For Privacy or Transparency, Bitcoin Benefits Liberty

“Proponents of Bitcoin, myself included, tend to focus on the potential for privacy it offers against increasing government intrusion into our financial affairs. But Bitcoin is not only a tool for those who wish to remain hidden—scofflaws, paranoid conspiracy nuts, crypto-anarchists, and of course the ever-present three-headed bogeyman of terrorists, drug dealers, and child abusers. It is also a tool for those who value transparency. Does that sound like a paradox? Well, it isn’t. A major characteristic of a technology that increases freedom is that it can be used for a widely varying range of choices.

I’ll talk a bit more about how that works in the case of Bitcoin later on, but first I’d like to submit as evidence for the transparency benefits of Bitcoin the recent discovery of extensive corruption on the part of two government agents involved in the Silk Road seizure. The agents—DEA agent Carl Mark Force IV and Shaun W. Bridges of the Secret Service—are allegedly jointly responsible for, amongst other crimes, the misappropriation and laundering of over a million dollars worth of bitcoin (estimated at the price at which they would have sold at the time they were obtained) confiscated from the Silk Road website. Carl Force was also a major investor in, and employee of, Bitcoin exchange CoinMTK while involved in the case, and is accused of having stolen customer funds while there.”

(Via.) Bitcoin Benefits Liberty <— Read the rest of the story here

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