Post
Topic
Board Politics & Society
Re: Why Governments will love Bitcoin.
by
3phase
on 12/02/2013, 07:12:48 UTC
The OP assumes that governments can decide for themselves. Recent experience in Greece tells me that this is not so.

Politicians' number one criterion to decide their actions is the next popular vote. Fiscal responsibility (balancing revenues and spending) NEVER gets someone elected.

Governments are elected by people who vote for the best promises (mostly financial in nature). Voters of course, never fire up an Excel sheet to check whether these promises are actually able to be fulfilled.  Then, when governments are elected they find out that they are not really running the show.

So what if there is actually an honest and decent governement somewhere on the Earth, and decides to ditch their CB? They will certainly discover within hours who's actually in charge. A few coordinated MSM attacks, and the CBs (their local one and the others in the rest of the world) will ditch the government in no time.

As long as the overwhelming majority believes that paper money and fractional reserve bank accounts are their "wealth" there is no way to change this. I might know that this premise is wrong, but it took me quite some time to accept it, as this is a very inconvenient truth.

It would be however interesting to think how this overwhelming majority would react if some day they realize what this particular brand of governments and associated CBs have actually done to their lives.

So to the OP, I think PEOPLE will love Bitcoin (or any similar alternative) the day that they will look at those banknotes in their pockets and say "WTF is that?". Governments would soon follow.