Bitcoin News

Excerpts from Jon Matonis (@JonMatonis)’ latest contribution on Forbes:

“Bitcoin is about preventing monetary tyranny. That is its raison d’être.”
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“A powerful instrument is needed to prevent a corresponding repression — State monetary supremacy. That task has fallen to an unlikely open source project that is based on cryptography protocols and peer-to-peer distributed computing.”
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“Essentially, bitcoin is a reaction to three separate and ongoing developments: centralized monetary authority, diminishing financial privacy, and the entrenched legacy financial infrastructure. An alternative money provider that was centralized would probably not survive long in any jurisdiction. The emergence of Bitcoin was baked into the cake already.”
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“[Wired’s] Zetter writes,  ’At e-gold’s peak, the currency would be backed by 3.8 metric tons of gold, valued at more than $85 million.’ E-gold founder Doug Jackson wanted to solve the world’s economic woes, ‘but instead got an electronic ankle bracelet for his trouble.’”
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“The Foreign Account Tax Compliance Act (FATCA) has been written about many times on these pages and also in The New York Times. Other countries around the world would not even contemplate such a brazen endeavor that imposes a costly withholding and disclosure regime on sovereign foreign entities and financial assets. Furthermore, they see it as American arrogance and American hegemony run amok.”

- http://onforb.es/T3Jrw4
- http://bitcointalk.org/index.php?topic=115445.0 (Further discussion of the article.)

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