2013-05-21 Governments should be nervous about Bitcoin, says Rushman

kiko

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Quote from: odolvlobo on May 21, 2013, 04:04:00 PM

Unless a government realizes that it made a mistake, it isn't likely to dump the central bank and return to a bitcoin standard.

I don't think the author was suggesting that. I think he was suggesting that the populous might dump government issued currency; adopting instead bitcoin for it's simplicity and absence of inflation. Such a process would not be pretty, but similar events do happen on a regular basis throughout the world -- hence his assertion that governments are/should be nervous.

odolvlobo

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Quote from: btceic on May 21, 2013, 09:32:11 AM

Quote

Professor Jon Rushman believes that in the long term cyber currencies like Bitcoin could see the end of central banks and foreign exchange and so it is understandable governments are nervous about it.

http://www.hedgeweek.com/2013/05/21/184646/governments-should-be-nervous-about-bitcoin-says-rushman

I disagree with his assertion that Bitcoin will supplant central banks. Governments created the central banks because of the perceived inadequacies of the gold standard. Unless a government realizes that it made a mistake, it isn't likely to dump the central bank and return to a bitcoin standard.

It is more likely that a government will consider Bitcoin to be an attack on the stability and legitimacy of its currency and will treat it as such.

btceic

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♫ A wave came crashing like a fist to the jaw ♫

Quote from: kiko on May 21, 2013, 03:36:30 PM

Just FYI. The good Professor was also on the BBC the other day: https://bitcointalksearch.org/topic/2013-05-20-bbc-radio-4-today-show-us-government-puts-the-brakes-on-bitcoin-210828. Hopefully he will become a media staple and friend of the coin. I'd be curious to know his opinion on Ripple and Open Transactions etc.

Re:

Quote

"...they need to do a bit of a charm offensive with the regulators and make them comfortable with it while being true to their principles.”

I always preferred the bitcoin slogan that someone suggested on the forum a while back: "You fucked up. Thank you. We'll take it from here."

+1

kiko

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Just FYI. The good Professor was also on the BBC the other day: https://bitcointalksearch.org/topic/2013-05-20-bbc-radio-4-today-show-us-government-puts-the-brakes-on-bitcoin-210828. Hopefully he will become a media staple and friend of the coin. I'd be curious to know his opinion on Ripple and Open Transactions etc.

Re:

Quote

"...they need to do a bit of a charm offensive with the regulators and make them comfortable with it while being true to their principles.”

I always preferred the bitcoin slogan that someone suggested on the forum a while back: "You fucked up. Thank you. We'll take it from here."

TraderTimm

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He's right in the short-term, make overtures and be "regulated" (all the while taking all the power back from the government and giving it back to the people they supposedly "represent"), but I disagree with his "everything will be easy for taxing, etc.." outlook - if anything, Bitcoin is the crowbar that will beat the current Tax Code into submission.

I'm not talking about evasion, just the point that WE will have the power to make some real changes, outside the current framework of overpaid politicians accepting some lobbying bribes to vote for corporate agendas.

It may take some time, but its the best shot we have at dismantling the oppressive and overly complex world of Tax Law and lump-sum payments.

btceic

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Quote from: teknomunk on May 21, 2013, 09:51:50 AM

The post title should start with the date the article was published in the format 2013-05-21 to conform to the press section's guidelines.

Quote from: tutkarz on May 21, 2013, 09:45:26 AM

Its part of globalisation. If they cant make one currency, then we will do it.

I thought the same thing. I know certain sections of society oppose all forms of globalization, but personally, I think they are confusing global tyranny with globalization in general, which also includes global liberty. I am rooting for the global liberty side of things. Why shouldn't I want my fellow human to have the same freedoms that I have and work continually to expand those freedoms. I certainly haven't found a valid reason.

updated for posting rules

teknomunk

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The post title should start with the date the article was published in the format 2013-05-21 to conform to the press section's guidelines.

Quote from: tutkarz on May 21, 2013, 09:45:26 AM

Its part of globalisation. If they cant make one currency, then we will do it.

I thought the same thing. I know certain sections of society oppose all forms of globalization, but personally, I think they are confusing global tyranny with globalization in general, which also includes global liberty. I am rooting for the global liberty side of things. Why shouldn't I want my fellow human to have the same freedoms that I have and work continually to expand those freedoms. I certainly haven't found a valid reason.

tutkarz

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Its part of globalisation. If they cant make one currency, then we will do it.

btceic

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Quote

Professor Jon Rushman believes that in the long term cyber currencies like Bitcoin could see the end of central banks and foreign exchange and so it is understandable governments are nervous about it.

http://www.hedgeweek.com/2013/05/21/184646/governments-should-be-nervous-about-bitcoin-says-rushman

Topic: 2013-05-21 Governments should be nervous about Bitcoin, says Rushman (Read 1802 times)