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Private “virtual currencies,” bitcoin being the best known, are now coming under attack by governments.

Consider the attraction of bitcoin and the like. People are desperate to have a stable, non-debaseable medium of exchange–so desperate that they are willing to try a virtual currency backed by nothing, so long as they believe that its supply will remain relatively stable. But what makes for this desperation? Why isn’t the government-controlled dollar stable in value? Why does government inflate and debase its own money? The answer is: to finance the entitlement state.