have any idea how people could come to an agreement as to what would be an idea how you pay taxes then?
if we assume that it would still be necessary...
gold silver bitcoin altcoins are the best examples that i can come up with maybe if you have another commodity that could be used to back a currency with share your thought with me! id appreciate a lot!
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