So how would governments operate if it can't manage the supply of money or bring revenue though taxation? If you can't tax money, then I guess you have to go back to taxing goods or people's time, i.e. give us half your harvest.
Article is currently online so excuse me If I reach speculatory conclusions.
Unless I misunderstand the seeding process Bitcoin is effectively a deflationary currency, with it getting rarer and harder to mine over time.
It may be great for speculation and ok for immediate transaction but not so great for loans.How would you get rid of bitcoin debit assuming the currency was stable? Anyway how did setting up new currencies work out for old Muammar Gaddafi?
this is the best bitcoin article i've read, very concise description. while reading this, i came to the conclusion that even governments and central banks have no way to currently control bitcoin, it's very easy for them to get their fingers in via legislation, e.g. having to disclose bitcoins in annual tax filings.