Article Image
IPFS News Link • Economy - Economics USA

The War on Digital Currency


06/09/11 Buenos Aires, Argentina – A joke for you, Fellow Reckoner: How many Senators does it take to change a light bulb? Oh, wait, we’ve got a better one: How many Senators does it take to dismantle a cryptographically secured, completely decentralized, Peer-to-Peer (P2P) network of voluntary, free market traders exchanging goods and services across six continents using tens, perhaps hundreds, of thousands of individual computers and some of the most advanced cyber technology and software coding known to date?

Answer: we don’t know…but Senators Charles Schumer (D, New York) and Joe Manchin (D, West Virginia), seemingly immune to common ignominy, have taken on the challenge anyway.

Your editor has no idea of the cybercryptography aptitude of the two senators but, as with most endeavors undertaken by politicians in the name of “your own damned good,” practical experience and a sufficient understanding of the issue at hand are rarely prerequisites for intervention, again, “on your (unsolicited) behalf.”

1 Comments in Response to

Comment by Ed Price
Entered on:

Again, the war on digital currency doesn't have much of anything to do with "... a cryptographically secured, completely decentralized, Peer-to-Peer (P2P) network ... ." It has a whole lot more to do with evidence of someone transferring some form of property to someone else.

If it can be shown that property was transferred, then maybe it can be made into law that the method of transfer and the method of payment MUST be revealed.

Free enterprise has suffered a serious blow with the requirement that payment be made by some form of bank money. Since this blow is sustained legally (though not lawfully) the next legal step is to eliminate free enterprise altogether, by making it a legal requirement that ALL transfers of any form of property whatsoever, from the comb in your pocket, to real estate, to stocks and bonds, and EVERYTHING ELSE, be recorded by the county recorder or the banking industry.