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Why should the Idaho Legislature make Bitcoin freedom a priority in 2024?

Why should the Idaho Legislature make Bitcoin freedom a priority in 2024?

Niklas Kleinworth
September 11, 2023

Control over how money is created, spent, and distributed is at the crux of the Left’s legal and cultural takeover of the United States. With the free market circumventing this tyrannical control through the adoption of Bitcoin, Idaho lawmakers should consider legislative action to protect this innovation in financial freedom.

Policies should bolster financial privacy, stop special taxes for bitcoin mining, provide a legal right to mine bitcoin, and bar special taxes on spending bitcoin. Legislators who enact these policies would allow Idaho businesses and consumers to innovate beyond the limits of the dollar and pursue their own prosperity outside of the centrally planned economy.

Remember that Bitcoin is designed to be money, not a traditional investment. It is an escape from the ails of the current financial system, rejecting government-based paper money for a private, free-market solution.

The Bitcoin protocol is not owned or operated by any single entity and harbors few barriers for anyone wishing to participate. It disincentivizes corruption and promotes integrity by making it more costly to game the system instead of playing by the rules. It allows you to keep your assets without having to trust a bank or the government and wards off inflation with a hard stop on the supply of currency. 

Bitcoin benefits everyone who uses it by creating an accessible, robust, and trust-less exchange of value. This is juxtaposed by the current financial system where the government benefits most.

Inflation is a good example of this top-first system. Federal bureaucrats control the money supply and can redistribute your wealth through using inflation as an invisible tax. Printed and borrowed dollars prop up the welfare state and, in turn, drive even more inflation. On average, your dollar only covers 82% of what it did just before the start of the pandemic. If we are discussing gas, groceries, and your electric bill, this percentage would be even smaller. 

Those operating the system do not appear concerned whatsoever by its instability — even publicly claiming there is an “infinite” amount of money in the Federal Reserve. Thus, if the government deems it has bigger spending priorities than you do, no new taxes will be required. Instead, all that is needed is to print and borrow new money to subsidize COVID-19 vaccine development, a war in Ukraine, and runaway medical welfare programs. At this rate, the Congressional Budget Office projects that the federal debt held by the public will be 118% of GDP by 2033.

The federal government is also seeking to expand its control and oversight of Americans’ financial business by implementing a central bank digital currency. Under this program, the federal government could monitor and control the financial transactions of all Americans. It would even automatically distribute welfare payments and collect taxes.

These policies should give all Americans pause. Some states are fighting back by allowing the free market to innovate with bitcoin and move to a truly free market economy.

Montana passed legislation just this year that makes bitcoin functionally legal tender. Not only does it bar state and local governments from creating special taxes for bitcoin mining and spending, but it also provides a clear legal right to participate in the system and restricts local governments from passing laws that would unduly inhibit mining.

Being that bitcoin is exchanged on a public ledger, there are also some concerns about financial privacy. There are, however, private sector solutions that provide some privacy protections for bitcoin transactions. In the realm of public policy, Arkansas passed legislation that limits the government’s ability to track financial transactions through digital currencies. Idaho lawmakers should adopt and expand on this law to provide even greater protections for residents.

These protections reduce the regulatory barriers that could stunt businesses’ innovation with Bitcoin. Idahoans do not need to wait until the government passes such legislation, however. Despite the hurdles, the market is continuing to grow, with more businesses departing from the traditional, dollar-only market.

Idaho has developed a reputation as a sanctuary for those wishing to escape destructive government overreach. But it may all be for naught if we cannot escape failing federal fiscal policies. Bitcoin could offer Idahoans the emergency exit needed from the inflationary and regulatory scheme. It is up to Idahoans to defend their right to prosperity through restoring sound monetary policy.

View Comments
  • David S says:

    How about let's bring back the Gold Standard and not let the Cloud see what i have as far as wealth, which I am sure our Government will have all control over my Funds if in Bitcoin, Cash, works fine for me. Kind of lost why IFF is for this one?

