Private currencies aren't anything new, though.For some reason I'm inclined to think that a nuclear holocaust would be much worse for the human race than a global financial meltdown.
They've been tried repeatedly in the past, and the outcomes have often been pretty terrible. I mean, banks probably think a nuclear holocaust is a bad idea too, are you going to advocate for one because they dislike it?
I would also point out the fact that Bitcoin has entered the consciousness of a far larger portion of the current global population than any other private currency project to date.
The Bitcoin has been integrated into the system that's what these congressional hearings are about. It's not a viable alternative to the existing system because the people currently making money off it were the early investors, they are cashing out their amounts for the inflated prices brought on by new investment.
That's where the YoYo pattern is coming from. It breaks a thousand today, it drops to 400 tomorrow, repeat until dilution. When dilution reaches a certain point it will be a stable currency but at that point it will have been subjected to the following:
Criminalisation for failure to declare income in bitcoin (read goodbye anonymous money transfer).
Regulation on how much bitcoin you can have.
And an attempt at taxation by various nation states.
Everyone thinks this is a great thing that it's currently being discussed in goverment, when in reality it is a discussion that will lead to it being crippled if not its complete demise.