Online Bitcoin Trading

Indeed, publicly expropriating money, whether by selling, buying, creating, or destroying it, requires privately controlling its public representation. Consequently, when this representation is purely public, a privately public authority cannot expropriate an increasing

fraction of all monetary value, of which the public representation it no longer controls. While conversely, avoiding this privately public, increasingly expropriating control requires the public representation of money to remain entirely distinct from its private value, by representing the quantity rather than qualities of that value — being thus fungible — as all qualities of a monetary value belong rather to its representation, from which, to keep those qualities, it must remain indistinguishable.

Likewise, a monetary authority can only be centralized — in a government or central bank — by remaining privately public, hence by still controlling a privately public representation of money. So conversely, to control a purely public representation of that money, this monetary authority must become decentralized — in a metamonetary system, like Bitcoin.

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