Nick on Fri, 26 Oct 2012 16:18:27 +0200 (CEST)

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Re: <nettime> The Monetary Future: How Bitcoin Is Being Destroyed

Interesting read.

States, and traditional financial authorities, seem to be a pretty
good job of ensuring peoples use of bitcoin is outside their remit,
by closing down the practical use of bitcoin exchanges which
consider themselves 'legitimate,' c.f. the closure of intersango &
mtgox's UK bank accounts.

Which is great, because it pushes people to exchange more directly
using fora like bitcoin-otc and the local connection services,
rather than treat it as an alternative to paypal.

And the personalisation of exchange like this can only be a good
thing, I think. That said, I would love to read more about the
interplay of traditional capitalist power structures and bitcoin.
It's tough to see it as revolutionary alone, but it certainly seems
like a good step away from the hierarchical controlled systems of
capital that predominate for many of us today.


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