“Bitcoin has also become a haven for individuals to buy black market items. Individuals are able to anonymously purchase items such as drugs and weapons illegally.” -Sen Manchin (D-W.Va)
There are problems with any method of approaching a situation. Whether you wear running shoes or tennis shoes, you will still get tired after running. You could discard the running aspect altogether and take a car, but now you don’t lose calories.
With Bitcoin, you sacrifice some of the government regulation for anonymity. Meaning, some people can abuse the system to do some illegal stuff.
But who cares?
Is being able to buy drugs over the internet and not through cash such a liability?
This argument, if you think about it, is a lot like arguments for the NSA.
“You might do something illegal on the internet. Let me watch you just to make sure.”
“You might be talking about something illegal over the phone. Let me listen in just to make sure.”
“You might be doing something illegal. Let me follow you just to make sure.”
“You might be abusing those Bitcoins. Let me illegalize them, just to make sure.”
It’s preposterous. Has the encroachment on civil rights by the reached the point where the government now gets to decide what we can and can’t do on the internet?
Why the hell, Joe Manchin, is it your problem if I want to sell candy for a number on a computer?
Here in America, we value freedom. The government must not provide for your insurance, because that would be an encroachment on freedom of spending your money. Allow the banks to riskily invest with their customer’s money, for freedom, then spend more of taxpayer money to bail them out, to protect the banks’ freedom. Lower taxes, for freedom, but spend more on war– to protect the freedom of the military-industrial complex.
But civil rights mean nothing. We struck down the Voting Rights Act, because we want to act like racism doesn’t exist. We spy on the entire world, because there might just be a terrorist out there. We restrain the sharing of ideas, because artists would, by outdated logic, lose money. We oppose gay marriage, because to some it’s disgusting.
And, of course, we oppose cryptocurrency, because it may have some adverse side effects of anonymity, which, as Snowden has shown us, Big Brother hates.