So, opponents say the feds “failed.”
But they miss the point. All political activity is aimed at: (1) gaining power, (2) holding onto power and (3) using power to transfer wealth, status and more power to the insiders.
It doesn’t matter whether you call it “job creation” or “foreign aid.” The real purpose is always the same – even when many of the insiders themselves don’t realize it.
Bitcoin represents a threat to the feds’ ability to rip people off by manipulating the value of the currency.
This “exorbitant privilege,” as de Gaulle called it, is worth trillions of dollars. It is essential to many other policies and pretensions – including managing interest rates, controlling the money supply, and controlling inflation. (The feds’ massaging of the CPI allows them to manipulate their costs – Social Security, debt service costs and so forth – as well as the value of money itself.)
Think they’re going to give that up to a bunch of internet geeks? Not a chance!
Have the feds failed?
Nope… They have been the most successful group on the planet.