    • PaddleManJoe says:

      Bitcoin can be held privately. Whoever holds the keys to their Bitcoin has ultimate sovereign control over their funds. No bank or state can seize your funds without first obtaining your Bitcoin keys. You can engrave the keys in steel, and keep them in your wall safe, or bury them in the yard. Whatever suits you. Works in a way similar to cash, except it bypasses the part where the FED prints your cash stash into oblivion.

      Bitcoin is freedom tech. It is a tool that empowers sovereign individuals. It's awesome that IFF is giving Bitcoin advocates a platform.

  • Al says:

    Maybe I am a bit naive on this subject, but this poses some questions:
    1. Does Idaho currently have a law prohibiting private parties from using bitcoins as considerations in their contractual relations? If not, then i assume no need for legislation to allow it.
    2. Likewise, is there a prohibition against govt/private party contracts or govt/govt contracts using bitcoins as consideration? If not, same comment as above.
    It seems a libertarian approach would be for states to stand silent on the issue, allowing parties, including govt, to use the free market in their own discretion, rather than creating new laws dictating anything on this subject.
    Or am I missing something?

  • Angry Old Man says:

    I do not see Bitcoin being the answer to the Feds. digital $. #1; Only a limited number can be made and mined. #2; The mining of the coins is now so sophisticated only the rich may play. #3; The first 10 coins spent, bought a pizza (I think that purchase has been regretted many times over) coins are now 25k, and have been over 50k. This does not impress me as a stable currency!

    • PaddleManJoe says:

      Hello Angry Old Man, I can provide some push back on each of your objections regarding Bitcoin.

      #1. Yes that is the point. Bitcoin is absolutely scarce, it cannot be inflated past 21 Million Bitcoin, and the mining rate is on a set schedule that is difficult to change. This means no one can take control of a "money printer" and use it steal from all Bitcoin users. Which is what the FED does with the dollar. Inflation causes price distortions, boom bust cycles in the economy, and theft of savings. Correcting inflation has great value proposition. Without inflation, the state can't steal your savings; holdings in Bitcoin will never leak away value, but would actually grow over time.

      #2. This is not really a problem. I have held Bitcoin for three years and have never ran a miner. But anyway, mining is intentionally difficult to profit from, in fact we can expect to see many mining farms go bust when the "halving" comes early next year, but there are ways for humble plebs like us to run a miner at home to stack non-KYC Bitcoin. The most famous guide on this is called "Mining for the Streets" by Diverter. There are Bitcoiners who heat their homes using waste heat from obsolete mining rigs, which recuperate some of the heating cost. There are also Bitcoin miner space heaters hitting the market now.

      #3. That famous pizza purchase was with 10,000 BTC back in May, 2010. A generational fortune in today's Bitcoin value. There are many people who have discarded their Bitcoin keys who regret it now. Bitcoin has a volatile history, but that can be expected as there are many speculators that try and day trade Bitcoin to make a quick buck. Bitcoin price only responds to raw supply and demand, so speculators can pump up the price and then dump it as soon as their confidence wanes. But something interesting has been happening with each Bitcoin bear market, the low has been getting progressively higher. There are many Bitcoin users who never sell (Like me), and are known in the culture as "ride or die" Bitcoiners. These "ride or die" types view each downturn as an opportunity to buy discounted Bitcoin, expecting its value to keep trending up over long periods of time.

      Bitcoin will continue to be volatile as it is adopted, but the fact remains that it's supply cannot be manipulated, only it's demand. This offers a stability that the dollar cannot match. Remember that the dollar is treading towards zero at an ever increasing rate, we can be certain about that, (the government funds itself with printed dollars loaned by the FED, are they slowing spending? NOPE!) so therefore a bet on "volatile" Bitcoin is a "safer" bet than the dollar.

  • Frank Glahn says:

    I have heard of Bitcoin, but have absolutely no idea what it is or how it works. I don't know how to acquire bitcoin nor how it can be used as a medium of exchange.

