A future post will explain why Bitcoin is an economic reform dead end. This article from Huffington Post, however, was too good to resist.
Should it surprise you that the US Attorney’s Office arrested Bitcoin Exchange CEO Charlie Shrem and another person, apparently an “underground exchanger”, for offenses including conspiring to commit money laundering and drug trafficking?
Currency that can be exchanged from one person to another, privately, introduces too many incentives for bad human behavior. It is a little acknowledged fact of status-quo economies. Human behavior is shaped in part by it’s environment. Physical money – or, in this case digital currency that acts like physical money – will always lead to problems. It can’t be controlled.
Our current socio-economic problems will continue until this fundamental economic flaw, and others, is recognized and corrected.