Eric Blair of the Activist Post has written an excellent article denouncing the Fed and upholding the values of Bitcoin.
Just an excerpt from the post that you should go read.
Voluntary: Bitcoin is voluntary, whereas Federal Reserve notes are enforced at the barrel of a gun domestically and by a vast military complex abroad. Yet, no army can stop an idea whose time has come. Americans now have a choice in Bitcoin — and China, Russia, and many others are dropping the dollar like a bad habit in global trade. A police state or more war can’t stop the rush out of dollars, though they will try.
Decentralized: Bitcoin has no central authority voting to give your money to their friends. Being decentralized also gives Bitcoin its security because there’s not one website or company that can be hacked, corrupted or seized.
Supply Controls: The supply of Bitcoin is controlled by a fixed algorithm where only 21 million will ever be created, although it’s nearly infinitely divisible. The Federal Reserve System has no supply controls over its unit of account. They can print and lend as much into existence as they want, and do it in secret.
Transparent: The Bitcoin protocol code is open source, as is its ledger of every transaction ever made. The first ever partial audit of the Fed revealed over $16 trillion in secret bailouts before they quickly closed their books again to public representatives tasked with controlling the purse strings.
Free Market Value: The value of Bitcoin is based purely on the free market’s voluntary adoption of it due to its utility as a payment system protocol. Sure some is speculation, but well deserved. Although many market mechanisms exist that contribute to the value of Federal Reserve Notes, ultimately it is about supply n’ demand and interest rates which are manipulated by an unaccountable board of directors.
Debt Free: There is interest owed on every dollar created in the Federal Reserve System. That interest is money yet to be created, which perpetuates a system of exponentially growing debt deliberately designed to gain control of entire populations. It’s indeed the greatest scam in the history of mankind. Bitcoins, on the other hand, are interest-free and transaction fees are microscopic.
No Middlemen: There are no middlemen needed to use Bitcoins. No middlemen making free money from government bonds. No middlemen charging high fees to store and use your money. No SWIFT clearing house needed to collect a fee to verify and approve global transfers. Gone. Bitcoin makes them all irrelevant.
No Favoritism: During the 2008 financial crisis the Federal Reserve and the US government literally chose economic winners and losers depending upon who they gave special bailouts to. Only innovation and production will choose the winners and losers in the Bitcoin economy.
No Income Tax: The Federal Reserve Act of 1913 was quickly followed up by the income tax. Without the income tax, debt-based money could not exist. Bitcoin needs nothing but voluntary cooperation to exist, and you might be able to hide transactions from the IRS. This one should get double points on this list.
Gain in Value: When a currency is increasingly devalued, salaries will consistently fall behind the cost of living. The Federal Reserve System should be viewed as the number one cause of poverty. Bitcoins are naturally deflationary because of its fixed supply. As more people adopt them, the more they’ll be worth. It’s that simple. Meanwhile, the Fed is still printing like crazy as the world moves away from the dollar. Which would you rather be paid in or invest in?
Last modified: December 19, 2013 19:49 UTC