Wednesday, December 13, 2017
The Anarcho-Capitalist Case for Supporting the Government Smashing of Bitcoin and Other E-Currencies
This is certainly going to be a controversial piece but I want to point out that I am writing this from a realpolitik perspective rather than the ideal goal of a Private Property Society.
As things stand now, we are not in a PPS but face a very aggressive government.
In my view, e-currencies are very trackable and the news out of Australia supports the fear I have of where digital currency trends are headed. Governments are not going to allow Bitcoin or other non-central bank e-currencies to take over as the main means of exchange.
If central banks begin to understand the powerful tool e-currencies are for control, they will create their own e-currencies that will be able to track every transaction we make. In this fashion, they would be setting up a turnkey system that under a totalitarian regime could even prevent us from buying books or other goods or services that the government doesn't want us to have.
A central bank digital currency, in other words, is a very dangerous, very powerful, totalitarian tool.
I do not believe most in government policy positions, at this point in time, understand how powerful of a tool of control a government-controlled e-currency would be.
Thus, I believe from a realpolitik perspective of keeping us freer, I would rather see government crush Bitcoin and other current e-currencies now rather than when and if Bitcoin jumps the shark and becomes an actual means of exchange. At such time, the government would act to quash Bitcoin and other e-currencies and be more likely to introduce their own trackable e-currency, which could be used in a very totalitarian fashion.
In other words, I expect Bitcoin and other e-currencies to get crushed by government, one way or another, sometime in the future. I would rather see it happen now so that it doesn't further educate statists on how an e-currency could work in general exchange. Let them kill it out now and hope that it kills their focus on e-currencies and the idea that they should launch their own.
Also see: A Further Note on Realpolitik Strategy
at 4:36 AM