Global Economics and Implementation of Bitcoin

[Publicx]

I want to start off by saying I am an advocate of bitcoin.  With any new innovation there will always be people that are affected by change and will shun that change because it will impact how business is conducted.   One of the biggest hurdles I see with the implementation of bitcoin is that congress will create legislation that restricts bitcoin from becoming a world wide denomination of currency.  Why?  Money is power!!!!!

First and foremost, lets look at what happened after the United States won the Revolutionary War.  One of the grunting points the "Rebels" had with the King was Taxation without Representation.  Shortly after the defeat of the British the politicians elected realized that without any income they have no power.  Taxes had to be implemented to give the US government a means to create infrastructure. 

My big question is what would the role be of the National Treasury, Congress, and Execute branch be if bitcoin were to be adopted as a world-wide currency?  Is there a way to implement bitcoin and still have the same type of government without us being taxed the same way?  Is there a different system that would work better for our society?

My hope is that bitcoin will get ride of a centralized bank and let currency finally be free to the public.  However, it seems that the individuals with the most bitcoins can obviously corrupt the system.  Where is the middle ground?  "Hi, officer I'm sorry I was speeding here's 300 bitcoins for your trouble goodbye", said the richman.  How should the ones that abuse the system be held accountable? 

Thanks,

Publicx

[majeis]

I want to start off by saying I am an advocate of bitcoin.  With any new innovation there will always be people that are affected by change and will shun that change because it will impact how business is conducted.   One of the biggest hurdles I see with the implementation of bitcoin is that congress will create legislation that restricts bitcoin from becoming a world wide denomination of currency.  Why?  Money is power!!!!!

First and foremost, lets look at what happened after the United States won the Revolutionary War.  One of the grunting points the "Rebels" had with the King was Taxation without Representation.  Shortly after the defeat of the British the politicians elected realized that without any income they have no power.  Taxes had to be implemented to give the US government a means to create infrastructure. 

My big question is what would the role be of the National Treasury, Congress, and Execute branch be if bitcoin were to be adopted as a world-wide currency?  Is there a way to implement bitcoin and still have the same type of government without us being taxed the same way?  Is there a different system that would work better for our society?

My hope is that bitcoin will get ride of a centralized bank and let currency finally be free to the public.  However, it seems that the individuals with the most bitcoins can obviously corrupt the system.  Where is the middle ground?  "Hi, officer I'm sorry I was speeding here's 300 bitcoins for your trouble goodbye", said the richman.  How should the ones that abuse the system be held accountable? 

Thanks,

Publicx

In order:

You answer your first question yourself.

Through legislation that's decades old or new legislation that misses the mark. It will vary by jurisdiction.

Your guess is as good as anyone else's.

The middle ground will shift as the polar opposites of the spectrum become more extreme.

The same way they're held accountable now. Money is money.

[laris2]

Agreed with that money will be money the value can be different though.

[NUFCrichard]

I want to start off by saying I am an advocate of bitcoin.  With any new innovation there will always be people that are affected by change and will shun that change because it will impact how business is conducted.   One of the biggest hurdles I see with the implementation of bitcoin is that congress will create legislation that restricts bitcoin from becoming a world wide denomination of currency.  Why?  Money is power!!!!!

First and foremost, lets look at what happened after the United States won the Revolutionary War.  One of the grunting points the "Rebels" had with the King was Taxation without Representation.  Shortly after the defeat of the British the politicians elected realized that without any income they have no power.  Taxes had to be implemented to give the US government a means to create infrastructure. 

My big question is what would the role be of the National Treasury, Congress, and Execute branch be if bitcoin were to be adopted as a world-wide currency?  Is there a way to implement bitcoin and still have the same type of government without us being taxed the same way?  Is there a different system that would work better for our society?

My hope is that bitcoin will get ride of a centralized bank and let currency finally be free to the public.  However, it seems that the individuals with the most bitcoins can obviously corrupt the system.  Where is the middle ground?  "Hi, officer I'm sorry I was speeding here's 300 bitcoins for your trouble goodbye", said the richman.  How should the ones that abuse the system be held accountable? 

Thanks,

Publicx

If bitcoin is to take over as the world currency, it will take a revolution, it won't happen through slow evolution.
If the monetary system of today completely collapses, and the Fed, treasuries of the world and other central banks all fold, then Bitcoin could take over.

In the stock market they say you should never fight the fed, that is the same with bitcoin, if the fed wants to beat down bitcoin, they will.  It will only be after they are gone that Bitcoin can flourish.