Bitcoin enthusiasts, believe it or not, but this is what happens when you centralize your decentralized currency in one giant bank. When the centralized bank falls, so does your decentralized currency. valleywag.gawker/mt-gox-died-and-took-the-money-with-it-1530533538 There goes over $473 million, much of which might very well be in the Bitcoin bankers pockets. This is what happens when you merely make a new currency instead of challenging the system itself. According to the Taipei Times, early last year, an estimated 70% of Bitcoin transactions went through Mt Gox. Thats how centralized the decentralized currency was. Most Bitcoin enthusiasts only worry about state centralization; they fail to see that the Almighty Free Market™ inherently tends toward centralization too. The implosion of Mt. Gox and the transfer of MILLIONS of average peoples Bitcoins into a few technocratic pockets is just one example of what a right-libertarian society would really look like. taipeitimes/News/editorials/archives/2014/03/03/2003584737
Posted on: Sun, 02 Mar 2014 16:07:29 +0000
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