    • PaddleManJoe says:

      Bitcoin is a robust, decentralized, and permissionless settlement network. There are no native barriers to entry, anyone can open a wallet and send funds to anywhere and anyone. Bitcoin has no central authority and is peer to peer. Geographical borders do not exist from Bitcoin's perspective.

      There is a lot of misleading noise out there regarding Bitcoin. It hard to cut through it all to find good signal. Here are some good sources:


      Knowledgeable Bitcoiners providing good signal:
      Saifedean Ammous - Author of the "Bitcoin Standard". Runs a cool podcast of the same name. His book is a good starter.
      Guy Swan - Runs the "Bitcoin Audible" Podcast. Great for technical info.
      Matt Odell - "Rabbit Hole Recap" and the "Citadel Dispatch" Podcasts. Great for Bitcoin news and general usage.

  • Tea Party Bob says:

    This is a great idea until the Federal Government decides to ban all crypto currencies. You also have the problem that most Americans don't understand the underlying concepts of Crypto and I doubt they would easily change. It is easier for the public to understand the underlying value of owning gold or silver than to grasp the concept of Crypto.

    • PaddleManJoe says:

      Executive Order 6102, when FDR decided he wanted to ban private ownership of gold? Gold is easy to track and confiscate. Gold is also very difficult to transport in large sums. Gold was the dominant currency, and performed well, but it's too vulnerable to state attack. The state wants to control the money, which is why they intentionally dismantled our gold-backed economy.

      I think the bigger problem is that Americans (and everyone else) do not understand what money is. Gold was great money, because is was rare and expensive to inflate. The dollar is terrible money because is being inflated into oblivion. Bitcoin is the best money because it is absolutely scarce, and can only be controlled by only its users.

      Also other "cryptos" are a scam. Many are pump and dump schemes (HEX & FTT), others are honest attempts at money innovation, but are poorly designed, which will ultimately lead to their failure (ETH).

  • Mark Arrowood says:

    You mean the bit coin used as the preferred method of wealth exchange for most if not all drug cartels, that bit coin? This bit coin the one used to transfer funds to hate groups, right wing insurrectionist, that bit coin? Still pumping the BS? Who within your organization stands to make dark money off of this?

    • Pablo Escobar says:

      Sir, the preferred wealth exchange for drug cartels is the US Dollar...

    • Bobby W says:

      Drug cartels are easy to shut down, Mark. Ask Fred Burnbomb, he will tell you how it's all Biden's fault. Doesn't matter if we convert 100% to bitcoins, just build a wall and our cartel problems go away. Just as they did during the Trump administration.

    • Ken says:

      Right wing insurrectionist’s… are you kidding me!? Man who’s really drinking the propaganda kool aid here 🤣

      Cash, oil & gold has been, and is still being used for everything malevolent you’ve stated. The difference being, you can’t take 100k of cash or gold bars on a plane if you have to get out of dodge. Don’t believe me, try it. You’ll be be arrested or at least detained & may not get your property back. Both paper money & bitcoin are accepted as a form of currency based on faith, but at least bitcoin is limited in quantity, portable in large amounts, doesn’t weigh a hundred pounds & isn't printed out of thin air for the whims of politicians to transfer or entrench power and control. The point is keeping the corrupt government from robbing our labor to spend on special interests as they’ve done for 100’s of years, and it’s only getting worse.

      Your response just screams government worship, so who’s the real shill… How is the IFF going to scam the population via bitcoin, please tell? If in the future they allowed donations through digital currency, it would still be your choice on how to contribute.

      Freedom has never been free & you can’t have the good without the bad. How is “legal” extortion from a government any different from any other cartel? Most real Americans would take a day of freedom over a lifetime of servitude. “Those who choose safety over freedom, deserve neither” 🤷‍♂️

  • Sadie says:

    Bitcoin is Dark money!! XRP or XLM is the only digital currency!! Not Bitcoin!

    • PaddleManJoe says:

      XRP and XLM are scams. They are privately controlled and have no limits on inflation. XRP premined most of the tokens on launch. Looks like they are set up nicely for a rug pull and exit scam once the music stops.

