"The push toward Bitcoin comes largely from the libertarian portion of the technology community who believe that regulation stands in the way of both progress and profit. Unfortunately, this alarmingly magical thinking has little basis in economic reality. The gradual dismantling of much of the US and international financial regulatory safety net is now regarded as a major catalyst for the Great Recession. The ‘financial or political constraints’ many of the underbanked find themselves in are the result of unchecked predatory capitalism, not a symptom of a terminal lack of software."
(Via Alex Payne.)
While he does have a stake in the game, this entire post is a great takedown of the fundamentally flawed thinking that Bitcoin (or similarly “unfettered” currencies) will somehow solve the world’s financial and wealth inequity problems.
Instead, Bitcoin is simply another opportunity for the able to squeeze out more money for themselves, while the unable (due to resources, options, station in life) are left behind. Payne says it better than I can. Go read it.