The Federal Election Commission has ruled that Bitcoin and other virtual currencies may be accepted by political candidates up to $100 per candidate per election. How will politicians adapt to a new form of influence selling and corruption?
Crypto-Corruption
Ted Rall
Ted Rall is a syndicated political cartoonist for Andrews McMeel Syndication, WhoWhatWhy.org and Counterpoint. He is a frequent contributor to The Wall Street Journal, a graphic novelist and author of many books of art and prose, and an occasional war correspondent. He is, recently, the author of the graphic novel "The Stringer."
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How about we try crowd-funding a couple of senators? Together we might be able to out-bid the Koch Suckers…
I’d be very interested to read the part of the decision to do this that explained how the $100 will be determined. If a bitcoin is worth $500 and I donate 0.2 bitcoins, I have donated $100. But three weeks later, the bitcoin could be valued $1,000, in which case, I’ve now exceeded the $100 donation limit.
Or. …
The price of bitcoin could drop, down to $100, in which case, I’ve only donated $20. Therefore, I can donate another 0.8 bitcoin. But then, the price could bump back up to $200 a coin, and I’m back to the same original position.
How on earth is anyone going to evaluate all that?
What is needed now is a Bitcoin bagman. Would the Bitcoin bagman be virtual, just like the currency? Or will they still send some guy with a beer gut, bad haircut and a trench coat to do payoffs? I think they also need a mechanism to be sure that when you pay off a politician with virtual currency, they stay bought. Maybe if the politician doesn’t stay bought you could electronically delete their Bitcoins.
My idea for a new app: VirtualBagman, a smartphone app that allows you to pay off the politician of your choice, which comes with a menu of perks said politician will give you, like Bloated Federal Contracts (check box and donate required amount), Massive Subsidy to Industry of Your Choice, etc
« Maybe if the politician doesn’t stay bought you could electronically delete their Bitcoins.» Or maybe if the politician doesn’t stay bought you could electronically delete the politician ?… 😉
Henri