This piece was recently sent to me by “an old radical.” The message is perhaps a bit harsh, but I have to admit, all I can do is grimace and nod in agreement to this thesis… “Bitcoin and state banking systems are born enemies: only one can survive. If you are imagining that they can peacefully coexist, you are fooling yourself.”
Police in the Iranian capital of Tehran closed the city’s open currency market and arrested up to 100 people at the weekend, including Gold Coin dealers according to local reports.
Bitcoin is not about making rapid global transactions with little or no fee. Bitcoin is about preventing monetary tyranny. That is its raison d’être.
Bad economic times and capital controls go hand in hand. In 1933 FDR used Executive Order 6102 to confiscate US citizen’s gold as mentioned in the above video. The International Emergency Economic Powers Act (IEEPA), means the same thing could happen again today.
Extreme capital controls aren’t just a possibility, they are a reality in a many parts of the world, particularly Argentina.
North Dakota congressional candidate Eric Olson accepts donations to his campaign in Bitcoin http://ericolson2012.com/donate/ And sitting New Hampshire state representative Mark Warden is accepting them for his re-election campaign. http://www.markwarden.com/page/contribute-campaign
Attention digital currency providers, start advertising in Argentina. http://www.forbes.com/sites/jonmatonis/2012/09/04/argentina-begins-tracking-all-credit-cards/
BitInstant’s Charlie Shrem wants Bitcoiners to “get together and get a SuperBowl ad” adding that “I want this commercial to be a statement to the banks and governments of the world and say ‘Look, your people don’t like your fiscal policies, you’ve put us in a recession, you’re screwing us up so much. We’re taking control of our own money, the way we’re doing it is Bitcoin.’ I want to scare them.”
Also, in the next few weeks BitInstant should be open for business in Canada, 3,700 people have already signed up to get the new Bitcoin debit card, and loads more Bitcoin debit card details here http://codinginmysleep.com/bitcoin-mastercard-followup-interview-with-charlie-shrem/
GATA Chairman Bill Murphy is appearing on Russia Today’s “Capital Account” program at 4:30 p.m. ET Wednesday. http://www.gata.org/node/11714
And yet another community currency in Spain http://www.guardian.co.uk/world/2012/sep/04/spain-euro-free-economy?newsfeed=true