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Author Topic: Paper Currency in a Bitcoin World By David Zweig  (Read 1192 times)
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Let's talk governance, lipstick, and pigs.

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February 12, 2012, 05:58:44 PM


I don't usually criticize articles like this because they are normally the predictable FUD, but this one struck me with an important distinction. This one had some good thoughts, it just hits a wall in trying to make a paradigm shift. He starts off with seeing the inevitable failure of banks and that they may devolve back into what they were originally intended. He mentions a national bitcoin database which I presume is the public ledger. No interest is paid on bitcoin. Well, no interest is paid on cash either, so I don't know where this comes from. Good so far.  Then he just goes into a rant.
  • You are tattooed (metaphorically speaking) with a bitcoin address. Huh? I'll try to get one with 666.
  • You must invest your money. Why not just save it and let deflation make it's value grow?
  • Government creates bitcoins to spend as needed. Government spends what it wants and automatically destroys your bitcoins to cover it.
This is where it seems to completely misunderstand Bitcoin and breaks into complete lunacy. He talks about an automatic 10% Bitcoin tax while fiat money becomes non taxable. It would not be legal tender, nor enforceable in contracts. but if you wanted to buy it with Bitcoin, you would still pay 10% tax. He then goes into barter scenarios that are full of more loopholes than grandma's crocheted sweaters. He eventually predicts that all fiat currencies will transition to Bitcoin over the fulness of time.

Historically, currency changes happen swiftly.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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