Crypto-Corruption

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?

4 thoughts on “Crypto-Corruption

  1. 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?

  2. 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

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