Douglas E. French, senior editor of the Laissez Faire Club (@LaissezFaireBks) is the latest to take notice of the ECB policy brief Virtual Currency Schemes and describes good reasons Bitcoin deserves the attention it is getting. Excerpts:
"The answer to the currency question may not be to reform government in a way that it can’t reasonably be reformed, but to turn loose entrepreneurial genius to solve the problem. […] This is a particularly risky area. There are currency entrepreneurs sitting in jail for competing with the government."
"Not all individuals gain [knowledge of a currency’s worth] all at once. A small number of people recognize the marketability of certain goods before most others. These might be considered currency entrepreneurs."
"While people contend that money must be this or must be that, or come from here, or evolve from there, Menger, the father of the Austrian school, seems to leave it up to the market. When a money becomes uneconomic to use, it loses its marketability and ceases to be money. Other marketable goods emerge as money."
"Governments are destroying their currencies, and businesses know it. Entrepreneurs won’t just stand by and theorize. They’re doing something. They recognize a market opportunity. The banking industry realizes it."
"We’re rooting for enterprising entrepreneurs to give the government a run for their money in the money business. Watch this space."
- http://bitcointalk.org/index.php?topic=124141.0 (Further discussion of the article)
- http://www.bitcoinmoney.com/post/35010292565 (ECB Report and Response Roundup)
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