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Not the state in general, just the ability to create money. The state can still raise funds via taxation, but they need to be more careful in how it is spent, a
by rfd4sgmk8u 5y ago
Not the state in general, just the ability to create money.
The state can still raise funds via taxation, but they need to be more careful in how it is spent, as it cannot be magic'd into existence.
- qwytw 5y agoAnd how would you enforce this if the state continues to have the monopoly on violence? Who would prevent it from banning doing the same thing Roosevelt did in 1933 (banning the private ownership of gold) (of course for crypto currencies they would ban the usage and ownership) or suspending the free market itself like in 1941?
- rfd4sgmk8u 5y agoAnd that is what is so wonderful about Satoshis great invention. The state has far less power over Mathematics, Cryptography and Game Theory. A gun is useless against ECDSA. A government cannot stop a person holding, saving, spending or transacting in bitcoin. As long as there is a channel, anywhere in the universe that allows submission of valid, signed transactions to peers, the state cannot stop it.
- qwytw 5y agoSure it can, it can just ban crypto currencies and start fining all businesses which accept them and/or allow exchanging them for fiat currencies. While technically people still be able to transfer them I'm not sure how useful that would be in practical terms.