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    Author Topic: Our response to Dmytri Kleiner's misunderstanding of money  (Read 7114 times)
    bitfreak!
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    November 10, 2012, 11:53:13 PM
     #21

    Dmytri is right about this much: Bitcoin will never replace Government fiat money completely... at least not in powerful western nations any time soon. The reason why has nothing to do with the inability of the Government to tax a currency like bitcoin. The reason is because the system is so heavily dependent on endless streams of debt-based fiat money. They will never recognize a currency like bitcoin as an official financial tool for paying public debt and they will never allow us to pay taxes or fines in anything other than their fiat Government currency. Well certainly not in our life times. Bitcoin will simply fill it's own niche in the currency market, all other Government currencies will still exist along side bitcoin... they each serve a purpose and have different properties, the Government will always use a currency with properties they desire. And they've spent a lot of time crafting this absurdly mind-boggling debt based system made of unicorns and rainbows.

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