Is a weird new digital currency called BitCoin, which is programmed to have no inflation, a stealth libertarian creation trying to prove that we don’t need no government to have money? Maybe, maybe not… but whatever’s praised by Kochtards is bound to be a scam… (Hint: the author of the article is a Mercatus senior fellow) - By

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What You Should Know / June 3, 2011

Is a weird new digital currency called BitCoin, which is programmed to have no inflation, a stealth libertarian creation trying to prove that we don’t need no government to have money? Maybe, maybe not… but whatever’s praised by Kochtards is bound to be a scam… (Hint: the author of the article is a Mercatus senior fellow)

techland.time.com -- Bitcoin is potentially revolutionary for several reasons. For one thing, artificial currency inflation is impossible. In most countries, a central bank controls the money supply, and sometimes (such as during the recent economic crisis) it may decide to inject more money into an economy. A central bank does this essentially by printing more money. More cash in the system, however, means that the cash you already hold will be worth less. By contrast, because Bitcoin has no central authority, no one can decide to increase the money supply. The rate of new bitcoins introduced to the system is based on a public algorithm and therefore perfectly predictable.