“Just today I passed a sign at a local check cashing shop, proudly proclaiming ‘Send up to $50 for only $5!’ Only a 10% minimum fee for transmitting funds? What a bargain. Credit cards don’t work person to person, checks don’t work at pretty much any retail establishment, cash doesn’t work if the bill’s too big, PayPal shuts down if you look at it funny, and you can just lie about how much gold you have (a thing you pointedly cannot do with cryptographic currencies). Bitcoin isn’t perfect. But it’s certainly not competing with perfection. What if money worked as reliably as the Internet?”
http://www.cato-unbound.org/2013/07/10/dan-kaminsky/money-has-gotten-buggy
Related posts:
Are Police in America Now a Military, Occupying Force?
Should States Be Held Liable for Executing an Innocent Individual?
Let’s stop wrecking lives over a bag of weed
Julian Assange on Google and the NSA: Who’s holding the ‘sh*t-bag’ now?
Bill Bonner: The Real Reason American Capitalism Is Failing
The “Zero Hour” Scenario
Yes, We Live in a Communist Country
The Throwaways: Pawns in the War on Drugs
Everyone Is Now A Terrorist According to The US Government
MIT Economist’s Audacious Paper on Economic Climate Models
Paul Craig Roberts: The Real Agenda Of The American Police State
What Happens When the Surf Is Down: Contemplating Stocks without QE
Detlev Schlichter: ‘Positive Money’ and the fallacy of the need for a state money producer
Keep Families Together: An Anarchist Christmas Message
Southern Slavery: Two Systems of Management