October 2, 2013

Bitcoin is Dead, Long Live Bitcoin

The US government has done what they do best, plunder from those who create freedom. They have taken the creator of Silk Road, the online drug marketplace, into custody and stolen his money and business. It was just a matter of time.  Even Dread Pirates Roberts the pseudonymous Silk Road founder knew his day would come the moment he gave an all access interview to Forbes. He will go down a martyr, just like WikiLeaks founder Julian Assange or Edward Snowden who reported the US government's spy program to the world. Silk Road is THE representation of Bitcoin to the government, the mainstream media and to consumers.

The loss of Silk Road is no tragedy for Bitcoin. The government can fund propaganda about beating the evil Silk Road and killing Bitcoin. What they don't know is that this exposure is exactly what Bitcoin needs to grow. Bitcoiners will continue to innovate new ways to spread the usage of Bitcoins. The coercive state will not crush the spirit of the Bitcoin revolution. Our cryptocurrency is a peaceful alternative to fiat money which slowly dissipates savings due to inflation caused by the central bank.

Bitcoin is a way for people around the world to take their money back. Not only is Bitcoin resilient in maintaining value, it is not at the mercy of the whims of the state. Capital controls are impossible. Any government action will quickly find itself obsolete as we build Bitcoin services around government meddling.

The government and the Bitcoin ecosystem are playing a real-life chess game with high stakes. For those who get paid exclusively in Bitcoin or have cashed out of fiat, their life savings hang in the balance. Bitcoin represents an exciting experiment as an alternative to fiat money. Now is the time to take a stand for the growth of Bitcoin. Will you sit back and watch, or will you be part of the revolution? If you don't have any Bitcoin, go to Coinbase.com and buy some.

Whatever effect Silk Road's shuttering has on the Bitcoin price in the short term, it will not last long.

When Bitcoin stumbles, I simply buy more.

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