Bitcoin is a trillion dollars deal | New Bitcoin World - Latest Bitcoin News and Free Bitcoins Info

Friday, May 10, 2013

Bitcoin is a trillion dollars deal

Bitcoin is tailor-made for tax evasion, money laundering, and hard-to-trace transactions, and these things cause problems for governments (and for regular people, too). But there’s already tons of that stuff going on anyway through various means (and on a much larger scale than Bitcoin – to the tune of trillions every year), and while it makes the state work less well in the places where it’s very widespread, it is no threat to its existence.

Has the Mafia ever indicated that it will cause New York or Las Vegas to cease to be? It’s a bit of a side question – but what share of crimes committed within its borders do you think a typical “liberal state” actually detects? 10%? 5%? Contrary to a lot of rhetoric you hear these days, most governments, including the government of the United States, are not iron-fisted dictatorships, but instead exist as a web of institutions that people tend to adhere to willingly, and that have to be able to bounce back from a _lot_ of failure in order to persist for any length of time.

Anyway, the question is whether a crypto-currency can become such a large share of the transactions within a country that it becomes difficult for the government to conduct activities like taxation on a large scale. And that most likely isn’t going to be a problem, because if crypto-currencies scale up (which is debatable), they will probably scale up through a three-step process - Read more here:

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