In Support of Bitcoins & Altcoins
Currency is for commerce and profit
In "De Moneta by Nicholas Oresme" constructive arguments were made at how currency is ultimately for the people. The text was written during the days of physical debasement, and that at the time was considered immoral.
That brings us to the issues of today. Now we have inflation and fiat money, and a slew of markets in which to invest in, all regulated to a degree - and regulation should regulate to a degree - but yet there is some impeding intervention going on around digital currencies.
Why are we going after alternative and secondary currencies when we should be going after the individuals and banks who designed investments that devalued their clients savings from hidden fee's? Moreover, how on earth is this notion ultimately unique? Look at ETF's and mortgage backed securities. You could create a fund that trades bloodstock and take it public - how screwy is that? We could have a weed fund, that holds bushels of weed and take it on the markets...Why would any politician wish to derail a new economics movement based on secondary currencies, when they were all the rage during the Holy Roman Empire?
Another asset class
Regardless, altcoins are here. Over the new few years we'll weed out the scoundrels and settle on a few decent, strong crypto's like btc, ltc and ftc.
To be very short in the name of making a strong point, the truth is if drug dealers didn't use the drugs, or approached the operation differently, or came from better backgrounds, they could easily hide sales and take credit cards transactions for illicit products sales. They are not using bitcoin as the main hidden secret. Laundering happens daily in all sorts of businesses.
I fail to see the issue being imposed by the US Gov to any hard set degree, and do not forecast a proper crackdown.
There is not a 20 trillion dollar black market that the US need's to penetrate in oder to boost the economy. There is a hole in Obama's head. He simply read too many Marx books while high in college.
Governments should not completely control currencies. Since they do, they should only lightly regulate and tax secondary currencies.
In any event, Bitcoin is based on an algorithm developed by the NSA.