      What makes Bitcoin dark? It is an open and auditable settlement network. No one can change the rules without the consent of the users.

  • Rick Johnson says:

    Just take a look at a bit coin site.
    The jungle of versions and the pit falls with each one.
    Unless you are dyed in the wool “Geek” this is NOT a option…
    Bury your gold on your property and live happily ever after 🙏🏻

    • PaddleManJoe says:

      There is only one Bitcoin. It is a consensus system that is intentionally difficult to update. This means an attacker can't just waltz in and change the rules. But yes there is a lot of noise out there and is difficult to find good information. Beware, find a Bitcoiner out there that you can trust for advice. It took a lot searching for me, first hits on google are certain garbage.

      It just takes education. I am sure you have done many hard things in your life. What is one more? Hold your Bitcoin keys on a hardwallet and you are invulnerable to hacking, engrave your keys in steal and bury them in the yard. Gold was a great currency once, but it is vulnerable to state attack which is why it failed.

      • Al says:

        I appreciate your comments and education on this, PaddleManJoe. Bitcoin is occasionally a topic of conversation in MBA classes I teach and, although no longer "new", still a very novel concept in the context of millennia of alternative currency forms.
        But you actually hit the nail on the head why Bitcoin is actually problematic despite its upsides. You correctly say it's "difficult to find good information", you warn us about finding reliable advice and "it just takes education".
        That's the likely insurmountable obstacle for this proposition. There are too few people willing and/or able to follow your advice and understand and utilize bitcoin advantageously. Not trying to insult anyone. I have family members not willing to try to negotiate emails, not willing to purchase items on Amazon, etc.
        It's terrific to have new innovations - some time longer to take hold than others.

        I would, for example, disagree with Mr. Kleinworth when he says that everyone who uses Bitcoin benefits from it. Everyone has the capability of benefitting from Bitcoin usage, but there are examples of people using it unwisely (or just plain unluckily) to their detriment. Those stories also scare people away right now.

        • PaddleManJoe says:

          Yeah Bitcoin is hard for non technical people to use. Hopefully this is temporary. Bitcoin infrastructure is constantly being built out by developers, and hopefully soon there will be tools that make it easy for people like my grandma to use it. I am also involved in a project to train an AI chat bot (Spirit of Satoshi) on good Bitcoin information, maybe stuff like that will help. Time will tell what happens.

          We have also been conditioned to trust Banks and Brokerages for too long. Bitcoin is kind of a throwback to the days where you keep your life savings hidden in your mattress. It's a different kind of mindset to hold your net worth that way. It will probably take some real failures of the legacy system to force adoption, which could be soon from how things seem to be going, but God only knows.....

          But yes, there are wrong ways to do Bitcoin. Most people buy on exchanges and just leave their Bitcoin there thinking it works just like their brokerage. There is also this Blackrock ETF coming, a lot of people will get suckered into buying those ETFs too. The right way is to not trust custodians and instead hold your own keys to your Bitcoin.

          • Angry Old Man says:

            I truly enjoy all the rhetoric, discussion and knowledge from all on this controversial subject. Although, as an Armageddon prepper, have you considered how you will access Bitcoin in the event of an EMP attack?

          • PaddleManJoe says:

            Hello, a thorough EMP attack would be catastrophic in general. We would be returning to barbarism real quick with most of the population dying off without the infrastructure we depend on. Probably better off planning to barter with bullets as currency :).

            However, the Bitcoin network was designed to be robust. Only one node needs to survive to preserve the entire network. There are currently an estimated 40k nodes across 132 countries. For example, if one region got EMP'ed, the refugees could flee elsewhere, carrying nothing but their clothes, and still preserve their wealth. As long as they kept their keys. If they are stamped in steel, they would survive both fire, flood, and EMP.

            All this depends on what your threat model is. If you are 100% certain that THE END IS NIGH, then stockpiling Bitcoin and any money in general would not be useful. However, if the total apocalypse doesn't come and instead we get something in the middle, I think Bitcoin would be a good way to broaden a preper's "preparedness".

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