Bitcoins - Should Libertarians Be Keeping An Eye Out?

[cowbot2]

There's also #bitcoin chat on chat.freenode.net...

[KitemanTV]

Bitcoins are a currency based upon constantly verifiable scarcity. It is a fiat currency, but the issue with fiat currencies is, generally, that one can't control scarcity as they'll just keep printing into oblivion. That can't happen if the fiat currency is based upon scarcity itself.

[andyjonestv]

@KitemanTV The best explanation I've heard so far. That's great, thanks for summing it up so well KitemanTV!

[nlucctw2]

Bitcoins are NOT a FIAT currency. Definition of fiat is "by government decree". No government nor central entity controls bitcoins in any way shape or form.

[nlucctw2]

Bitcoins are in its infancy still. Yes the market has moved substantially but the denomination of bitcoins in the world reserver currency will only increase in value given that the USD is being abused through inflation. I'm mining 24/7 with 4 bitcoin mining rigs. Made a block last night at 4am worth at current market prices of $775.

[erelpc]

Isn't this illegal? I thought alternate currencies are made unlawful to protect the government's monopoly on fiat currency.

[ChrisKillz503]

Bitcoin is a revolution in freedom.  Libertarians rejoice!

[ChrisKillz503]

The botcoins are a very cool concept. I've never been this exited about something. This is more important then when email came out, maybe as important as the whole internet.

[ChrisKillz503]

Bitcoins are way better then the Federal Reserve Notes. Do some research and you'll see.

They are not untraceable.

No it inflates based on an already written program. The program allows 50 coins to be created every ten minutes, slowing down rate of creation over time.

Bitcoin is amazing if you get it. It's a new concept, very brilliant. I have yet to hear a decent argument against it except because we say so. "Because we say so" just doesn't cut it anymore. This is a revolution.

[MoneyIsSilver]

STOP MISUSING THE WORD 'FIAT'

'FIAT' MEANS 'BY DECREE' (of the government)

BITCOINS ARE NOT FIAT BECAUSE NO GOVERNMENT FORCES YOU TO USE THEM

BITCOINS HAVE NO CENTRAL AUTHORITY

'FIAT' MEANS 'BY DECREE' (of the government)

BITCOINS ARE NOT FIAT BECAUSE NO GOVERNMENT FORCES YOU TO USE THEM

BITCOINS HAVE NO CENTRAL AUTHORITY

'FIAT' MEANS 'BY DECREE' (of the government)

BITCOINS ARE NOT FIAT BECAUSE NO GOVERNMENT FORCES YOU TO USE THEM

BITCOINS HAVE NO CENTRAL AUTHORITY

[ronwandell]

@MoneyIsSilver Wow Stop Yelling.

You are correct though it is not backed but not Fiat. It is a free market currency and YES Libertarians should keep an eye on it.

Bitcoin is also an open source software project. As such you could create another gold currency. Deposit gold in a vault and use a similar system of cryptographic keys to pass title around. Instead of BTC you could call it RHC (Rothbardian Hard Currency).

[andyjonestv]

@ChrisKillz503 Ah, so that's how the inflation works with Bitcoins. I did wonder... Very interesting stuff, thanks ChrisKillz503, yes you're right, it sounds really exciting!