Bloody Shovel 3

We will drown and nobody shall save us

Posts tagged as: bitcoin

Bitcoin and modern government

So Bitcoin has reached one thousand dollars, and suddenly everyone out there is freaking out. Early adopters rejoice, crazy bullshit marketers change their minds, smug bullshit marketers don't, tenured bullshit marketers keep their options open. Everybody's onto it.

It seems that the sudden spike owes a lot to the sudden increase of Chinese people buying into Bitcoin, with Bitcoin China having become the biggest exchange worldwide as of now. Why did this happen? Bitcoin certainly is a godsend for Chinese people who like to save money, but are victims of rampant inflation, and have nowhere to stash their savings beyond real estate, which has fueled a really insane housing bubble, with whole million-strong cities made of crappy apartments being built just to absorb the demand for storage of value. Bitcoin solves the problem and it is also easily transferable, which is also a godsend for China where capital controls make moving money abroad a real hassle.

One, which is prone to think of modern government as a rapacious Leviathan who uses its tremendous power to prey upon their citizens as matter of instinct, would think that the Chinese government must hate Bitcoin and everything it stan...