4 ms·
Government currency is mandated, bitcoin isn't. If bitcoin is manipulated, people can choose not to use it. If government currency is manipulated, people have n
by lancebeet 9y ago
Government currency is mandated, bitcoin isn't. If bitcoin is manipulated, people can choose not to use it. If government currency is manipulated, people have no other (legal) choice but to continue using it. This makes the two distinct to a libertarian.
Some libertarians may be more pragmatic than others. For example, some may argue that so long as a government issued fiat currency is in use (as it is today), manipulations by the government should be held to a minimum. This may be the cause of the confusion.
- frgtpsswrdlame 9y ago>If bitcoin is manipulated, people can choose not to use it. If government currency is manipulated, people have no other (legal) choice but to continue using it. Isn't this going to create a run on the currency? So say tomorrow some news comes out proving these btc whales are responsible for 80% of the order book and are manipulating the market, isn't it the slowest people to react who are stuck holding the bag? Furthermore, isn't the problem with btc that we don't know if it's being manipulated or not? Manipulation or not at least I know what's going on with the dollar.
- lancebeet 9y agoI'm not a spokesperson for bitcoin and I'm neither qualified to nor interested in discussing its market risks or potentials. I don't believe these have any bearing on whether bitcoin is fundamentally distinct from government mandated fiat currency from a libertarian standpoint.