http://www.zerohedge.com/news/2017-12-03/crypto-surge-sparks-establishment-panic-bans-crackdowns-fatwas-bitcoin-undermines-go
'First, the bitcoin undermines the government because a lot of transactions are about money laundering and tax avoidance.
[You mean tax avoidance . . . like banks and accountants help rich people do?]
Another problem is that the profits of new bitcoins that come with it do not benefit the government (as with normal money creation), but are absorbed in heavily environmentally harmful computer power.
[Note One: the electricity-consumption argument is just not substantially true.
Note Two: but even if it were benefiting the government, what would the government do? Give us more of the great cultural management that has put Nazis back into the German parliament? Perhaps what we really need is much more profits kept from governments, so they can do less harm!]
Central banks also have less influence on keeping the economy stable.
[The sort of Central-Bank stability that crashed the global economy into a ditch a decade ago?]
The investor has air in his hands when the bitcoin crashes, but also when the company turns out to produce baked air.
[Luckily, people in Venezuela and Zimbabwe and Cyprus didn't end up with 'air in their hands.']
'First, the bitcoin undermines the government because a lot of transactions are about money laundering and tax avoidance.
[You mean tax avoidance . . . like banks and accountants help rich people do?]
Another problem is that the profits of new bitcoins that come with it do not benefit the government (as with normal money creation), but are absorbed in heavily environmentally harmful computer power.
[Note One: the electricity-consumption argument is just not substantially true.
Note Two: but even if it were benefiting the government, what would the government do? Give us more of the great cultural management that has put Nazis back into the German parliament? Perhaps what we really need is much more profits kept from governments, so they can do less harm!]
Central banks also have less influence on keeping the economy stable.
[The sort of Central-Bank stability that crashed the global economy into a ditch a decade ago?]
The investor has air in his hands when the bitcoin crashes, but also when the company turns out to produce baked air.
[Luckily, people in Venezuela and Zimbabwe and Cyprus didn't end up with 'air in their hands.']