What are Bitcoins? And Are They a Threat to the Monetary System?

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A new peer-to-peer payment system called bitcoins allow people to use currency online without being taxed, tracked, or subject to the regulation of governments or banks. Internet entrepreneur and host of the "This Week in Startups" podcast Jason Calacanis says they are "the most dangerous open-source project ever created," and that they threaten to "change the world unless governments ban them with harsh penalties."