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Gab Misses the Mark on Bitcoin

Free speech money?

Those who post on Gab and follow Gab know that for some time, the social media site has been harassed by the far left, who work tirelessly to shut the site down. The left’s preferred tactics are using banks and credit card companies to harass and intimidate Gab’s webhosts into refusing Gab service.

Gab thinks the solution to their problems is Bitcoin:

While everything Gab says is true, there are two big problems they face that Bitcoin doesn’t really address.

The first is that Bitcoin is, unlike a real currency, inherently unstable:

Bitcoin suffered further losses today, hitting a fresh, 2018 low and approaching the key $3,000 price level.

The digital currency dropped to as little as $3,122.34 at roughly 10:20 a.m. EST, according to CoinDesk bitcoin price data.

At this point, it was down 3.63% over the last 24 hours, trading at its lowest point since late last year.

Further, bitcoin only needed to lose another $125, or in this case, roughly 3.9% of its value, to hit $3,000, a price level that has drawn attention from technical analysts.

In this time, the world’s largest digital currency by market value has fallen roughly 84% since hitting an all-time high of close to $20,000.

Bitcoin is not trading like a currency or being used like a currency. People are not buying things with bitcoin. Instead, it’s being treated like an asset class. It’s being bought and sold to make money, not to act as a medium of exchange to purchase everyday goods and services. In order for Gab’s plan to succeed, Bitcoin would need to stabilize. There’s no signs of that happening now. Furthermore, bitcoin’s future is questionable because federal regulators are likely to crack down on it.

The second issue, however, is the bigger problem. Facebook, Google, Amazon, and Twitter did not just decide to become censorship vehicles on their own. They did so because of pressure from the far left, and the federal government which is essentially in the hands of the far left.

I feel the tech companies are acting as proxies for the government, and are subject to heavy pressure to censor government critics and drive those critics off the internet. If Gab does manage to succeed in doing an end-run around the tech companies, the government will simply intervene directly and shut the network down itself.

The problem is not the tech companies and never has been the tech companies. The problem is the far left and its iron grip on the federal government, and their ability to ignore the constitution and the law.

Some people will argue with me and say this doesn’t make sense because Donald Trump controls the government. The truth is, if he did have control, Mueller would not be able to blatantly flout the law like this in his effort to drive Trump out of office. The Mueller investigation is only the most high profile example of the government being completely out of control; I have written in the past that Antifa also seems to operate with unofficial state sanction.

I wish Gab all the luck in the world, but as long as the US federal government is hostile to free speech and unaccountable for their actions, conservatives and libertarians are going to have problems spreading their ideas, and will find themselves increasingly subject to legal and social harassment.

 
Doomberg

Written by Doomberg

I am Doomberg, one of the original founding members of Sparta Report, and have been here since the beginning. I am an insatiable news junkie and enjoy reading and writing about the US territories, the Caribbean, video games, smartphones, and of course conservative politics in general.

I also really like pictures of gas stations and claim full responsibility for the silly gas station motif. I'm presently trapped behind enemy lines in a blue state with no hope of escape! The ride never ends.

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