Bitcoins: A Fully-Compliant Currency The Government Can Love …
All of bitcoin’s benefits to the establishment revolve around its block-chain. In simple terms, a block-chain is a registry of all transactions carried out in bitcoins. Thus is resolved the problem of double-spending one particular bitcoin: It can’t be done at least in theory due to the block-chain. But the block-chain is in fact a register – a trail – of bitcoins. So it’s a relative cinch to piece together each and every transaction of any particular wallet in the bitcoin universe. And since exchanges need detailed personal information about a bitcoin user in order to comply with money-laundering laws before issuing a new user with a wallet, the government or other interested parties could determine what any one particular person has been doing in the bitcoin marketplace. – Blacklisted News/Gonzalo Lira
Dominant Social Theme: Are you ethical? Okay, then go live in a “green” hut and give government every cent you’ve got so the bureaucrats can reintroduce feudalism.
Free-Market Analysis: Let’s start with bitcoin. Then comes a bigger announcement … We’ve been skeptical of bitcoin for years. The smug techno-geekness of bitcoin’s backers irritated us, especially when we realized what they were supporting – a system that keeps track digitally of every single transaction ever made on the Internet.
- Questions About Bitcoin Alternative Investing Lead to Freedom Fund (thedailybell.com)
- Bitcoin in freefall: Value of virtual currency dropping after China questions its legal status (dailymail.co.uk)