Bitcoin is a controversial project to establish a new kind of anonymous digital cash that exists beyond the control of any central bank. It’s an unambiguous challenge to centralized control of the financial system, and it’s probably illegal (or soon to be). But the principles behind Bitcoin are consistent with the broader Internet trend towards radical decentralization. Bitcoin is to central banking as Gnutella is to music publishing, as BitTorrent is to motion pictures and as WIkileaks is to government secrets. Yesterday, Jason McCabe Calacanis invited me to post my perspective about the Bitcoin controversy on the Launch web site. You can read the article here.