http://www.deathandtaxesmag.com/9066...en-the-dollar/
This is essentially what the creators of BitCoin have done with the introduction of their open source digital currency, controlled by each user, kept on one’s computer and impervious to hacks and manipulation, including the inflation that occurs when governments flood countries with newly-minted currency.
Not only does the BitCoin already have practical value—for users are already exchanging them via the internet—but it has struck a symbolic blow against states everywhere, even in its very early stages.
What are the defining characteristics of a BitCoin? They cannot be tracked or frozen, for one thing. They cannot be taxed, which would remove yet another source of power the state has over individuals. The power of the state essentially lies in its taxation powers, which allows it to wage war and allow for modern empire, as well as dispense that taxpayer money to other countries. BitCoin exchanges can be done anywhere in the world and fees are extremely minimal compared to similar exchanges within and across banks.
BitCoins have already been used to purchase books, video games and other items. Of course, since the BitCoins can’t be tracked, it opens up a wealth of exploitable opportunity for black markets such as drug dealing and prostitution. This alone will alarm politicians, who one can imagine are already considering making the new currency illegal. The same thing could be said of CraigsList, however, and yet it is still legal.
Bitcoin; untraceable currency
